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Benefits of Two-Factor Authentication When Banking Online

Benefits of Two-Factor Authentication When Banking Online


The Benefits of Using Two-Factor Authentication When Banking Online

In today’s world of being able to accomplish most of your tasks virtually, it is important to have two-factor authentication as part of your mobile banking experience. Its main benefits are added security levels and minimizing the risk of consumer identity theft.

Whether your credit cards or personal savings accounts are linked to your mobile app, two-factor authentication decreases the chance of a security breach. Here are more benefits of using two-factor authentication when banking online.

hand pointing to secure login on a tablet

Prevent Fraud

Two-factor authentication, or 2FA, makes it more difficult for hackers to get information from your online banking portal. Someone seeking access to a 2FA-protected account will encounter more obstacles if they are trying to access your account.

A good example of fraud protection is SMS-based two-factor authentication. The hacker will need two means of identification to access your bank: your account password and your mobile phone.

Nowadays, solving simple password combinations and gaining access to sensitive data has become obsolete. This is because having two or more verification steps stops them from gaining access through your password alone.

Using 2FA can further safeguard your accounts against unsolicited access to personal and corporate data. It reduces the risk of cyber breaches from anyone who gets a hold of your primary credentials.

Enhance Logins

Two-factor authentication involves the use of a one-time password, or OTP. This is a string of letters, numbers, or characters delivered once to a user for a single login attempt. OTPs lower the risk of hackers getting into your account by sending time-sensitive, unique, and random code to your phone through a text, call, or an app.

2FA is a more personalized approach to access your online information by involving your other online accounts and devices. Utilizing these personal resources can inevitably add a layer of protection to your account. Using 2FA to have an amplified login system is the best way to maintain strong security standards when opening your mobile bank app.

Reduce IT Calls

Nowadays, the most common support issue is a forgotten password. Without a 2FA solution in place, the only way to retrieve it is by contacting your bank’s helpdesk.

Having your issue resolved by technical service providers can take a long time, and this can be prevented by using a 2FA system. Two-factor authentication simply sends a code to your verified device in order to change your password. This results in a quick, cost-effective, and secure solution to your problem.

Access Monitoring Is Allowed

Two-factor authentication often involves access monitoring for many devices. You can also limit which devices or networks have entry to your banking accounts.

If someone else tries to access your account, you will be warned in real time so you may prevent cyber breaches. Two-factor authentication is the most convenient and the quickest way to ensure that your personal data is safeguarded.

Learn More About Two-Factor Authentication

For questions about two-factor authentication, mobile banking protection, or automated fraud alerts, call 1st Community Credit Union in Wisconsin! Our representative will be happy to answer your questions about online banking.

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