What is Two-Factor Authentication?

What is Two-Factor Authentication?
IdentityIQ

Two-factor authentication (2FA) is a security tool that requires you to verify your identity twice before you can gain access to a system. It helps prevent unauthorized access to your accounts by adding another layer of security at the point of login. In this way, 2FA can keep your accounts safer and more secure.

Key takeaways:

• 2FA can provide additional security to any account or system that requires user verification.
• 2FA conveys many security benefits for users and organizations but does have a few limitations.
• Combining 2FA with other best practices, such as strong passwords and identity monitoring, can help keep you safe from cybercrime and identity theft.

Types of 2FA

2FA requires you to verify your identity a second time after you enter your username and password. There are several ways to perform this second verification:

SMS-Based 2FA

One of the most common 2FA methods uses SMS text-based messages to provide a one-time-use code to access your account. The system sends the code to your phone via text message when you attempt to log in, and you need to provide the code to access your account.

Email-Based 2FA

Another common method is to send a one-time-use code via email. When you attempt to log in, the system sends the code directly to your email account. You need to provide the code to access your account.

Authenticator Apps

Authenticator apps like Google Authenticator or Authy can continuously generate a one-time-use code that you can use to access your account. When it’s time to log in to your account, you pull up the app, which has been linked to your account, and enter a code that refreshes every 30 seconds or so. You may also have the option to simply approve a login attempt via the app rather than provide a code.

Hardware Tokens

Hardware tokens are a less common method for 2FA that require a physical device, small enough to fit in your pocket, that displays one-time-use codes. They work like an authenticator app but are tied to a separate physical device, not your phone.

Another version of hardware tokens can store your credentials and can be physically connected to your devices, such as your laptop or mobile device, to verify your identity and let you access authorized systems. These are often used to verify the identity of IT personnel or other security workers before they access workplace systems.

Biometric Verification

Biometric authentication uses a person’s unique biological traits to verify identity. Methods include fingerprint scans, facial recognition, voice recognition, and iris/retina scanning. The system simply accesses your face, fingerprints, or other biometric identifiers when you log in.

Advantages of 2FA

2FA offers many distinct advantages, especially compared to just using a username and password to secure your accounts:

Enhanced Security

The most obvious advantage of 2FA is that it instantly enhances security for any account, system, or device for which it is enabled. That’s because if someone gets ahold of your username and password, they still can’t automatically break into your account.

Protection Against Phishing and Data Breaches

Phishing attacks involve a criminal initiating an email, text message, or phone call to trick you into providing your personal information, such as your username and password. These scams can use highly sophisticated methods to impersonate legitimate people or organizations. But even if you fall prey to a phishing scam and turn over your login credentials, 2FA can help keep your accounts safe.

The same concept applies to data breaches. Even if your personal information is exposed in a data breach, criminals won’t be able to use it to get into your account if you have 2FA enabled, requiring an additional verification step.

User Trust

2FA can help users feel more secure about their accounts, building user trust and confidence.

Compliance

Some industries require adherence to specific compliance guidelines, such as General Data Protection Regulation (GDPR) or the Health Insurance Portability and Accountability Act (HIPAA). Some organizations may wish to demonstrate their commitment to security by obtaining certain certifications or adhering to certain industry standards (for example, 2FA is a standard recommendation for security frameworks like SOC 2). 2FA can help organizations meet these standards.

Limitations of 2FA

There are also some downsides and limitations to using 2FA:

Usability Issues

While 2FA isn’t the most invasive security measure around, it does cause some usability issues:

• The time to log in to accounts increases with 2FA because there are additional steps.
• Account recovery may cause some headaches if the user loses the ability to verify their identity (such as misplacing their phone or losing access to their email account).
• Users who are unfamiliar with using 2FA may find it intrusive or inconvenient.
• Setting up 2FA on a second device requires some effort on the part of the user.

Reliance on Devices

Many 2FA methods rely on secondary devices, such as mobile phones, to verify user identities. This means that the loss or theft of a device can immediately block you from accessing your accounts. While you should be able to access your account after some form of account recovery process, it may cause some immediate headaches.

SMS and Email Vulnerabilities

Using SMS or email to verify your identity isn’t foolproof. With SIM swapping, thieves who manage to steal your personal information can attempt to transfer your phone number to a new SIM card, effectively taking over your phone number.  When they try to access your accounts, companies that send 2FA verification codes via SMS will message those codes right to the scammer.

The same concept applies to your email. Sending 2FA codes via email is a perfectly effective way to verify your identity if you have control of your email account. But if someone can break into your email account, email-based 2FA can give them access to that second verification step.

