Double-up on Account Security With Two-Factor Authentication

Security & Fraud

With cyberattacks, phishing scams, data breaches, and other security threats becoming increasingly common, it’s critical to ensure your accounts and data are well-protected.

One way to prevent bad actors from accessing your sensitive information is to use “two-factor authentication,” or 2FA.

This blog will introduce you to two-factor authentication and illustrate the benefits of this extra security step.

What is Two-Factor Authentication (2FA)?

Two-factor authentication (2FA) is a way to add extra protection to your online accounts; essentially, it’s like adding a second lock on your front door.

Most websites or apps require you to sign in with a username and password to prevent unauthorized access to your accounts. This process, known as “authentication,” confirms that you are who you say you are. The credentials you enter to access the account are known as “authentication factors.”

There are three primary types of authentication factors:

  • Something you know: This could be a password, PIN, or the answer to a security question.
  • Something you have: This category would include a one-time passcode or prompt sent to you via text, email, or from an authenticator app.
  • Something you are: This category covers biometric factors, including your face, fingerprint, or voice.

Accessing an account using only one of the above factors is considered a “single-factor authentication.” Websites or apps that require a credential from two of the three categories are using two-factor authentication.

There are several popular 2FA methods, including text messages, third-party apps, and voice calls.

  • SMS (text message): Upon login, a one-time code is sent to the account’s registered phone number.
  • 2FA App: Users can download and enable a two-factor authentication application (2FA app) like Google Authenticator, Authy, or Duo. Once linked to your account, these apps send a passcode or prompt upon login.
  • Voice Call: Users receive a phone call with a one-time code when logging in.

As you might have guessed, it’s much harder to gain unauthorized access to an account that asks for multiple authentication factors.

Why Should You Use Two-Factor Authentication?

The harder it is for unauthorized users to access your accounts, the better. Here are a few ways that 2FA helps keep you and your data more secure.

Protection against data breaches. A “data breach” is when a hacker gains access to an organization’s internal systems to steal proprietary or personal data. This stolen data often includes customer or user information, including passwords. If your information is exposed in a data breach, using 2FA means hackers will need more than just an ill-gotten password to gain access to your accounts.  

Makes you less vulnerable to phishing scams. Phishing is a common form of fraud where hackers use forms of engineering to get users to expose information. For example, you might receive an email that claims to be from your credit card company, asking you to verify a large purchase.

When you click the URL in the email, you are taken to a website that looks just like your credit card company’s site—but is actually “spoofed.” When you attempt to log in, you inadvertently give the scammers your password. However, if you have 2FA enabled, no one will be able to access your account without the second authentication factor.

Reduce the chance of an automated attack. Bots sometimes attack websites with brute force, attempting logins using auto-generated passwords until they land a correct guess and gain access. Using 2FA means that, even if a bot manages to guess your password, the login attempt will be blocked without the second factor.

Get more peace of mind. As hackers and scammers devise new and creative ways to steal data and gain unauthorized access to accounts, the added layer of security that 2FA provides offers additional peace of mind.

Enable 2FA Today

2FA is becoming a popular option for adding an extra layer of security to online accounts. More and more financial institutions, healthcare organizations, and online retailers are offering the option. Because 2FA is an easy way to protect against common cyber threats and increase account security, we suggest enabling the service whenever you see it offered.

To learn more about your 2FA options as a Connexus member, check out our 2FA FAQs now. You can also learn more about spotting and avoiding financial scams on the Connexus Blog.