Multi-Factor authentication (MFA), or Two-Factor Authentication (2FA) is when a user is required to present more than one type of evidence in order to authenticate on a system. There are four different types of evidence (or factors) that can be used; Something You Know, Something You Have, Something You Are, and Location.
In our case we are using 2 factors to keep our investors safe:
- 1) something you have → mobile device (with a verified sim card)
- 2) something you know → password.
These 2 factors were chosen carefully to satisfy the security needs of our mobile users, so that investors are still safe even if their password or device was stolen.
In case of regular non-investor users, there is no MFA, it is just a single factor (a social media or email account), since there is no funds at stake.