Two-factor authentication has been around for several years. However, it took a while for it to catch on. For a long time, users relied purely on passwords to secure their accounts. It was only when two-factor authentication became mandatory for online payments in 2019 that two-factor authentication became a popular model for securing accounts and accounts.
What users think of two-factor authentication
As a rule, innovations are often viewed with a certain degree of skepticism. However, this was less the case with the introduction of two-factor authentication for online payments in September 2019. According to a survey conducted at the time, 76% of respondents thought this step made sense. The obligation to use 2FA for online banking was the result of a decision by the European Union. This regulation therefore applies not only in Germany, but throughout the EU. However, two-factor authentication is no longer just popular for online payments. It can also be found in all other areas.
The use of 2FA in Germany
2FA for online banking began in September 2019. Around two years later, in 2021, around half of all Germans were already using two-factor authentication for other services. Among other things, social media accounts are secured via 2FA. This also applies to the accounts of many Twitter users. Twitter offers its own two-factor authentication in the form of a code sent by text message. However, this service has been subject to a fee since March 2023. Users are therefore looking for an alternative to protect their Twitter accounts. This is also not uninteresting, as there are still some question marks regarding 2FA for many people. Although almost half of all Germans (49%) use 2FA for accounts, the numbers are still relatively low. Of these 49 percent, just 18 percent protect more than one account with two-factor authentication. But what about the other half who do not use 2FA? The reasons for this are usually that it is too complicated to set up or that they are unaware of the additional security provided by 2FA. In addition, around 10 percent of respondents said that the services they use do not offer two-factor authentication. Fortunately, there are numerous ways to provide yourself with two-factor authentication.
What forms of two-factor authentication are there?
It is not absolutely necessary to use the exclusive two-factor authentication of a specific service. There are also higher-level options. For example, the Authenticator from Reiner SCT. The TOTP codes can be used to secure all accounts and accounts on which you are logged in. You only need to enter your accounts in the Authenticator and enter the TOTP code when logging into an account. So you only need one device for all your accounts. Google and Microsoft also offer official Authenticator apps. These have been downloaded more than 230 million times since January 2020. These apps can also be used for all kinds of services. At the moment, they are particularly popular for use on Twitter to avoid having to pay for the company’s own SMS authentication. Another alternative is biometric methods for double data security. These include facial scans or fingerprints, for example. In 2022, the global turnover for biometric security systems was around 43 billion US dollars. In comparison, multi-factor authentication generated an estimated USD 13 billion in revenue in the same period.
Conclusion
According to statistics, two-factor authentication is becoming increasingly popular. Awareness of data security has changed in recent years. People have come to realize the importance of data protection. In addition, attacks by hackers are not decreasing and simple password protection is no longer a hurdle. This is why two-factor authentication has been mandatory in online banking throughout the EU since 2019. However, this method of protecting data and restricting access is also becoming increasingly popular in all other areas.
