EVALUATING THE EFFECTIVENESS OF MULTI-FACTOR AUTHENTICATION IN MITIGATING CYBER THREATS IN DIGITAL BANKING PLATFORM IN GHANA

With the rapid growth of digital banking platforms in Ghana, cyber threats have become a major concern for financial institutions and consumers alike. Multi-Factor Authentication (MFA) has emerged as a critical security measure to protect sensitive financial data and prevent unauthorized access to digital banking systems. This study aims to evaluate the effectiveness of MFA in mitigating cyber threats within the Ghanaian digital banking ecosystem. The research investigates how various MFA methods, including SMS-based one-time passwords (OTPs), biometric verification, and hardware tokens, contribute to enhancing the security posture of banks operating in Ghana. Through a combination of quantitative data analysis and expert interviews, the study examines the extent to which MFA reduces risks such as phishing attacks, account takeovers, and unauthorized transactions. It also explores the user experience and adoption challenges associated with MFA, including its impact on customer convenience and trust. By analysing real-world cyber incidents in Ghanaian banks, the study identifies gaps in current MFA implementations and suggests areas for improvement. The findings reveal that while MFA significantly lowers the risk of cyberattacks, factors such as user education, infrastructure reliability, and the sophistication of cybercriminals impact its overall effectiveness. The study concludes with policy recommendations for financial institutions, suggesting a more layered approach to security, the integration of advanced authentication techniques, and the importance of fostering user awareness to combat evolving cyber threats in Ghana's digital banking sector.