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What is Multifactor Authentication (MFA) and what does it mean for Mobile Banking?

April 26, 2017authentication Banking mean MFA mobile multifactor

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What is Multifactor Authentication (MFA) and what does it mean for Mobile Banking?

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Multifactor Authentication ensures that even if someone learns the Access ID and Mobile PIN number of a customer, they will not be able to gain account access to Mobile Banking, as there is another authentication factor: A One Time Password (OTP) during the customer’s last login. Without both levels of authentication, no access is possible.