3FA provides the highest possible level of user security for accessing accounts and making transactions.
Biometric authentication may include a fingerprint, a retina scan, or a scan of the person’s entire face. This makes it almost impossible for hackers to bypass.
What is the benefit of 3-Factor Authentication?
The key benefit of 3FA and 2FA is that they vastly reduce the chances of fraud and identity theft as a result of data breaches and stolen passwords. While it is theoretically possible to breach 2FA systems if the fraudster has control of a person’s mobile phone – the addition of a biometric check means that remote fraud is not possible.
This allows companies to add a layer of confidence when authorizing access to customer accounts remotely.
What are the three factors that make up 3FA?
- Something you know: This is a piece of information that a person knows – it could be a username, password, answer to a security question, or a touch gesture on a smart phone screen.
- Something you have: This is a physical object that a person has in their possession. It could be a smart card, a device like a phone or USB drive, or most commonly a token device that provides a pin code to access an application or online service.
- Something you are: This can include any unique physical facet of a person that can be used to verify their identity. It could be anything from a simple fingerprint to a facial scan or even DNA.
What is 4-Factor Authentication (4FA)?
4FA is simply a 3FA authentication solution with the addition of a check on a person’s physical location, based on geometric data or network location. This could be used to block transactions outside of a prescribed territory, or even outside of a company’s premises.