Multi-Factor Authentication (MFA) Definition and Examples

Understanding Multi-Factor Authentication (MFA) for e-Signing

Multi-Factor Authentication (MFA) is a security mechanism that requires users to provide two or more verification factors to gain access to a resource, such as an online account or application. In the context of e-signing, MFA ensures that the individual signing a document is indeed the authorized person, making the process more secure and reducing the risk of fraud.

Why MFA Matters

When it comes to e-signatures, the stakes are high. Sensitive information, legally binding documents, and financial transactions are often involved. Relying on a single factor of authentication, such as a password, is not enough to protect against unauthorized access and cyber threats. That's where MFA comes in, adding layers of protection against potential security breaches.

How MFA Works

MFA combines at least two of the following types of validations:

1. Something You Know: This is typically a password or a PIN.
2. Something You Have: This could be a mobile phone, a security token, or a smart card.
3. Something You Are: This entails biometric verifications, such as a fingerprint scan, facial recognition, or voice authentication.

For example, consider the process of using GoodSign for electronic signatures. Users might first enter their password (something you know) and then authenticate through a one-time code sent to their mobile phone (something you have). This two-step process significantly amplifies security.

Examples of MFA in e-Signing

Example 1: Real Estate Transactions

A real estate agency requires clients to sign purchase agreements electronically. To ensure utmost security, the agency uses MFA by requiring clients to enter their password and confirm their identity through a code sent to their phone.

Example 2: Corporate Contracts

A corporation that frequently handles high-value contracts opts for MFA in their e-signature process. Executives entering the secure document signing portal must input their password and verify their identity via a fingerprint scan.

Benefits of Implementing MFA with GoodSign

• Enhanced Security: Eliminate risks of fraudulent access and fake signatures.
• Compliance: Meet stringent regulatory requirements and industry standards.
• User-Friendly: While securing data, the process remains straightforward for users.
• Cost-Effective: With GoodSign, enjoy premium security features without the expensive subscription fees. Pay only $1.50 per envelope sent, with all team members included.

By integrating MFA into your e-signing process with GoodSign, you safeguard your valuable documents against potential threats, ensuring that signatures are valid and the signers are who they claim to be.