Ensuring Secure Online Banking with Two-Factor Authentication

Ensuring Secure Online Banking with Two-Factor Authentication

Table of Contents

Order ID# 45178248544XXTG457	Plagiarism Level: 0-0.5%	Writer Classification: PhD competent
Style: APA/MLA/Harvard/Chicago	Delivery: Minimum 3 Hours	Revision: Permitted
Sources: 4-6	Course Level: Masters/University College	Guarantee Status: 96-99%

Instructions

Ensuring Secure Online Banking with Two-Factor Authentication

Two-factor authentication (2FA) is a security measure that requires users to provide two forms of identification before accessing their online banking account. This added layer of security helps to prevent unauthorized access to sensitive financial information, such as account balances and transaction history.

The first form of identification is typically a password, which is something the user knows. The second form of identification is a code that is sent to the user’s mobile phone or email address, which is something the user has. This code is typically generated by an app, such as Google Authenticator, or sent via text message. The user must enter this code in addition to their password in order to access their account.

2FA helps to prevent unauthorized access to online banking accounts in a number of ways. First, it ensures that only the account owner has access to the mobile phone or email address used to receive the code, making it more difficult for hackers to gain access. Second, it adds an extra step to the login process, which makes it more difficult for hackers to guess or steal a user’s password.

There are several different types of 2FA that can be used for online banking, including:

SMS-based 2FA: This type of 2FA sends a code via text message to the user’s mobile phone.

App-based 2FA: This type of 2FA uses an app, such as Google Authenticator, to generate a code that the user must enter in addition to their password.

Hardware-based 2FA: This type of 2FA uses a physical device, such as a security key or token, to generate a code that the user must enter in addition to their password.

Biometric-based 2FA: This type of 2FA uses a biometric feature, such as a fingerprint or facial recognition, to confirm the user’s identity.

Each type of 2FA has its own set of benefits and drawbacks, and financial institutions may choose to use a combination of these methods to provide a higher level of security

One of the main benefits of 2FA is that it helps to prevent unauthorized access to online banking accounts. This is particularly important for financial institutions, as unauthorized access to account information can result in financial losses for both the institution and the account holder.

Another benefit of 2FA is that it can help to prevent phishing attacks. Phishing attacks are a type of cyber attack in which a hacker sends an email or text message that appears to be from a legitimate source, such as a financial institution, in order to trick the user into providing their login information. With 2FA in place, even if a hacker is able to steal a user’s password, they will not be able to access the account without the code generated by the app or sent to the user’s mobile phone.

There are some drawbacks to 2FA, however. One drawback is that it can be inconvenient for users, as they must enter the code in addition to their password each time they want to access their account. This can be particularly frustrating for users who access their account frequently.

Another drawback is that 2FA can be vulnerable to certain types of attacks, such as SIM swapping. SIM swapping is a type of attack in which a hacker gains access to a user’s mobile phone number and is able to receive text messages and phone calls intended for the user. This means that if a hacker is able to perform a SIM swap, they can receive the 2FA code and use it to access the user’s account.

Despite these drawbacks, 2FA is still considered to be one of the most effective ways to secure online banking accounts. Financial

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
You Can Also Place the Order at www.perfectacademic.com/orders/ordernow or www.crucialessay.com/orders/ordernow Ensuring Secure Online Banking with Two-Factor Authentication

Ensuring Secure Online Banking with Two-Factor Authentication

PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!