What is Two-Factor Verification?

It is a specific type of multi-factor authentication (MFA) that strengthens access security by requiring two methods (also referred to as authentication factors) to verify your identity. These factors can include something you know — like a username and password — plus something you have — like a smartphone app — to approve authentication requests.

It protects against phishing, social engineering and password brute-force attacks and secures your logins from attackers exploiting weak or stolen credentials.

Why opt for Two-Factor Verification?

Let’s say you use a username and password to complete primary authentication to an application. That information is sent over to the Internet (your primary network). You’ll want to use a different (out-of-band) channel to complete your second factor. Approving a push notification sent over your mobile network is an example of out-of-band authentication.

So why does it matter? If a remote attacker is able to tap into your computer via your Internet connection, they can steal your password and your second form of authentication — if both are delivered from the same channel. Without your physical device, remote attackers can’t pretend to be you in order to gain unauthorized access to corporate networks, cloud storage, financial information, etc., stored in applications.

By integrating two-factor authentication with your applications, attackers are unable to access your accounts without possessing your physical device needed to complete the second factor.

How it works?

1. Username and Password: You provide your usual username and password to log in.

2. Second Factor: Once your username and password are validated, you'll be prompted to provide the second factor. This could be a code sent to your phone, generated by a mobile app, or retrieved from a hardware token.

3. Access Granted: Only if both the password and the second factor are correct will you be granted access to your account

USPs of Two-Factor Verification

1. Increased Security: It significantly reduces the risk of unauthorized access, even if someone has your password.

2. Mitigates Password Vulnerabilities: Even if your password is compromised, your account remains secure.

3. Protects Personal Data: Your sensitive information and personal data are better protected.

4. Business Use: Many businesses use 2FA to secure their internal systems, networks, and data, adding an extra layer of security

Methods of Two-Factor Verification

1. SMS Verification: A code is sent to your registered mobile phone via SMS.

2. Authentication Apps: Mobile apps like Google Authenticator or Authy generate time-sensitive codes.

3. Email Verification: A code or link is sent to your registered email address.

4. Biometric Verification: Fingerprint, facial recognition, or other biometric methods.

5. Hardware Tokens: Physical devices that generate one-time codes.

6. Backup Codes: A set of codes you can use if you can't access your primary authentication method

Industries that use Two-Factor Authentication (2FA)

1. Healthcare

2. Banking

3. Social media

4. Travel

5. Government

6. Retail

7. Media

8. Higher education

9. Ridesharing

10. Energy

Conclusion

While 2FA greatly enhances security, it's crucial to recognize that no security measure is entirely infallible. It's advisable to complement 2FA with additional best practices, including the utilization of robust and distinct passwords, maintaining up-to-date software, and exercising caution when encountering dubious emails and websites.