Multi-Factor Authentication: How to Secure Your Bank Accounts
Have you ever logged in to an online account and received a text message to confirm it was you that was logging in? This is becoming pretty common nowadays with online accounts that include your sensitive information.
This security measure is called multi-factor authentication because you need more than one kind of verification to prove your identity and access your account.
We partnered with cybersecurity expert Ryan Barratt, Founder and Chief Executive Officer of ORAM Corporate Advisors, to explain what multi-factor authentication is and its benefits. Read Ryan’s answers below.
What is multi-factor authentication?
Multi-factor authentication (MFA), sometimes referred to as two-factor authentication, is an added layer of security that requires more than one form of verification of a user’s identity. This can range from answering security questions to requiring a one-time PIN provided via smartphone for access to email, an app, or a virtual private network (VPN).
What are the benefits of multi-factor authentication?
By using MFA for everything from apps to email, you are doubling your login protection. Regardless of the length and strength of your passwords, a breach is always a possibility. As soon as a cybercriminal has your personal information, you can be hacked.
Enabling MFA ensures that the only person who has access to your accounts, email, apps, and more is you. This is true for everything from social media accounts to your banking account and business email. Even if a cybercriminal figures out your login and password, with MFA, they won’t be able to access your data.
Yes, there is an extra step involved in using MFA that takes a little more time, but the added security makes it worth the effort and time.
What can I use multi-factor authentication for?
MFA can be used for a variety of logins. From emails to social media and bank accounts, MFA can help keep your personal information private.
Many companies support multi-factor authentication including social media platforms Facebook, Instagram, LinkedIn, Twitter, Snapchat, and TikTok. Other popular accounts such as Amazon, Apple, Google, Microsoft, PayPal, and more have this security option.
Can I use multi-factor authentication for my bank accounts?
Yes. In addition to receiving a one-time passcode via voice call or text messages, you can sync an authenticator app to your consumer online banking profile.
First, you will need to download an authenticator application. There are many different apps that you can choose from, and companies like Google and Microsoft offer versions of an authenticator app.
If you are a new registrant for NB Online Banking, you will see an option to set up MFA during your registration and initial login.
If you are an existing NB Online Banking user, you can navigate to “My Settings” in online or mobile banking, then scroll to “Security Options” and enable the MFA feature. Turn the “By authenticator” switch on and click “Save.” Then, scan the QR code or enter the presented code into the authenticator app of your choice. You will see a success screen on your authenticator app to confirm registration.
Multi-factor authentication is a simple way to add security to your online logins. By downloading an authentication app and syncing it with your online and mobile bank login, your personal information will be better protected. If you have any questions about setting up MFA for your online banking account, please call 781-444-2100 and press 2.
ORAM Corporate Advisors is a company that offers consulting services to organizations whose data is critical to their business. Massachusetts Lawyers Weekly 2020 Reader Ranking Awards ranked ORAM Corporate Advisors in the top two cybersecurity firms in Massachusetts. Ryan Barrett, Founder and Chief Executive Officer of ORAM, holds a Bachelor of Science Degree in Computer Engineering from Wentworth Institute of Technology and he serves on Needham Bank’s Advisory Council. For more information about ORAM, visit https://www.oramca.com/.