Multi-factor authentication (MFA) has long been considered a cornerstone of enterprise cybersecurity, but recent breaches have revealed its vulnerabilities and the urgent need for improvement. Despite MFA's intent to secure access through multiple verification methods, attackers exploit weaknesses such as phishable factors and social engineering tactics, as seen in high-profile breaches of companies like Retool and Rockstar Games. Techniques like session hijacking, man-in-the-middle attacks, SIM swapping, and MFA fatigue demonstrate how attackers bypass security measures, emphasizing the need for more robust solutions. The rise of phishing-as-a-service platforms further complicates MFA's reliability. To combat these issues, there is a growing push to eliminate passwords in favor of passwordless methods like FIDO2 and passkeys, which provide stronger, phishing-resistant authentication. Though implementing these solutions presents challenges, including cost and user education, adopting secure practices like using password managers and device trust tools can enhance current MFA strategies and pave the way for a more secure authentication landscape.