Two-factor authentication (2FA) is an essential security measure for financial services to protect user accounts and transactions. It adds an extra layer of security by requiring users to provide two forms of identification before accessing their accounts

Enhanced Security: 2FA adds an extra layer of security beyond just usernames and passwords. It requires users to provide a second form of identification, making it significantly harder for unauthorized individuals to gain access to user accounts and financial transactions. Even if a password is compromised, an additional authentication factor is required.

Protection Against Credential Theft: With the prevalence of data breaches and phishing attacks, username and password combinations can be easily compromised. 2FA helps mitigate the risk of credential theft by introducing a separate authentication factor that is difficult for attackers to obtain or replicate.