The use of two-factor authentication, often known as 2FA, is a more robust approach to ensuring the safety of your internet banking access and usage. It has become an indispensable component of the protection of personal funds in Malaysia.
In recent years, the rise in online banking and digital transactions has made cybersecurity a top priority for financial institutions. As cybercriminals become more sophisticated, the need for advanced security measures like 2FA has become crucial. This method not only protects users from unauthorized access but also helps in building trust between banks and their customers, reassuring them that their financial data is secure.
The user is required to provide two different forms of identification in order to complete the process. One of these components is typically a physical token that generates a password that is only used once. The second is typically anything that you commit to memory, such as your username, password, or the identification number of your org.
Despite its effectiveness, some users find 2FA cumbersome and time-consuming. However, the benefits far outweigh the inconvenience. By adding an additional layer of security, 2FA significantly reduces the risk of identity theft and financial fraud. Users are encouraged to embrace this security measure as a proactive step towards safeguarding their personal and financial information.
Two-factor authentication is an essential component of web security since it mitigates the dangers associated with passwords that have been hacked. Without the use of a second-factor authorization device, a password by itself will not be able to allow access to an individual in the event that it is stolen, phished, or even guessed.
Furthermore, the implementation of 2FA can deter potential attackers, as the additional security layer makes unauthorized access more challenging. This deterrent effect is particularly important for businesses and organizations that handle sensitive data, as it can prevent costly data breaches and protect their reputation.
As the number of concerns over cybersecurity continues to climb and the frequency of cyberattacks increases, many authorities are contemplating the possibility of mandating that certain industries comply with two-factor authentication standards. Other authorities may follow suit.
It is possible that frequent password management, even if it is not enforced, can assist in preventing unauthorized individuals from accessing password-protected material within your organization, thereby protecting the confidentiality and integrity of its credentials.
The creation of a company-wide policy that mandates employees to frequently update their passwords, abstain from using the same password for several accounts, and contain characters that are differentiated from one another is something that organizations ought to take into consideration.
Common techniques to two-factor authentication
1. SMS 2FA
In order to enable two-factor authentication using text message, you will be required to input a cell phone number on a website or within an application.
The next time you log in with your username and password, you will also be prompted to input a short code that will be texted to your phone. This number will typically consist of between five and six digits and will be generated by the system.
Due to the fact that it does not require the downloading of an application, this choice is rather popular among websites. When compared to the straightforward usage of a username and password, it provides a significant increase in the level of account security.
2. Authenticator apps / TOTP 2FA
In most cases, an authenticator app is loaded on a mobile device, and it automatically creates a code consisting of six to eight digits every thirty seconds. This code can then be utilized to sign in. A time-based one-time password, or TOTP, is another name for this type of password.
Authenticator apps offer a more secure alternative to SMS-based 2FA, as they are less susceptible to interception or SIM swapping attacks. These apps are widely used by tech-savvy individuals and organizations that prioritize security. They provide a seamless user experience by integrating with various online platforms, making the authentication process both secure and convenient.
A few examples of authenticator apps include Microsoft Authenticator, Google Authenticator, and FreeOTP. These apps provide a variety of methods to protect your account information, such as two-step verification and one-time passwords (TOTP).
In addition, there are websites that generate a one-time password (TOTP), which will be delivered to either your cell phone or the email address you registered with for authentication purposes.
3.Push-based 2FA
There are several systems that have the capability to send a login prompt to one of your devices. These systems include Apple's Trusted Devices method and Duo Push. This popup will not only inform you that someone is attempting to log in, but it will also provide an estimated location.
At that point, you have the option to either accept or deny the attempted login.
Moreover, banks frequently use push-based two-factor authentication, which requires you to utilize the application in order to approve or reject transactions. This is especially true for transactions that are carried out on various browsers or devices.
Push notifications are becoming increasingly popular due to their user-friendly nature and real-time alerts. They provide an immediate response mechanism, allowing users to quickly verify or deny access attempts. This method not only enhances security but also improves user engagement by keeping them informed about account activities.
In addition to being an essential component of web security, two-factor authentication (also known as 2FA) encourages users to take an active role in the process of maintaining their security and creates an atmosphere in which users become knowledgeable participants in their own digital safety.
Or, to put it another way, a user is required to provide a response to the question, "Did I initiate that, or is someone attempting to access my account?" when they are sent an SMS requesting two-factor authentication.
Unlike passive security methods, which do not include users as partners, two-factor authentication (also known as 2FA) involves users and administrators working together to ensure the safety of financial transactions.
