Multi-Factor Authentication: Importance and Vulnerabilities

Multi-Factor Authentication: Importance and Vulnerabilities

Author: Jeff Weeks, Senior Vice President and Chief Information Security Officer

In the digital age, securing our online accounts has never been more important. One of the most effective ways to do this is through multi-factor authentication (MFA). But what is MFA, why is it important, and is it vulnerable to hacking? Let’s dive in.

What Is Multi-Factor Authentication? 

MFA is a security measure that requires users to provide two or more verification factors to gain access to a resource such as an application, online account, or a VPN (Virtual Private Network). It’s a core component of a strong digital identity and access management policy.

The three main types of authentication factors are:

1. Something you know (knowledge): This could be a password, PIN, or a secret question.
2. Something you have (possession): This could be an ID card, a security token, a smartphone, or a software token.
3. Something you are (inherence): This refers to biometrics, such as fingerprint scans, iris scans, or voice recognition.

Why is Multi-Factor Authentication Important?

MFA is important because it adds an extra layer of security, making it harder for unauthorized people to access your information. Even if an attacker manages to learn your password, it’s useless without the second verification factor.

How Can Multi-Factor Authentication Be Hacked? 

Despite its effectiveness, MFA is not completely foolproof. Here are some ways it can be hacked:

1. Phishing Attacks: In a phishing attack, hackers trick users into revealing their credentials, including their second factor. For example, a hacker might pretend to be from a bank and call someone who has an account there. The hacker might have acquired the person's password by buying it or by tricking the person. The hacker then tells the person that they are sending a code to their phone and asks the person to tell them the code. But the hacker really wants the code so they can access the individual's bank account. That's why it's especially important never to tell anyone your MFA code, even if they say they are from your bank. A bank will never ask for your multi-factor authentication code.
2. Man-in-the-Middle Attacks: In these attacks, the hacker intercepts the communication between the user and the authenticating system to capture the verification data. The hacker could position themselves between the user and the bank's system, capturing the information being exchanged, such as login credentials or other sensitive data. The hacker could then use this information to access the person's bank account. To avoid this attack, only use secure networks to connect to the internet for online financial activities, regularly update software on your devices, and educate yourself about phishing scams. These measures can help prevent hackers from intercepting the communication between you and the authenticating system.
3. Device Theft: If a device used for MFA, such as a smartphone, is stolen, the thief could potentially access sensitive information. This is why it’s important to lock your phone when it is not in use and use a password, passcode, or face recognition to unlock your phone.

While MFA provides a significant security upgrade over simple password authentication, it’s not invincible. It’s crucial to remain vigilant, be aware of different types of attacks, and take additional security measures, such as using secure networks, regularly updating software, and educating yourself about phishing scams. Stay safe online!

About the Author

Jeff has been with First National Bank of Omaha for more than 25 years and is currently the Senior Vice President and Chief Information Security Officer. The executive leadership and oversight provided by Jeff in the development, management, and execution of information security for FNBO enables the company’s ability to posture and protect private, personal information, and assets of the company’s clients, employees, and business partners.