Multi-factor authentication (MFA) was once a foreign terminology, but today, with the myriad of hacks and data breaches dominating headlines, it's fair to say that most individuals now see MFA as a no-brainer - for now.
Bojan Simic writes in Cyber Defense Magazine,
"When thinking about MFA, both companies and consumers alike consider it to be a safer, more secure option. And while that isn't necessarily untrue (as it is safer than single-factor authentication), it doesn't bypass the increasingly large password issue developing across digital mediums. In fact, despite widespread MFA adoption, account takeover fraud generated a $3.3 billion loss in 2020.
Ever since the 'password' was invented in the 1960s, it has been a topic of contention. The intent is always positive; but the efficacy is an ongoing debate - especially with the pace at which technology is evolving..."
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