This is still incorrect.
MFA is a concept in the security world that you were partially correct on:
MFA is the term coined to enact these principles of what a key should be. Passkeys are a FIDO2 credential that is built ontop of that concept.
Passkeys take the crypto auth (usb key/fingerprint/faceid) the private key is decrypted for one time use to sign a challenge which is used to authenticate you.
Besides that component there are multiple parts of the passkey procedure that are supposed to account for the factors.
Something you have: This is always present in passkeys because itâs the private key. A core part of this is to ensure someone else canât use it without your knowledge (in a malware setting) is passkeys require something called âintentionalityâ (You must intend to authenticate) This is why usb keys require tap/button press.
Something you are: Faceid/fingerprint work similarly to usb keys. To âunlockâ the private key you have to perform your intentionality. For this factor a biometric must be presented.
Something you know: Most of the time this is a 2 digit number presented to you that you have to enter before presenting a biometric. Often referred to as push notification authentication. This is one of the newest forms of factors.
Passkeys in their RFC implementation: Design Guidelines | Passkey Central
Account for 2 or more of the factors and encapsulate MFA.
A very important technical detail I always cover when I educate corporations on why passkey adoption is important is reverse proxy phishing
RPP will make you authenticate your MFA. All factors and intentionality will be bypassed and a session token will be given to an attacker. I have demoâd this attack to people, I know how it works in detail.
In the case of passkeys the URL is part of the crypto chain. You Cant authenticate to a phishing page with a passkey. Itâs technologically impossible. The power of passkeys come from MFA + intentionality + cryptography
All three of those make passkeys THE most secure way to authenticate.