Multi-factor Authentication (MFA)

Multi-factor authentication (MFA) is a security process that requires users to verify their identity using two or more independent credentials before gaining access to a system or completing a transaction.These factors typically fall into three categories: something the user knows (like a password or PIN), something the user has (such as a mobile device, token, or smart card), and something the user has (biometric identifiers like fingerprints or facial recognition). MFA significantly reduces the risk of unauthorized access by ensuring that a compromised password alone is not enough for attackers to breach an account. It is widely adopted by banks, fintechs, payment providers, and digital platforms to strengthen login security, protect sensitive financial data, and comply with regulatory requirements such as Strong Customer Authentication (SCA) under PSD2 in the EU.