What is Multi-Factor Authentication?
Multi-factor authentication is process where user or transaction is validated by verifying more than one factor. It is deployed by requiring additional components beyond simple username/password in case of online access and beyond credit card details in case of payment transaction using payment card like credit card. The concept of multi-factor authentication can be described as requiring "something you know, something you have, or something you are" to be authenticated. We provide new form factor for authentication:Somewhere you are.
A simple example of multi-factor authentication is the use of an ATM card to access your bank account. The ATM process requires both something you have (ATM card) and something you know (your PIN). Multi-factor authentication works well because if some unknown person gets hold of your card, he still needs to know your PIN to gain access.
If hacker/unauthorized person also manages to know your PIN, you are out of luck. Here comes GEOACL to your rescue. It employs multi-factor authentication based on location authentication to verify ATM, retail or web transactions through its unique method of binding a request location (ATM machine location in this example) to transaction itself. If request is from one of the approved location for ATM withdrawal then only it would be allowed upto limit permitted. Web session can be linked to request location, retail transaction to merchant location where transaction is carried out. In a GEOACL transaction, multi-factor authentication looks like this:
- Somewhere you are: Location from which request/transaction originates.
- Something you have access to: Access to secure email account, that you use to provide the acknowledgement for your request/transaction.
A third authentication factor can also be introduced for situations calling for stronger authentication:
- Somewhere you are:Mandating user to acknowledge the request/transaction from trusted precise location emitting device like cellphone,tablet, any other computing or communication device whose location information can be trusted. A comparison of locations - Request, Acknowledgement and location ACL resulting in a match would enable GEOACL Server to authorize the request/transaction.
When and where to employ multi-factor authentication depends on the users/customers choice of accounts, scenarios to protect. User might choose certain set of locations for high risk transactions like Wire Transfer while another for balance inquiry and another set of locations for making card purchases. All of these locations can be furthur guarded against local hackers by deploying different levels/thresholds of authorized amounts/access privileges. Also these settings can be continuously changed as per user's need. User can set customized alerts. User would be alerted for any failed attempt either location fails or threshold fails.