Multi-Factor Authentication is used as a foolproof solution to various issues involved in present day critical authentication systems. However, it comes with the overhead of employing multiple authentication programs to complete the process. Moreover, current multi-factor authentication schemes require all intermediate One Time Passwords(OTPs) to be stored for the lifetime of the authentication process. They also involve security risks whenever an authentication process requires the user's password at a public place like a Point-of-Sale terminal or an open ATM booth. This work proposes a more secure, efficient, convenient and flexible multi-factor authentication technique using threshold cryptography.