Accessibility and Lack of Universality

One of the bigger problems with 2FA is that it’s not always accessible, and it isn’t universally applied to all accounts. This can create some challenges for the user:

• 2FA isn’t universally offered everywhere. This means that not every account will enjoy the same level of protection.
• Different systems and accounts may offer different 2FA methods, ranging from text messages to emails to authenticator apps. This means you may have to juggle many different types of verification methods depending on what account you need to access.
• If you aren’t technologically savvy or have trouble managing text messages, emails, or apps, 2FA can probably create some stumbling blocks.

How to Implement 2FA

Setting up 2FA requires a few steps, but it’s generally straightforward. Here’s how to set up 2FA, along with a few important considerations:

Setting Up 2FA

Setting up 2FA depends on the account you’re enabling it for, the method you choose to use, and other factors. But generally, setting up 2FA follows some version of the following steps:

1. Log into Your Account
   • Log in to the website or account where you want 2FA enabled.
2. Go to Settings
   • Navigate to the account settings.
3. Find 2FA
   • Look for an option labeled “Two-Factor Authentication,” “2FA,” “Multi-factor authentication,” or “MFA” in the security settings for your account.
4. Enable 2FA
   • Enable 2FA. You may need to confirm your password or re-enter your login credentials.
5. Choose Your 2FA Method
   • Select your preferred method for the second identity verification step from the available options:
     • Email verification is simple and easy to set up.
     • SMS is simple and easy to set up but requires your mobile device.

• • • Authenticator apps take a few extra steps but are extremely secure. This method will require you to download and install an app, then link the app to your account.

1. 1. • Biometric authentication is difficult for criminals to bypass but is less commonly offered.
      • Hardware tokens are easy to use but aren’t commonly offered by all organizations and can be lost.

6. Verify Your Setup
   • Complete the verification process using the instructions provided by the organization.
   • Once the process is complete, you will be prompted to use 2FA the next time you try to access your account.
7. Know Your Backup Options
   • Some services provide backup codes when you enable 2FA. Store these codes in a secure place so you can access your account if you lose the ability to verify your identity.

Best Practices for Using 2FA

Use these best practices in combination with 2FA to strengthen account security:

• Use strong, unique passwords for every online account. You can use a password manager to make the process easier.
• Update your devices, operating systems, and apps to ensure you are protected by the latest security developments and features.
• Never respond to inbound requests for your personal data, even if the source appears to be legitimate. Don’t click links or download attachments. Contact organizations directly when you need to discuss sensitive information.
• Monitor your accounts to look out for suspicious activity or unauthorized transactions. Report any suspicious behavior immediately.

Two-Factor Authentication FAQs:

Here are some answers to common 2FA questions:

What is 2FA, and how does it work?

2FA is a security tool that adds more protection to your account at the point of login. It works by requiring you to verify your identity a second time before you can access your account.

What is an example of 2FA?

One popular example of 2FA is the SMS verification method. When you enter your login credentials to your account, the system will send a text message to your mobile phone that contains a one-time code which must be provided to gain access.

How do you set up 2FA?

The process for setting up 2FA depends on the system or account. Check your account settings or contact the organization directly.

Is 2FA good or bad?

2FA is good because it adds an additional level of security to your accounts. However, it does have some disadvantages, including a reliance on secondary devices and a lack of universal adoption.

Can hackers bypass 2FA?

When you have 2FA enabled for your account, there should be no way to bypass it. However, criminals could still gain access to your account if they were able to gain your login credentials and access to the second verification method – for example, if they were able to intercept your text messages or emails.

When should I use 2FA?

It’s a good idea to use two-factor authentication for any account or system that allows it.

Bottom Line

By requiring a second form of verification, 2FA significantly reduces the likelihood that an unauthorized person can break into your accounts, even if they have access to your login credentials. Combining 2FA with other security best practices will help keep you safe from fraud, cybercrime, and identity theft.

If you’re serious about protecting yourself online, remember that IdentityIQ offers comprehensive monitoring and protection that goes beyond just 2FA. With IdentityIQ identity monitoring, you get advanced identity protection, including:

• Comprehensive monitoring of your identity across several platforms, including your credit reports and the dark web.
• Advanced digital security tools, including antivirus software, virtual private networks (VPNs), family internet monitoring tools, and more.
• Dedicated support from fraud resolution experts if you fall victim to identity theft.
• Up to $1 million in identity theft insurance coverage, underwritten by AIG.

Taking a proactive approach to identity protection with IdentityIQ puts you in the driver’s seat. With comprehensive identity protection services, you can help keep yourself safe online, safeguard yourself against identity theft, and keep your personal information secure. Don’t wait until it’s too late – take the next step in safeguarding your identity with IdentityIQ.

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