How to Protect User Data with Two-Factor & Multi-Factor Authentication

Financial institutions are increasingly facing cybersecurity threats, making it crucial to implement strong security measures such as two-factor authentication (2FA) and multi-factor authentication (MFA). These methods involve verifying users' identities through multiple factors like something they know, something they have, or something they are. 2FA and MFA help protect sensitive data by requiring customers to use multiple forms of authentication, reducing the risk of stolen money and identity theft. Despite some users finding these methods annoying, security professionals continue to improve authentication processes to make them more seamless and effective in protecting user information.