laptop with smartphone and security card Multi-factor authentication is any method for grantingaccess to a system that requires the user to verify his or heridentity with 2 or more pieces of information. (Photo:Shutterstock)

Our firm recently interviewed mid- to large-sized plan sponsorsand 401(k) recordkeepers to better understand theiruse of multi-factor authentication (MFA) as a tactic for mitigatingdefined-contribution plan fraud and protecting sensitive participant and planinformation.

Across the board, the companies we spoke with are underincreasing pressure to update their 401(k) security practices to meet the evolving demandsof state and federal regulators, vendor management expectations andever-more-creative fraudsters.

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