What is two-factor authentication (2FA)?

Two-factor authentication (2FA) is a security method that requires two distinct proofs of identity before granting access — typically something you know (a password) plus something you have (a code from an app or device). The point is that a stolen password alone is no longer enough; an attacker would also need the second factor, which is far harder to obtain. For business financial accounts, 2FA is one of the highest-value protections available relative to its small inconvenience, because account takeover is one of the most damaging attacks a finance team can suffer. Combined with controls like maker-checker approvals, 2FA forms a layered defense: even a compromised login can't quietly move money. Strong authentication is a baseline expectation for any platform handling business funds.

Why a password isn't enough

Passwords get phished, reused, and leaked in breaches. A single factor is a single point of failure. Adding a second factor that an attacker can't easily replicate turns a stolen password from a breach into a near-miss.

2FA as part of layered defense

2FA protects the login; approvals protect the money movement. Together they mean that even if one control is bypassed, another stands between an attacker and your funds. Layered controls are how financial accounts stay safe under real-world attack.