MFA (Multi-Factor Authentication) is an extra alternative and barrier to help protect you from the common problems or threats with passwords. It is used to authenticate if the attempted login is genuine. Using this extra layer of protection will help prevent unauthorized access to your data/accounts.
Some types of MFA are something you have or something you are. An example of something you have would be sending a text to your mobile device or even having a USB drive to verify your identity. An example of something you are could be fingerprint scanners, biometric face id, etc.
MFA, on some occasions, can even be time driven. One you access the first layer (entering your password), the second step must be completed in an allowed time frame to allow access to the data. This would be verifying access via e-mail, a code texted to your phone, etc.
Most people have a single password to access different websites, accounts, etc. Adding this extra layer will help protect you in the event your password is compromised. Setup MFA on all available accounts today!