Is One-Factor Authentication Really Sufficient?

How can you keep your details safe online when up against hackers?

In the analogue world, we identify ourselves by our national identity card which consists of basic information such as name, address, date of birth, and a unique ID number.

However this cannot be done in the digital world. Whenever you go online, even your name is not commonly used for identification. What commonly used is the username and password and these two are the basic criteria of a one-factor authentication.

The one-factor authentication is also known as ‘something you know’. Today we have more than one factor when it comes to authentication and it is applied by using a software or hardware device as part of your authentication. This make up the second factor and it is known as ‘something you have’. There is also third factor which is still not popularly used is the third factor or also known as ‘something you are’.
A set of keysThe reason of having so many factors in authentication is that the one-factor authentication is not sufficient for a sensitive transaction’s security. It is vulnerable to the traditional ‘Brute-Force’ attack that it is still useful today simply because computers today are extremely fast and it can even be done not only using CPU but also GPU.

The other weakness of one-factor authentication is that it is extremely vulnerable to ‘Password Reuse’ attack. There are not many users who change their password frequently or use different password for different online account. As a result, any username and passwords that are hacked can be possibly used from time to time on different website.

So now, do you perform your online banking transaction with just username and password? Think twice before you put your online banking account at risk.

Even for certain two factor devices, they are vulnerable to phishing attack. With the increasing cybercrime rate, we should focus more in our IT security. Especially for online banking account users, do think of your safety if you are still with one-factor authentication on that.

0 replies on “Is One-Factor Authentication Really Sufficient?”

I agree with you that with the development of the Internet more and more troubles comes related to the security of the information kept online. There are many cases when the confidential information was revealed to the whole world. This is the top priority of the Internet technologies.

One of the biggest of course is the Sony Playstation Networks where millions of emails, usernames and credit card details were stolen some partially were put on some torrent site for download. That is something we don’t really hope to see and even multiple factor authentication would not be able to save that. It is a sad for those PSN customers and most of them undergo the credit card replacement.

I think the problem of security will become even more acute and hot in the future and it is time for us to think about it right now before we got into completely. I try not to give too much confedential information about me in the Internet, but at the same time you can easily find anything about every person.

I’m into online banking for about 3 years now and so far so good. I haven’t experienced any problem with my bank. The good thing with my bank is they still ask for a security code before I do any bank transfers and payments too. So accessing my bank account is still safe no matter what. They also require us to change our password every 6 mos I think to avoid any problems. Truly, I’m satisfied with their online banking system.

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