Multi-Factor Authentication and Why is it Important?

Multi-Factor Authentication (MFA) requires an individual to provide two or more credentials to access their account. This adds a layer of security to protect your personal information. If one of the credentials is compromised, your information will still be secure.

You are probably already using Multi-Factor Authentication

A common type of MFA is two-factor authentication. Two-factor authentication is a form of MFA that requires two combined factors to verify your identity. Factors can be something you know (a password), something you possess (a smartphone), geolocation (verification of a physical location), behavioral information (such as a time of day), or a biometric factor (fingerprint, facial recognition). We use two-factor authentication every time we use the ATM. First, we swipe our bankcard (something we possess), and second, we enter a PIN (something we know). Another example of using two-factor authentication is when we have to enter a code that is sent to our phone to login into a website.

With that said, not all factors are created equal. The FBI encourages the use of biometrics. Thanks to the innovation of smartphones, technology once reserved for science fiction is now a reality. Biometrics are seen in movies such as Star Trek, Blade Runner, Robocop, and Back to the Future 2 are now available to us! Most smartphones now provide us the ability to use facial recognition, voice ID, or fingerprint scanning.

You need more than a password

No longer can we rely on only a password to protect us from cybercriminals. It does not matter how creative you make the password, or how often you change it (you should still change your passwords regularly!). Using two or more factors to verify should be commonplace. If given the option to opt-in to MFA or not, you should always opt-in! It is recommended to use MFA whenever possible.

To help protect your information, our secure Data Room at Wilke & Associates uses biometric multi-factor authentication.

By Jason J. Humienny

Jason is a General Ledger Manager at Wilke & Associates.  He was previously an assistant controller and has a strong background in property accounting and leading software implementation.