Here’s the traditional, not so secure way to log in to your bank account: enter your username and that familiar password you probably use for most of your online accounts. Then, you’re in. You can go about your business. Not so fast! If you’re one of the 54% of consumers who, according to TeleSign, use five or fewer passwords for all of their accounts, you could create a "domino effect" that allows hackers to take down multiple accounts just by cracking one password. The good news? There’s an easy way to better protect your accounts (which contain a lot of personal information) with multi-factor authentication (MFA). What is MFA? MFA is quite simple, and organizations are focusing more than ever on creating a smooth user experience. In fact, you probably already use it in some form. For example, you’ve used MFA if you’ve:
- swiped your bank card at the ATM and then entered your PIN (personal ID number).
- logged into a website that sent a numeric code to your phone, which you then entered to gain access to your account.