Summary
Online accounts are important to protect. However, most passwords are easy to guess. Longer and more randomized passwords ensure that intruders cannot get in. MFA prevents them from getting in if they have found your login information. The user just clicks deny and they're locked out. To protect your accounts create stronger passwords and enable MFA
User profiles on any type of app or website require a username and a password. Most intruders simply get through to your account using this method. When a password is weak (“1234”) or easy to guess (using your name or year you were born), intruders easily get into your account. If someone manages to guess your password or steals it, Multi-Factor Authentication (MFA) prevents them from getting in.
Why Strong Passwords are important
If your password is super simple anyone can steal it. Another danger is having a strong password but reusing it everywhere. This is dangerous as once that password is found, intruders can get in everywhere else. A recent study found that hackers are able to crack a complicated eight-character password in minutes. A complicated twelve-character password takes years.
You should create a twelve-character password with letters both upper and lower, numbers and special characters. Ideally, you should have a unique password for each service as well. You should also store passwords somewhere safe. This is tricky as a lot of places we consider safe could be breached. Having the written passwords stored away in a sock drawer or safe in your home is a good idea. It is much harder for hackers to steal a piece of paper.
Why you need MFA
If your password does somehow end up stolen after all of this, you can still stop an intruder with MFA. With MFA enabled, you will be asked to verify when signing in. Most likely through your phone to verify your identity as the owner of the account. It will ask you to confirm that the person signing in is you. If it is not you, there is a button to deny them.
2FA (Two-Factor Authentication) is a branch of MFA and just asks for one piece of proof. MFA on the other hand can ask for multiple. For personal use, many people choose 2FA as it is secure and easier to use. Only requiring a password or fingerprint and a code. Majority of people can use 2FA and be fine.
How it can benefit you
Having protected information ensures that nothing of yours will be stolen. Which is especially important when it comes to banking. Banking is a huge target for intruders.
This system also allows for peace of mind as you no longer have to worry about the security of your passwords as they are secure already. We recommend you get stronger passwords and begin using 2FA wherever you can.
Sources: Virgin Plus talking about strong passwords https://forum.virginplus.ca/t5/safety-security-how-to-s/the-importance-of-strong-passwords/ta-p/7333
Microsoft talking about MFA https://www.microsoft.com/en-ca/security/business/security-101/what-is-multifactor-authentication-mfa