Multi-factor authentication is any method for granting access to a system that requires the user to verify his or her identity with 2 or more pieces of information. (Photo: Shutterstock)
Our firm recently interviewed mid- to large-sized plan sponsors and 401(k) recordkeepers to better understand their use of multi-factor authentication (MFA) as a tactic for mitigating defined-contribution plan fraud and protecting sensitive participant and plan information.
Across the board, the companies we spoke with are under increasing pressure to update their 401(k) security practices to meet the evolving demands of state and federal regulators, vendor management expectations and ever-more-creative fraudsters.
The findings from our research, summarized here, offer a starting point for plan sponsors interested in updating their own practices.
What is multi-factor authentication?
Multi-factor authentication is any method for granting access to a system that requires the user to verify his or her identity with two or more pieces of information.
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