Multifactor Authentication Explained

The news that the Central Bank of Barbados is introducing BiMPay, an instant payment system that will allow users to send and receive payments to and from anyone in Barbados in seconds, regardless of whom they bank with - or if they bank with any financial institution at all - is a welcome one for many Barbadians of all ages. Still, exciting as the possibilities may be, when it comes to anything digital, and especially when it's financial, we want to know that the system is robust and secure.

In a previous article, we highlighted several of the security features BiMPay has been designed with to protect you and your hard-earned money, including multifactor authentication, end-to-end encryption, and AI-powered fraud detection.

To help explain what each of these are and why they're useful, we enlisted the help of Anthony Harris, President of the Barbados Chapter of the Information Systems Security Association.

Let's start with multifactor authentication.

What is multifactor authentication?

It's like having two or more locks on your digital door. Instead of just a password, you might also need a code from your phone or your fingerprint to get in, making your accounts much safer.

Are there any uses of multifactor authentication that would be familiar to us?

You likely use multifactor authentication often. Think of online banking, where you use your password plus a text code, or an ATM requiring your card and PIN. Even unlocking your phone with a password and fingerprint is an example. These extra steps just confirm it's really you.

How does multifactor authentication work?

Think of it as needing both a key and a secret handshake to enter an exclusive club. Multifactor authentication (MFA) enhances security by requiring multiple verification methods to confirm your identity. When these distinct proofs align, you gain access.

What are the different types of authentication you can use?

For multifactor authentication, you basically prove who you are using a mix of:

• Something you know: Like your password or PIN.
• Something you have: Such as your phone getting a text code or a special security token.
• Something you are: Your unique biometrics, like a fingerprint or face scan.

You combine at least two of these to make your accounts secure.

Some people see having to use multiple types of authentication as an inconvenience. Explain why it is important.

I know it feels like an extra step, but it's crucial for security. If someone gets your password, they're usually in. With multifactor authentication, even with your password, they still need that second piece, like a phone code or fingerprint, making it much harder for hackers to access your sensitive accounts. It's a small inconvenience for major protection.