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Two Factor Authentication can save you thousands of $$$

Reading Time: 3 minutes Two Factor Authentication (also known as 2FA, TFA, Multi-Factor Authentication, or 2 Step Verification) is an extra layer of security designed to protect your online services like Gmail, Facebook, Office 365, Yahoo, Dropbox, Zoom, and the like. Banks have been among the first to encourage the use of two-factor authentication by means of a hardware token that was used when concluding a transaction via online banking. Today, the technology has evolved into what is called ‘tokenless authentication’. This is authentication via SMS, or an Android or iOS app. To give you an everyday example of two-factor authentication, let’s take a look at Gmail: You’ll enter your username and password – When you sign in to Google, you’ll enter your username and password as usual. You’ll be asked for something else – Then, an OTP code will be sent to your phone via text, voice call, or through a dedicated app. You will be successfully logged into your account once you enter the verification code. This is what they call 2-Step Verification. This process keeps your account safe because if a hacker gets hold of your username and password, it will not be enough to gain access to your account. With some exceptions, […]
Two Factor Authentication Can Save You Thousands Of $$$
18 Jan, 2022
Reading Time: 3 minutes

Two Factor Authentication (also known as 2FA, TFA, Multi-Factor Authentication, or 2 Step Verification) is an extra layer of security designed to protect your online services like Gmail, Facebook, Office 365, Yahoo, Dropbox, Zoom, and the like.

Banks have been among the first to encourage the use of two-factor authentication by means of a hardware token that was used when concluding a transaction via online banking.

Today, the technology has evolved into what is called ‘tokenless authentication’. This is authentication via SMS, or an Android or iOS app.

To give you an everyday example of two-factor authentication, let’s take a look at Gmail:

  1. You’ll enter your username and password – When you sign in to Google, you’ll enter your username and password as usual.
  2. You’ll be asked for something else – Then, an OTP code will be sent to your phone via text, voice call, or through a dedicated app.
  3. You will be successfully logged into your account once you enter the verification code. This is what they call 2-Step Verification.

This process keeps your account safe because if a hacker gets hold of your username and password, it will not be enough to gain access to your account. With some exceptions, the hacker would also need physical access to your cell phone to break through. Because hacking generally take place remotely, 2FA is thus extremely effective at blocking such attempts.

This is especially handy when it comes to online banking.

Related:

Big Banks in South Africa and 2FA – What You Need to Know

Here’s how it can save you thousands of $$$

Let’s say that your company email account was exposed in a South African data breach. A cybercriminal uses your breached username and password to hack into your account.

The hacker sets up a script to forward all incoming emails that contain the word ‘invoice’ to his own address.

He then edits an invoice from your supplier with his own banking details. He sends the bogus invoice back to you as though it was coming from the original sender.

You now make an EFT into the hacker’s bank account thinking you are paying your supplier.

If you had 2FA activated, your account would not be hackable with just a breached username and password – and you could have saved thousands of $$$.

In today’s world of increasing cybercrime and internet fraud, many people will be highly familiar with the importance of online security, logins, usernames, and passwords.

All too often, reports in the media explain about passwords that are stolen, either electronically or by social engineering techniques. Passwords that are easily guessable, passwords that can be sniffed or captured by the hardware of software keyloggers.

Viruses and malicious code all play a part in trying to obtain a user’s passwords. To put all of this into perspective, passwords are under attack therefore it is imperative to activate 2FA wherever possible.

Related:

How to Set Up Two-Factor Authentication on Your Online Accounts

That said, 2FA is not a silver bullet for cybersecurity

Two Factor Authentication

 

 

 

 

 

 

 

 

 

 

 

 

 

Whilst 2FA is a critical first-layer of defence, it’s not the only solution for protecting your business against hackers and the myriad of attacks in their arsenal.

Here at iSite Computers, we specialise in implementing robust, multi-layered cybersecurity solutions for small to medium-sized business in South Africa.

Book a free, no-obligation consultation with our team today to learn more.

Call Isite Computers

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