Multi-Factor Authentication (MFA)

Multi-factor authentication (MFA) is a robust security method that requires users to provide more than one verification factor to gain access to an online account or resource. Unlike relying solely on a password, MFA adds an extra layer of security, making it significantly more difficult for unauthorised individuals to access a user's account even if they manage to steal their password.

Common MFA Factors

MFA systems typically leverage different factors to verify a user's identity. Some of the most common factors include:

• Knowledge Factors: Something the user knows, such as a password, PIN, or answer to a security question.
• Possession Factors: Something the user has in their possession, such as a smartphone, security token, or hardware key.
• Inherence Factors: Something unique to the user, such as a fingerprint, iris scan, or facial recognition.

Benefits of Using MFA

MFA offers significant security advantages over single-factor authentication (password-only):

• Enhanced Security: MFA significantly reduces the risk of unauthorised access by adding an extra layer of verification. Even if a hacker steals a password, they would likely lack the additional factor (e.g., the user's phone) to access the account.
• Reduced Fraud: MFA makes it more difficult for criminals to carry out fraudulent activities by impersonating legitimate users.
• Improved User Confidence: MFA provides users with greater peace of mind knowing their accounts are protected by an extra layer of security.

SmileID and MFA

Our technology can integrate seamlessly with MFA systems. For instance, Smile ID's biometric authentication solutions can be used as a verification method during the MFA process, adding another layer of security to user logins.

The Role of MFA in Combating Account Takeover Fraud

Customers who fall victim to account takeover may experience substantial financial losses and severe damage to their credit ratings.

MFA is a crucial tool in combating account takeover fraud. Here’s how:

• Biometric Authentication: Biometric traits are unique to individuals, making them difficult to replicate or forge. SmileID’s biometric KYC and authentication systems can analyse and compare biometric data to identify anomalies and inconsistencies. This significantly enhances security and prevents fraud before it occurs.
• Liveness Checks: With the rise of deep fakes, liveness checks add an extra layer of security by ensuring that the biometric traits come from a real person. Smile ID’s SmartSelfie™ technology uses advanced AI models to perform liveness checks, further protecting against account takeovers.

To learn more about how our solutions can effectively be integrated into your systems, book a demo here