To clarify see the below excerpts from the PCI Security Standards Council Documentation:
PCI DSS requires MFA to be implemented as defined in Requirement 8.3 and its sub-requirements. Guidance on the intent of these requirements is provided in the Guidance column of the standard, which includes; “Multi-factor authentication requires an individual to present a minimum of two separate forms of authentication (as described in Requirement 8.2), before access is granted.”
Further to this:
The overall authentication process for MFA requires at least two of the three authentication methods described in PCI DSS Requirement 8.2:
a) Something you know, such as a password or passphrase. This method involves verification of information that a user provides, such as a password/passphrase, PIN, or the answers to secret questions (challenge-response).
b) Something you have,such as a token device or smartcard. This method involves verification of a specific item a user has in their possession, such as a physical or logical security token, a one-timepassword (OTP) token, a key fob, an employee access card, or a phone’s SIM card. For mobile authentication, a smartphone often provides the possession factor in conjunction with an OTP app or a cryptographic material (i.e. certificate or a key) residing on the device.
c) Something you are, such as a biometric. This method involves verification of characteristics inherent to the individual, such as via retina scans, iris scans, fingerprint scans, finger vein scans, facial recognition, voice recognition, hand geometry, and even earlobe geometry.
Independence of Authentication Mechanisms
The authentication mechanisms used for MFA should be independent of one another such that access to one factor does not grant access to any other factor, and the compromise of any one factor does not affect the integrity or confidentiality of any other factor. For example, if the same set of credentials (e.g.username/password) is used as an authentication factor and also for gaining access to an e-mail account where a secondary factor (e.g.one-time password) is sent, these factors are not independent. Similarly, a software certificate stored on a laptop (something you have) that is protected by the same set of credentials used to log in to the laptop (something you know) may not provide independence.
Pulseway's current solution does not meet the IAM requirement. The Pulseway password reset and "2FA" provided are both manageable from a single email sign in. 2FA require snot just a password to a system, but a physical device - the easiest of which is a smartphone with an authenticator.