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Why Must You Secure Your Bank Accounts With 2FA Verification?

Technological advancement and the internet have made a revolutionary transformation in helping users conveniently handle their personal finances. One can do anything sitting on a couch, as long as he has a phone or laptop handy. However, along with the positive aspects, bank accounts are the most vulnerable to cybercrimes, marking a major drawback of this change. 

Two-factor authentication (2FA) is one of the most robust solutions to this problem. While the finest smart home security systems are excellent for ensuring household security, 2FA (Two-Factor Authentication) is what you need for online security. 

Although many people are aware of 2FA, a considerable number of them are still oblivious to its utility. The few minutes required to set up this cyber shield are totally worth it. 

What is Two-Factor Authentication? 

2FA is a security tool that acts as an additional layer of verification, along with the username and password. You can consider it a more reliable login. Even though 2FA is more secure than a standard login, once it is set up, it does not take much longer. 

One can categorize 2FA verification into three main types - something you are, something you have, or something you know. 

A 2FA login might as well use a user’s fingerprint or retinal scan in order to verify him. An instance of the “something you have” 2FA would be a user receiving a code on his phone. To fulfill the "something you know" requirement of 2FA, you might be asked a few short security questions that you have already confirmed previously. All forms of 2FA increase the security of your login. 

Why must we use 2FA? 

The most legitimate and prominent reason to use 2FA on all your financial accounts is to protect your finances. Cybercrimes in modern days revolve around acquiring access to accounts via username and password information. A hacker gaining unauthorized access to your bank account is worse than someone stealing your credit or debit card since there are more techniques already in place for the stolen card. 

For the same reasons, most banks have now started offering 2FA or making it mandatory for users for any online banking procedures. Since not all banks possess 2FA, it is better if a user checks if their banks offer 2FA for logging in to their bank accounts. 

Keep Your Financial Accounts Secure 

The added security that 2FA creates is worth the short setup time and extra login step, for cybercrime is particularly likely to attack bank accounts. This security measure is a potent deterrent against intruders and must not be overlooked.