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Two Factor Authentication, what is it and should we be using it?

Security is high on everyone’s list these days, especially if you are using your electronic devices for banking in particular. 

Many banks and online institutions now enforce that you have Two Factor Authentication on your accounts. 

What does it mean, well it is a second layer of security. You have your normal login for your accounts. Two Factor Authentication is where you choose a second option of notification to confirm you are who you are when accessing your accounts. 

Many of you may already have your bank accounts set up this way if you are taking advantage of online banking. You may have chosen to receive a text message or an email that either has a link you click on or a pin to enter to complete your transaction. 

Due to the growing insecurities online, it is highly recommended that you nominate Two Factor Authentication if it is available. This way you retain control of your accounts and it also helps you be a little more wary of what you are doing. 

It is also a good way for a carer or Trustee to ensure unsafe or unnecessary actions are taking place on accounts. It also notifies you if someone else is accessing or transacting on your accounts. I have Two Factor setup and can tell when my hubby is going out for his morning cuppa at work. We have also been fortunate to have stopped a non-authorized transaction due to not authorizing the Two Factor Authorization code we received. 

We have friends who have been able to cut down on their kids online spending as they receive the Two Factor Authentication code when they are trying to purchase an upgrade to their game or clothing from online stores. 

You should still manage your passwords for your accounts, as having a complex password in place is first level and Two Factor is your second layer of protection.  

So, if you don’t have Two Factor Authentication set up yet, I recommend you consider it. It may just stop that one hack or give you that piece of mind you need to stay online.



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