In today's digital age, the importance of securing our online accounts cannot be overstated. Cyber threats are becoming increasingly sophisticated, and traditional password-based security measures are no longer sufficient.
This is where two-factor authentication (2FA) comes into play, providing an essential additional layer of security. Two-factor authentication is crucial for several reasons, including enhanced protection against unauthorised access, mitigation of phishing attacks, and compliance with regulatory standards.
Enhanced Protection Against Unauthorised Access
The primary benefit of 2FA is its ability to significantly enhance the security of online accounts by requiring two separate forms of verification. Typically, this involves something you know (a password) and something you have (a physical device, such as a smartphone). Even if a malicious actor manages to obtain a user's password through hacking, phishing, or data breaches, they would still need the second factor to gain access to the account. This drastically reduces the likelihood of unauthorised access.
How MOVE Bank uses 2FA – One-time passwords
MOVE Bank uses One-time passwords sent by SMS to your phone which are send at certain ‘high risk’ times, such as:
- When you are transferring funds to an account you haven’t used multiple times before
- Changing certain details on your account
- On the phone with you, to confirm your identity (only when you have called us directly)
Staying ahead of bad actors is an ongoing battle, so as part of our commitment to protecting our members we regularly review and update the rules about when we send one-time passwords. The unfortunate reality is that fraudsters and scams have become so sophisticated that there is no reliable way to properly protect your account without 2FA. Because of this, we can only protect accounts without 2FA by limiting what the accounts can do.
Staying Scam Safe
One-time passwords are very important to protect your account, but MOVE’s efforts to monitor for fraudulent activity and protect funds can only go so far and our members need to make sure they also try to protect themselves. A few easy things you can do are:
- Making sure that you use a secure and unique password for your internet banking.
- NEVER share your one-time password codes with anyone, not even someone that says they have called you from MOVE Bank, a fraud squad or government agency. You only know for sure that you’re speaking with someone from MOVE Bank if you call us directly on 1300 362 216.
- Staying aware that scams exist, and anyone can be a target.
- Beware of situations that seem too good to be true.
- Don’t be rushed. Scammers generally don’t want their victims to take their time and think or do due diligence, because that will lead to them getting found out.
Two-factor authentication is a critical component of modern cybersecurity. By requiring a second form of verification in addition to a password, 2FA significantly enhances the security of online accounts, making it much more difficult for unauthorised individuals to gain access. As cyber threats continue to evolve, adopting 2FA is not just a recommendation but a necessity for anyone looking to safeguard their digital identity and personal data.
