Presenting users with multiple options to verify their identity helps reduce fraud and defend against bad actors. Passwords are the least secure authentication method and can be guessed, stolen or bought on the dark web, so they need to be reinforced. SMS authentication is not typically used as a primary or sole authentication method, but it's commonly used as the second authentication factor in two-factor authentication (2FA) and multi-factor authentication (MFA).
Authentication types are broken out into three main categories, with SMS authentication falling under the Possession factor:
Knowledge - Something you know. This includes passwords, a PIN (personal identification number), or answers to security questions.
Possession - Something you have. This includes smartphones, mobile devices, security tokens, key fobs and other devices that can either generate or receive one-time passwords (OTPs) or codes.
Biometric - Something you are. This is a physical trait, like a fingerprint or face, that can be scanned for authentication.
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