Two-factor authentication (2FA) is an additional layer of security used to protect online accounts and services. It requires two forms of verification to ensure that only you can access your account.
You will be asked for a (2FA) when:
1. Logging into your online banking.
2. Changing your password.
3. Transferring money.
These two factors are typically:
- Something you know (e.g., a password or PIN).
- Something you have (e.g., a smartphone, security token, or authentication app).
How 2FA Works in your online banking
When you log into an account with 2FA enabled, you’ll first enter your username and password (the first factor). Then, you'll be asked to verify your identity with a second factor, which can come in different forms:
- SMS or Email Code: A one-time code is sent to your phone or email, which you enter into the website or app.
- Push Authentication: it sends a notification to your app asking you to confirm if it is you who is attempting to log in.
Why 2FA is Important
2FA makes it much harder for attackers to gain access to your account, even if they know your password. If a hacker steals your password, they still cannot log in without the second factor, which only you have access to.
For example:
- If you use SMS-based 2FA, someone would need both your password and access to your phone (e.g., by stealing your phone or sim card).
- If you use an Authenticator App, the attacker would need to physically have your device to generate the required code.
Common Uses for 2FA
- Email accounts (Gmail, Outlook)
- Social media (Facebook, Instagram, Twitter)
- Banking and financial services
- Cloud storage (Google Drive, Dropbox)
- Gaming accounts (Steam, PlayStation Network, Xbox Live)
Benefits
- Increased security: It makes it harder for someone to access your accounts even if they know your password.
- Protects sensitive data: Helps prevent identity theft, fraud, and unauthorized access to personal information.
By enabling 2FA, you're taking an important step to protect your online accounts from unauthorized access.