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2-Factor Authentication: Your Shield Against Hackers

March 6, 2024

In today’s digital age, cyber threats are an unfortunate reality, and cybersecurity is not just an option – it’s a necessity. From banking online to doing your taxes to traveling internationally and everything in between, it’s crucial to protect your personal and financial data. Here at Fibre Federal Credit Union, cybersecurity is a top priority. We are constantly working to stay on top of the highest security measures to encrypt and safeguard our members’ information and accounts from fraud and hackers.  

Two-factor authentication (2FA) is one of the most powerful tools in your cyber protection arsenal and is crucial for keeping your private information private. 2FA adds vital layers of security to your account, safeguarding it from unauthorized access. Keep reading to learn more about how it works, and why enabling our credit union 2FA is a crucial step for every Fibre Federal member.

What is 2FA? How Does it Work?

2FA (two-factor authentication) is an enhanced security protocol that requires users to input two or more credentials to verify their identity in order to access their account – going way beyond simply entering a password. Two-factor authentication adds an extra step and, with it, an extra layer of security to your account. 

Common methods include:

– One-time passcodes sent via SMS text message or voice call

– Biometric data like fingerprints or facial recognition (if you have these set up on your phone, you’re already covered with a 2FA!)

Once you have 2FA enabled, whenever you log into Online Banking whether from your desktop or mobile device, after entering your password, you will receive a one-time use code via phone call or text message. We caution against using email as it is more susceptible to being compromised. Once you receive the 2FA code, enter it on-screen to access your accounts. 

By requiring multiple verifications to log into your account, using two-factor authentication provides enhanced security. Even if your password becomes compromised, you will still be protected from cyberthreats as any unauthorized users would also need direct access to your phone or text messages in order to get into your account. Utilizing 2FA significantly reduces your susceptibility to threats like data breaches and identity theft. 

In order for 2FA to do its job keeping you and your account protected against fraud, you should NEVER share your codes with others. Doing so would put your financial and personal data at great risk of being compromised.

Why Use Two-Factor Authentication?

While strong passwords are essential, relying on them alone still leaves accounts vulnerable. With the ever-rising rates of data breaches, malware, phishing scams, and other cyberattacks, two-factor authentication adds a crucial additional barrier. We strongly encourage all members to enable 2FA for optimal protection against fraud.

With two-factor authentication enabled, members get peace of mind, knowing their money and information are safe from threats. 2FA makes it extremely difficult for anyone besides the account holder to log in, even if they have the password. Our members’ financial security is our top priority, and 2FA represents one of the strongest defenses available. 

How to Enable Two-Factor Authentication for Your Fibre Federal Online Banking Account

Setting up 2FA is a quick and easy process:

  1. Log into online banking on our website (not the app) 
  2. Go to “Quick Links” and select “Settings” and then click on the “Security” tab
  3. Click “Enable/Disable Two-Factor Authentication”
  4. Select your preferred 2FA method – SMS text messages or voice calls are highly recommended 
  5. Follow the prompts to configure your 2FA settings and enable the feature
  6. You’ll now be prompted for an extra verification code via phone call or text message each time you log in

Once two-factor authentication is enabled, you will be prompted to enter a unique code every time you log into your account via our website or mobile app. Taking this extra step to input a code each time you log into Online Banking or Mobile Banking will help you keep your accounts safe and sound.

Tips for Maximizing the Effectiveness of Two-Factor Authentication

To get the most out of two-factor authentication, we recommend you do the following:

– Create unique, complex passwords and change them regularly

– Carefully protect 2FA credentials like phones or authenticator apps from loss or theft 

– Frequently update 2FA settings for optimal security 

– Learn about emerging cyber threats and prevention best practices

Contact us immediately if you notice any suspicious activity 

By working together, we can keep your accounts safe. Log into your Online Banking account and enable 2FA today!

Download our free Fibre Federal Credit Union mobile app:

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