EXPLORING THE EFFECTIVENESS OF MULTIFACTOR AUTHENTICATION IN PREVENTING UNAUTHORIZED ACCESS TO ONLINE BANKING SYSTEMS

Abstract

Importance of Securing Online Banking Systems In The Increasing Cyber Threats! Luckily, multifactor authentication (MFA) is a formidable security argument against unauthorized access and fraud. Multi-factor authentication (MFA) has become one of the most widely adopted security measures used by online banking services, but the underlying factors behind its implementation, usability, and effectiveness in deterring cyberattacks are unexplored. Familiarity with MFA: The study addresses the different forms of MFA: those based on knowledge, possession and identity, and their contribution to fortifying authentication. It also takes into account common issues such as social engineering and user compliance challenges that can erode the security advantages of MFA. Drawing from case studies, surveys, and statistics, the findings demonstrate that MFA significantly decreases the number of unauthorized access incidents and underscores MFA as a key pillar of any successful cybersecurity strategy. It notes the requirement to further enhance user experience for MFA to guarantee that it is effective and will work to protect users when carrying out transactions online.