Evaluating the Effectiveness of Multi Factor Authentication Protocols in Financial Institutions Globally
Keywords:
Multi-Factor Authentication, Financial Security, Cybersecurity Protocols, Digital Banking, MFA Architecture, Biometric Verification, User Authentication, Fraud PreventionAbstract
In an era of escalating cyber threats, multi-factor authentication (MFA) has emerged as a critical security protocol in financial institutions globally. This study evaluates the current effectiveness of MFA systems by analyzing their implementation, technological architecture, and response to evolving attack vectors. While MFA significantly reduces unauthorized access, challenges persist, including user resistance, high implementation costs, and social engineering vulnerabilities. This paper explores global trends, frameworks, and innovations in MFA across financial services, supplemented by a critical literature review and case analysis of architectural deployments. The findings highlight that while MFA adoption has increased, its effectiveness is contingent upon contextual integration with other cybersecurity mechanisms.
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