Online security of personal and financial information against scams and data breaches is a persistent worry for consumers - one that financial service providers and other businesses are in a constant race to address. With millions of Americans having suffered a loss of $10 billion from fraudulent activity in 2023, digital encryption and other security measures are emerging at a rapid rate. All this, in hopes of shielding consumers and businesses from malevolent incursions with their checking accounts, savings accounts, credit cards, and other accounts.
First Bank Texas is among banks that offers an extra layer of online security for our online and mobile banking platform known as two-factor authentication.
What Is Two-Factor Authentication?
It’s likely you’ve encountered the booming security feature known as two-factor authentication, commonly referred to as “2FA” when you log on to your favorite social media, financial or commercial services websites. It combines one of the most prevalent factors for identifying online users - password login - with a second layer of digital protection. These extra authenticators can consist of preset questions for which only users may know the answer, a verification code sent via text or email or sophisticated biometric tools like fingerprint and retina scanners.
Two-Factor vs. Two-Step Authentication
It can be an easy mistake to confuse two-step authentication with two-factor authentication. The key difference between the pair is that “two-step” relies on a single authentication factor applied twice in steps. An example is the prompt for your North Texas ZIP code when you use your credit card online.
Conversely, two-factor authentication may use a password as one factor in tandem with a second factor, like a security token or fingerprint and facial scans. Someday, experts say, most users will securely access their digital accounts and services without ever having to use a password.
Use of 2FA Is Uneven
In 2021, the American automaker Dodge introduced 2FA – a four-digit code in tandem with the keyless fob. This was introduced for the automaker’s popular muscle cars, the Dodge Challenger and Charger, to prevent unauthorized drivers from unlocking all the vehicles’ supercharged horsepower. Dodge also offered a 2FA retrofit for its 2015-2021 performance models, so that they can utilize the same benefit.
Like Dodge, businesses in many other industries are turning to 2FA to block unauthorized access to corporate and consumer files and accounts, or at least minimize data theft or ransomware attacks. Many companies have increasingly adopted this feature, but there are still many who have yet to do so.
A Microsoft study found that companies and individuals who used more than one factor to identify eligible users averted virtually all of the attempted phishing and other illegal incursions they encountered. This is the biggest reason 2FA has been slow to catch on for some.
Applying 2FA to Your Online Accounts
Fortunately, users don’t have to be coders or data-breach experts to make use of 2FA identity-protection software on their desktop, laptops and smartphones. Microsoft, Apple, Facebook and LinkedIn, among others, provide two-factor identification apps and support for users to shield unwanted access to their online accounts. Aside from 2FA, you should also review the First Bank Texas Online Banking policy, which covers more information on how we keep our customers' information safe online.
For more information on keeping your information secure, contact First Bank Texas and let us give you the peace of mind you deserve while banking online. Be sure to also review our available tips and best practices to help prevent identity theft.
