What Is Multifactor Authentication (MFA)?
Multifactor authentication requires a user to authenticate using multiple authentication methods. MFA is more secure than using a single factor authentication method, like username and password. Companies should use MFA solutions because they reduce the risk of cybercriminals being able to compromise a user's credentials and taking over their account to commit fraud.
Multifactor authentication solutions are much more effective when they use knowledge, possession, and inherence authentication factors together. Using all three authentication factors together can help compensate for a weak factor that may exist. Using a dynamic solution using all three types of authenticators makes it much harder for a hacker or cybercriminal to obtain all the necessary authenticators.
For example, an attacker may be able to obtain knowledge-based authenticators like a password or a pet's name, but it would be very difficult to obtain an inherence factor, such as a fingerprint.
What Are The Benefits Of Multifactor Authentication (MFA)?
There are multiple benefits of using a dynamic multifactor authentication service over two factor authentication systems:
- The flexibility of MFA allows you to customize your level of authentication in a way that two-factor authentication limits. This flexibility also makes a multi-factor authentication service more secure than 2FA, because it can add levels of security based on device reputation or other risk factors.
- 2FA is limited to the authentication methods you define up front and doesn’t change dynamically when you become aware of new risk factors, as is the case in iovation's new MFA solutions.
iovation Helps Secure Your Business & Customers With Multifactor Authentication Solutions
Our LaunchKey MFA solution is an easy-to-use service that integrates into your online and mobile customer touchpoints, which provides the strong security that your business needs and a highly engaging experience that your customers will love.
LaunchKey is a comprehensive solution that includes an intuitive mobile application and a number of built-in authentication factors that can be easily configured through your server’s dashboard.
LaunchKey administrators can choose which authentication factors to use for any access or authorization request within your site or mobile app. For high-risk activities, like money transfers or adding new users to an account, they can require two or three factors to be used in combination.
Some factors include:
- Circle Code - Set up an interactive, intuitive and graphical combination lock – that looks and acts like a physical lock – with custom lock codes.
- Fingerprint Scan - Leverage the user’s mobile device to authenticate the user’s fingerprint, then combine this with the device’s own digital fingerprint.
- Bluetooth Proximity - Authorize a user’s login request based on the close proximity of a known device, like a FitBit or Apple Watch.
- Geo Fencing - Use the user's geolocation or time of their login attempt as an authentication factor, either as admin rule or user preference.
- Pin Code - Build powerful PIN creation and management features right into your mobile apps, or access them from the authenticator application.
Stop Account TakeOver With iovation MFA Solutions
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The three primary types of authentication factors are:
- Knowledge: A knowledge factor is something that the user knows such as: a password, a challenge question, or a personal identification number (PIN).
- Possession: A possession factor is something that the user possesses such as: a physical device, such as a security token or smartphone.
- Inherence: An inherence factor utilizes a physical characteristic that inherently represents a unique user such as: fingerprint, facial recognition, or voice recognition.