Accessing your accounts with a username and password is known as single-factor authentication because it solely relies on something you know (your username and password combination). MFA or Multifactor Authentication relies on more than one of the three basic factors used to authenticate a user, making it a more secure process. The factors used today are:
- Something you know (e.g., password, PIN, etc.)
- Something you have (e.g., ATM card, smart card, computer, mobile phone, etc.)
- Something you are (e.g., biometric characteristics, fingerprints, etc.)
If you use an ATM or debit card, you are using MFA because you need two factors to complete the transaction: your ATM or debit card (something you have) and your PIN (something you know). VyStar’s Internet Banking uses a system called Intelligent Authentication™ (IA) to leverage the security of MFA.