With more digital innovation comes more cybercrime. In fact, one estimate from Statista Technology Market Insights estimates that the global cost of cybercrime could reach $13.82 billion USD by 2028 alone. So, it’s understandable that organizations and individuals all over the globe are prioritizing cybersecurity.

One key player in the cybersecurity playbook is multi-factor authentication (MFA), the combination of authentication options to enhance security. In this blog, we’ll explore what MFA is, how it can eliminate the need for passwords, the benefits of going passwordless, and which businesses can benefit the most from this cutting-edge security solution.

What is MFA?

Multi-Factor Authentication, aka MFA, is a security process that requires users to provide two or more authentication factors to verify their identity. These factors fall into three categories: something you know (like a password or security question), something you have (like a smartphone or a security token), and something you are (biometrics such as fingerprints or face). By combining these factors, MFA creates a robust defense against unauthorized access, significantly enhancing security compared to traditional single-factor methods.

What Are the Benefits of Going Passwordless?

Passwords, despite being the most common form of authentication, are inherently vulnerable. They can be easily forgotten, stolen, or cracked through various means. MFA addresses these weaknesses by adding additional layers of security. By leveraging a combination of biometrics, smart cards, and other authentication factors, MFA provides a more secure and user-friendly alternative to passwords. Users can prove their identity through a variety of methods, making it more difficult for malicious actors to gain unauthorized access.

A few of the key benefits of transitioning to a passwordless authentication system include:

1. The security of user accounts is significantly enhanced, as MFA reduces the likelihood of successful cyberattacks, including phishing and brute-force attacks.
2. The user experience is improved, as individuals no longer need to remember complex passwords or worry about password resets. This results in increased productivity and satisfaction.
3. Passwordless authentication aligns with the evolving landscape of cybersecurity, helping you stay one step ahead of cybercriminals.

Who Should Use MFA?

Everyone! Any individual or organization that values the protection of sensitive data and wants a seamless user experience should seriously consider implementing MFA where applicable.

The advantages of MFA apply to both consumers and businesses but should especially be utilized by organizations dealing with sensitive personal information. Some industries that are prime candidates for the adoption of MFA (if they are not already using it) include:

• Access Control
• Financial Services
• Human Resources
• Gaming/Gambling
• Retail and E-commerce
• Online Education/Certification

What Role Do Biometrics Play in MFA?

MFA offers businesses and individuals alike many benefits, but the choice of authentication methods also plays a key role in determining the effectiveness of a security solution. Among the various authentication options, biometrics offers businesses several compelling benefits compared to passwords, including:

1. Cost Efficiency: Biometric authentication methods for MFA like face and voice recognition offer cost effective options due to their use of common devices like smartphones. This reduces the budget requirements for things like additional hardware or replacing physical key cards and fobs.
2. Inherent Uniqueness: Biometrics, such as fingerprints, facial recognition, and iris scans, are unique to each individual. Unlike passwords or PINs, which can be shared, forgotten, or stolen, biometric data is inherently tied to a person and remains a constant, reliable identifier.
3. Increased Security: Biometrics add an extra layer of security by requiring something inherent to the individual, significantly reducing the risk of unauthorized access. Attempts to replicate or forge biometric data are far more challenging compared to traditional authentication methods, making it a robust defense against cyber threats.
4. User Convenience: One of the primary advantages of biometrics in MFA is the seamless user experience. Users no longer need to remember complex passwords or carry physical tokens. The authentication process becomes natural and quick, enhancing overall user satisfaction and productivity.
5. Reduced Vulnerability to Phishing: Phishing attacks often target passwords or PINs, attempting to trick users into divulging sensitive information. Biometrics, being physical and unique to each user, are less susceptible to phishing attempts. Even if other factors are compromised, the biometric component provides an additional safeguard.
6. Versatility Across Devices: Biometric authentication is adaptable to various devices, including smartphones, tablets, laptops, and even IoT (Internet of Things) devices. This versatility makes it a suitable choice for businesses and individuals seeking a consistent and secure authentication method across different platforms.
7. Compliance with Industry Standards: Many regulatory standards and industry compliance requirements mandate strong authentication measures. Biometrics often meet or exceed these standards, making them an ideal choice for businesses operating in regulated environments.

How Do I Get Started with MFA?

Ready to dump passwords in 2024?

Consumers: Here are some common places in your life where you may want to enable MFA, to better protect your sensitive personal information, when possible:

1. Email accounts
2. Banking accounts
3. Healthcare accounts
4. Social media accounts
5. Video gaming accounts
6. Entertainment media accounts
7. Retail and e-commerce accounts
8. On personal devices (mobile, PC, tablet, etc.)

Business Leaders: Interested in upping your organization’s security and user experience? Get in touch with our team using the form below to chat more about biometrics for MFA. And read on to learn more about our authentication solutions…

Knomi, Aware’s mobile biometric authentication framework, provides secure and convenient facial and speaker recognition for mobile, multifactor authentication. Additional features include:

• Passive approach to minimize user friction and maximize usability
• Advanced machine learning AI algorithms for unmatched liveness accuracy
• Solutions for onboarding, authentication, and document verification
• Browser-based options for rapid onboarding

AwareID  also offers lightning-fast identity verification, multi-factor authentication and biometrics in a single, low-code platform. AwareID’s cloud-based platform provides a functional offering from the start, combining automation with trust so you can continuously authenticate while increasing efficiency and lowering costs.