The more reliance on online activities, the more the possibility of fraud. To avoid all these frauds one is prone to while performing online activities, the usage of Two-Factor authentication comes in extremely handy while doing transactions online.
In this article, you will learn about Two-Factor Authentication in detail along with the advantages and disadvantages of the service best known to secure online transactions.
What is Two-Factor Authentication?
This is a type of authentication that protects the user’s data – including personal identification or financial assets – from being accessed by a third person. This is an additional layer of security to your account, in case the password is stolen by anyone.
Besides the usual login details, while signing in to the account, 2FA is another kind of password that is sent via SMS by the service provider for an additional layer of security to avoid access to the third party.
If a customer’s login details are stolen by a third person or third party, the access is denied to the one who has stolen them because the 2FA is what will come into play.
Since most of the transactions are done online, almost everywhere 2FA is employed to avoid any kind of breach in data, and security is considered paramount.
Advantages of Two-Factor Authentication
Employing 2FA does help those who want to use it for the enhancement of security and avoid breaches in data. Below we have listed the pros or in other words the benefits of using Two-Factor Authentication:
Additional Layer of Security: The increase in the use of the internet usage has made it extremely difficult for online transactions to complete without the second layer of security. 2FA has become extremely important and this not only saves customers but helps those using it a lot. The overreliance on the usual password is done away with when using this authentication.
Difficult to Breach: Once the authentication is employed, it becomes extremely difficult for third parties to breach the security and access the data. Had there not been this system in place, people would easily access the information.
Cheaper Compared to Others: It is this type of security tool that is cost-efficient compared to other forms. Sending 2FA via SMS channel is the most desired way to ensure security is managed and the costs are brought down drastically.
Disadvantages of Two-Factor Authentication
Like anything else, 2FA also comes up with some drawbacks of its own. Some of the disadvantages have been listed below:
Not Infalliable: Although there are many advantages to using the system, this type is certainly not foolproof at all. There is always a possibility of a breach no matter how strong the system is. Hackers do find a way to breach and access hitherto inaccessible information.
Time is a concern: Unlike other types where time is not a concern, here the code ought to be used within a stipulated time. If that still needs to be done another attempt has to be made. Although this is a good feature many a time it creates difficulties for users.
Can be Used Against Users: The usage of 2FA is for the benefit of users but given the presence of hackers online access to certain information can be denied by the ones involved in the process of hacking. The authentication process is not devoid of such attacks. What ought to be solely accessible to users, the fraudsters get into the process and pose risks that may prove detrimental in the long run.
