Using MFA to Safeguard Your Online Accounts - Money Tip Tuesday

When it comes to staying safe on the internet, you can never be too careful. Taking extra precautions to safeguard your accounts could be the most important action you can take in today’s digital world. Fortunately, there’s a highly effective solution that’s easy to implement for added layers of security.  

Links: 

• Learn more about KnowBe4 security
• For MFA resources check out Google Authenticator and Authy.
• Learn how to protect your identity with Better Checking
• Follow our Facebook, Instagram and Twitter pages!
• Learn more about Triangle Credit Union

Transcript: 

Welcome to Money Tip Tuesday from the Making Money Personal podcast.  

If you’re concerned about the identity threats that lurk across the internet, you should take the necessary steps to keep your accounts as secure as possible. One of the more effective ways of keeping the bad guys from accessing your digital accounts is to set up multi-factor authentication.   

This tip comes from an article provided by KnowBe4 security Awareness and Training Solutions.  

Multi-factor Authentication (MFA) is the process of verifying that you are who you claim to be when logging in to a device or an account. If you're listening to this from a work computer, you probably logged in to your computer - that's single-factor authentication. But single-factor authentication is no longer enough to keep your accounts secure.  

If you want to increase protection of your accounts, you’ll need to digitally authenticate your identity.  

You can do that a few different ways with these Identity Claim Factors: 

1. Something you own. This is using a mobile phone or device that you have in your possession to prove your identity. Typically, the device provides a code via an application, text message, email, or voice call. You then enter this code, and for successful authentication, your code must match what is expected by the service you’re attempting to log in to.
   
   
2. Something you know. This is something you’ve memorized or stored somewhere, such as a PIN. You must supply the correct PIN to log in to your device or service.
   
   
3. Something you are. This factor is something about your physical body that cannot be altered, such as your fingerprint or retina. Biometric scanners or readers are used to confirm you’re physically the person that you’re claiming to be.  

Why do I need it? 
In our digitally-driven world, passwords are no longer enough to keep your information safe. These days, it takes minimal effort for hackers to break into, or social engineer their way into, accounts that are only protected by passwords. Adding an extra step to access your accounts, such as entering an authentication code, means that hackers would also need to have your phone to break in. 
 
Create an additional layer of security and make it harder for criminals to access your data by using two-factor or multi-factor authentication.  

If you have any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal Facebook, Instagram, and Twitter pages and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts. 

Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day!