Your financial life is more connected than ever. From mobile banking apps to online shopping and digital wallets, convenience is key, but keeping your finances secure is even more important. One of the most effective ways to protect your accounts is by using two-factor authentication, or 2FA.

If you've ever had to enter a code sent to your phone or email after logging in, you've already used 2FA. But what exactly is it, and why is it so important?

What Is Two-Factor Authentication?

Two-factor authentication is a security method that requires two forms of verification before granting access to an account. The idea is simple: even if someone has your password, they still need a second "factor" to log in.

These factors typically fall into three categories:

• Something you know (like a password or PIN)
• Something you have (like your phone or a device that receives a code)
• Something you are (like a fingerprint or facial recognition)

Usually, 2FA uses a password plus a one-time code sent to your phone or email, or a code generated through an authentication app.

Why It's Important for Your Financial Safety

Your financial accounts hold more than just money; they contain sensitive personal information that could be used to steal your identity, take out loans in your name, or make unauthorized purchases. 2FA adds a strong layer of protection, even if your password is compromised in a data breach or phishing attack.

Without 2FA, a scammer only needs your password to get into your account. With 2FA in place, they would also need access to your phone, device, or biometric data to succeed. It's a simple step that can make a big difference in keeping your information safe.

The Safest Option: App-Based 2FA

Many people rely on text messages for one-time codes, but this method can be vulnerable to SIM swapping scams, where criminals hijack your phone number to intercept your messages (click here to learn more about SIM swapping scams). A safer option is using an authentication app such as:

• Google Authenticator
• Authy
• Microsoft Authenticator
• Duo Mobile

These apps generate time-sensitive codes that are stored on your phone and don't rely on your cell service. Even if a scammer gains access to your phone number, they won't be able to access the codes inside your app.

Where You Should Use 2FA

You should enable 2FA wherever it's available, especially on accounts that involve your personal or financial information. Start with:

• Bank accounts
• Email accounts
• Online shopping platforms
• Payment apps (like PayPal, Venmo, or Cash App)
• Cloud storage and social media

Setting it up usually only takes a few minutes, and the peace of mind it offers is well worth it.

How To (Generally) Set Up 2FA

Go to the account you want to protect and look for a section like "Security", "Device Management", or "Privacy & Settings".

Then, find the option that says "Two-Factor Authentication", "2-Step Verification", or "Device Management" and click to get started.

Often the site or app will give you a choice of how to receive your code

If available, select "Authentication App" if you want the most secure option.

• Open your chosen app (e.g., Google Authenticator) and either enter the given setup key, scan the QR code on the screen, or enter your phone number for SMS.
• The app will begin generating time-based codes that you'll use to log in.

Tips:

• Avoid setting up 2FA on shared devices.
• If your phone supports it, enable biometric login (like fingerprint or facial recognition) for added security.

Secure Your Finances!

In today's world, a password is no longer enough. Two-factor authentication gives you an easy, powerful way to take control of your digital security and keep your finances safe. At Members 1st Credit Union, we strongly encourage all members to take advantage of 2FA wherever possible.

To learn how to set up 2FA using One-Time Passcodes on your Members 1st account, click here!