Multi-factor Authentication (MFA) is an authentication method requires the use of more than one verification method and adds a critical second layer of security to user sign-ins and transactions.
This can help defend against phishing attempts, social engineering, and malware. Just because your account is compromised, i.e. a hacker learns your password, the hacker does not have access to sensitive systems. When dealing with sensitive data security, a single password is not good enough. Accessing this information requires an additional level of security.