In the given scenario, the banking application employs two-factor authentication (2FA). Here’s why:

Registered Credentials: Kevin logs in with his registered credentials (username and password).

OTP (One-Time Password): The application sends an OTP to Kevin’s mobile for confirmation. This OTP serves as the second factor of authentication.

References:

EC-Council Certified Security Specialist (E|CSS) documents and study guide.

EC-Council Certified Security Specialist (E|CSS) course materials12

Two-factor authentication enhances security by requiring users to provide two different authentication factors (usually something they know, like a password, and something they have, like an OTP) before granting access. It helps protect against unauthorized access even if one factor is compromised.