Two Factor Authentication
What is two-factor authentication (2FA)?
As the name suggests, 2FA means using more than one method to verify your identity when carrying out certain actions online, such as access your account.
With 2FA, you will have to use two of the below forms of verification when logging in:
- Something you have - e.g. a device with a code, like a card reader
- Something you know - e.g. a password
- Something you are - e.g. your fingerprint
You may already be familiar with 2FA as some banks have already implemented it. Most commonly banks ask for a password and a number generated by a card reader or sent to you via text.
Why is it important?
2FA increases the general security of your account, reduces the possibility of fraudulent activity being made on your behalf and your account being compromised by phishing attempts of malware.
Where will I need to use 2FA?
As regulations change, 2FA will become mandatory every time you make a payment online and add or edit a beneficiary, no matter who you are transacting with.
When you login as per normal, 2FA comes in the form of security questions or a text message to your registered mobile phone containing a 6-digit code.
If you have more questions, please contact your account manager. We'd be happy to help!