Multi-Factor Authentication Explained
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Remember the days of using one password for every online account you had? It was usually something simple for you to remember – which meant it made it even easier for cyber criminals to figure out and access your personal information. This outdated method of standard password protection has had an upgrade by adding extra layers of authentication security.
This blog is for educational purposes only, not an offer of credit or advertisement for current loan terms. It does not provide legal advice. Refer to our loan web pages or consult professional advisors for specific information.
Multi-factor authentication, or MFA, simply means you use more than one type of ID verification to unlock an online account or app. These authentications typically fall into three categories of which you use two to access the account:
- Something you know (password)
- Something you have (physical object)
- Something you are (biometric trait)
A great example of this is using an ATM machine — you insert your card (something you have) and type in your PIN (something you know). This allows you access to your account to withdraw funds, deposit checks and use many other banking features.
But in today’s electronic world, most transactions happen online. So how do you, and your financial institution, keep your information safe and your money secure?
How MIDFLORIDA Safeguards Your Banking Information
MIDFLORIDA uses two-step authentication tools to keep our members’ personal information safe. When signing into your MIDFLORIDA account for the first time or on a new device, you’re prompted to verify your identity with a one-time passcode (OTP) sent to the email address or mobile number we have on file. Once you’ve verified your identity by entering the six-digit code, small files called cookies are placed on your device, essentially registering it with MIDFLORIDA’s Online Banking. The system keeps this registration as verification as long as your device continues to hold the cookies. If for some reason your cookies are deleted or you sign on using a different device, you will be asked again to verify your identity with a new one-time passcode. Remember, NEVER share your one-time passcode with anyone. This is true for any situation – legitimate businesses will never ask for your OTP.
How YOU Can Safeguard Your Accounts
As banking technology advances, so does the rate of cybercrime. But there are ways you can lessen the chance of being hacked by using simple tools designed to keep your online transactions safe. One way is by using the biometric features mentioned above that come on most mobile devices. These use your unique body characteristics, like a finger print or face scan, to open devices and apps, making it more challenging for cyber criminals to gain access.
Another security option is installing an authenticator app on your smartphone. These apps are synced with your mobile banking app, and generate time-based, one-time codes directly on your device instead of being sent through a text message or email, meaning there is less opportunity for codes to be exposed or intercepted by scammers. Plus, there are several free app options to choose from.
Lastly, you can purchase a key-type authentication device which produces codes that are transmitted via NFC (Near Field Communication) or by plugging into a USB port. It may not be as convenient as an app on your phone, but it is a durable, long-lasting piece of hardware that is unlikely to get hacked.
You can learn more about keeping your accounts secure with authentication software and hardware by selecting “2-Step Authentication” in the Profile section of Online Banking and the MIDFLORIDA app. You can also visit the Security and Fraud Information Resources section on our website.
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