The Importance of Two-Factor Authentication (2FA) in Online Security

In an Australian Institute of Criminology survey of 13,887 computer users, 8% of respondents reported falling victim to online fraud in the previous 12 months. A staggering 47% of respondents experienced some type of cybercrime.

With scams becoming increasingly sophisticated, Australians must do everything possible to protect themselves online. The best way to safeguard sensitive data is to adopt two-factor authentication (2FA) into your everyday digital habits. This post will examine what is 2FA and cover all the need-to-know info.

What Is Two-Factor Authentication?

Also known as Multi-Factor Authentication (MFA), 2FA is an identity and access management security protocol. The measure has been adopted by software developers worldwide as a valuable extra layer of protection. 

When performing a high-risk action, such as changing payment settings or transferring funds, a 2FA-enabled app sends a prompt requesting additional authentication. The user must fulfil this authentication request to complete the desired action.

The term “two-factor” comes from two forms of authentication: a password/PIN and a secondary authentication method. “Multi-factor” means at least two forms of authentication, but possibly more. Many people use the two terms interchangeably

Types of Two-Factor Authentication Methods

While the classic SMS/email code remains prevalent, there are a host of other secondary authentication methods in use today.

Email or SMS one-time PINs and codes

The most common 2FA method is the one-time code sent via SMS or email. This unique code can only be used once and expires in a specified time. On the downside, it can take some time for the code to arrive, depending on network congestion, and users may need to check their junk inbox to find it.

Authentication Apps

Third-party authentication apps, such as Google Authenticator, Authy, and Microsoft Authenticator, generate time-based one-time passwords (TOTPs). These passwords function like an email one-time code; the difference is you receive them via a mobile app instead. The method is safer because hackers find it harder to access an authenticator app than an email address.

Biometric Authentication

This high-tech 2FA type uses biometric information to confirm the user’s identity. The most common method is the fingerprint scanner, which is available on most mobile devices. Some fancier laptops and phones support voice/facial recognition as well.

Biometric authentication is convenient because you don’t need to wait to receive, remember, and/or enter a code. It’s also super secure, as hackers find biometric traits challenging to steal.

Hardware Security Keys

Hardware security keys are portable devices that resemble a key fob or USB memory stick. These physical, pocket-sized contraptions can be inserted, tapped, or held near a device as an extra authentication step. Common hardware security keys include USB keys, NFC keys, and Bluetooth keys from brands like YubiKey and Google Titan Security Key.

Push Notifications

Some sophisticated online platforms send push notifications to a user’s mobile device. Upon receiving a pop-up notification, the user will click “yes” (or something similar) to authenticate their identity. This fast, convenient, and highly secure method is common among online banking apps in Australia.

How 2FA Enhances Online Security

Before 2FA became common in the late 2000s, digital criminals only needed to pinch your username and password to gain access to an account. But with 2FA, the would-be hacker must obtain the username/password and fulfil a secondary authentication step.

For a shady, basement-dwelling hacker buying leaked passwords off the dark web, this extra hurdle is nigh-on impossible to overcome. Some studies suggest that 2FA can prevent up to 99.9% of account compromise attacks. Although it sometimes feels annoying, 2FA is a crucial line of defence in the never-ending war against identity theft and online fraud.

Some of the most common cybercrimes 2FA can help protect against include:

• Phishing attacks: the hacker steals your credentials by tricking you into logging in to a fake website
• Brute force attacks: the hacker uses an automated script to guess a password until they get it right.
• Credential stuffing: hackers access an account using a leaked username and password, which is made easier when users re-use passwords.

How to Set Up Two-Factor Authentication on Popular Platforms

Most high-risk apps–online banking, medical records, government services, etc.–have 2FA as a default feature; you don’t need to do anything. However, others have 2FA as an opt-in extra, requiring you to configure it yourself.

Every app is different, but expect to do something similar to the following steps:

1. Log into your account
2. Go to the settings
3. Go to the security settings
4. Find and enable 2FA or MFA
5. Select your preferred method, such as SMS codes or biometrics
6. Follow the instructions to complete the configuration
7. Test the app to ensure 2FA works correctly

Common Misconceptions About 2FA

Let’s debunk a bunch of prevalent 2FA myths:

• 2FA is foolproof: While the tech can stop 99.9% of attacks, some will slip through the 2FA cracks.
• 2FA is convenient: Every 2FA method adds some inconvenience; however, the extra protection is a worthy trade-off.
• 2FA is hard to configure: In most apps, you can enable 2FA in a matter of minutes.
• 2FA is only helpful for financial apps: You should protect any application or account that contains personal information through 2FA.

2FA Cyber Safety Tips to Stay Protected

Consider the following tips to stay safe online and get the full benefit of 2FA.

• Configure 2FA for all accounts and applications with sensitive information, including bank accounts, government services, and social media.
• Consider authenticator apps or hardware keys for more sensitive accounts, as these offer better protection than other 2FA types.
• Never share your one-time code with anyone,not even someone claiming to be from your bank (a real employee will NEVER ask for a 2FA code).
• Use strong, unique passwords and a password manager in combination with 2FA.
• Treat all inbound communication (emails, SMS, etc.) with suspicion and don’t click on untrustworthy links.
• Keep your operating system, antivirus software, and apps updated to protect against known vulnerabilities.
• Monitor your accounts for unfamiliar or suspicious activity.

Safeguard your data with Geeks2U

Need help setting up 2FA or other security-related issues? Our expert team of esteemed IT professionals (AKA Geeks) has got you covered with a comprehensive digital security check. Whether you’re a business owner or a home user, we’ll enhance your online security to protect against cybercrime and provide helpful tips for internet safety.

Contact Geeks2U today for a no-obligation quote.

FAQ

• 1. Why is 2FA important for online security?

  2FA is important for online security because it provides an extra layer of protection; the hacker cannot access your account with just a username/password.

• 2. What are common 2FA methods?

  Common 2FA methods include SMS/email codes, authenticator apps, biometrics (fingerprint, facial recognition, etc.), and hardware keys.

• 3. What is the difference between 2FA and MFA?

  2FA means two authentication factors, typically the username/password and a code or biometrics. MFA means at least two factors, but possibly more for extra security.

• 4. How do I set up two-factor authentication on my accounts?

  Navigate to the security settings to see if 2FA is available.

• 5. Can two-factor authentication be hacked?

  Yes. Although difficult, It is possible to copy biometrics or intercept SMS/emails. 2FA isn’t 100% secure.