Your financial information isn’t secure enough with traditional passwords. Online hackers have developed a multitude of methods to steal your credentials and gain unauthorized access to your accounts. Anyone can fall victim to an attack, and despite recommendations on password security, we are notoriously bad at creating and remembering strong passwords; in fact, Verizon’s 2020 Data Breach Investigations Report found that 80% of hacking-related breaches involved passwords in some way.
So, let’s talk about 2-Factor Authentication and how it helps you to ensure security for your accounts.
Two-Factor authentication is a security method that requires you to provide two or more forms of identity verification before you are granted access to your account. You are first required to provide something you KNOW, such as your password, or a PIN, the second is something you HAVE, such as an additional one-time pass code that is texted to you. When you enable text-based two-factor authentication, you will be sent a text message to your mobile device containing a one-time code whenever you sign in from a new device. This means, that even if someone has your username and password for the account, they won’t be able to sign in unless they also have access to the one-time code sent to you via text message.
This feature strengthens the existing multi-factor authentication (MFA) solution that has been in place at WesTex FCU since FFIEC and NCUA advised credit unions of the risks of a single-factor authentication. Multi-factor and 2-Factor authentication help ensure that your online and mobile accounts remain secure. So, embrace the additional passcode requirement; it’s keeping your data and accounts safe and secure by requiring users to verify identity in multiple ways!