With the current technology climate changing and with the advancement of software, keeping your bank accounts secure is becoming more difficult. Two-Factor Authentication (often shortened to 2FA) is not new, but it is gaining momentum as bank accounts are left exposed with weak or poorly secured passwords. Whether it be your bank accounts or social media accounts, the 2FA, also known as Two-Step Verification, provides an extra layer of security to ensure that it's you logging into your accounts.
Currently, most people login to their online account with a username and password. This is called Single-Factor Authentication. You only need to take one step to verify that you are who you say you are when logging in.
Two-Factor Authentication means that you need to take an additional step to verify that it is you logging into your account. Generally, this is another passcode and something else such as a code sent to a different device or fingerprint.
Many online platforms will automatically prompt you to set up 2FA when creating the account. However, some do not offer this option on sign-up, so you will need to set it up yourself. Generally, you can find the option to switch on 2FA in the security or privacy settings of your online account.
There are several types of 2FA available based on either something only you know, something you have or something you are.
Examples include:
Although this process will add a second step to your log-in, it provides a more vigorous defence for your account. Many users repurpose their password for multiple sites, which can expose them to potential password theft. If your password is compromised (accessed by someone else without your permission) and you have 2FA activated, the hacker still cannot gain access. They will need both forms of authentication to get into your account, increasing your safety and security online.