Protecting Your Finances: Power of "Multi-Factor Authorization" & "Account Lockdown"

To protect your personal data and financial accounts from unauthorized access, including phishing attacks, account takeovers, and other malicious activities, put in place "multi-factor authorization" and "money transfer lockdown". 

Multi-factor Authorization (MFA) Two or More Forms of Authentication

Multi-factor authorization is a security feature that requires two or more forms of identity authentication for login.  It is an important layer of security that can help protect your data and accounts from unauthorized access. 

Multi-factor authentication can include a combination of the following:  

- a username and password, 

- a biometric scan (fingerprint, voice recognition), 

- a one-time code sent to a mobile phone, 

- or a code generated by a security token or card. 

This ensures that the person trying to access the account is the authorized user and that the information is safe from malicious access. 

In addition to providing a secure login, multi-factor authentication can also be used to secure other transactions, such as online banking and e-commerce purchases. 

Traditional passwords aren’t secure enough anymore. From simple relaying and spraying attacks to the more sophisticated threats of spear-phishing and pharming, hackers have developed countless tried and tested methods of stealing credentials and gaining unauthorized access to private accounts. In March this year, Microsoft engineers said that 99.9% of the account compromise incidents they deal with could have been blocked by an MFA solution.

MFA is Important...

- Secure Against Identity Theft Via Stolen Passwords. Password theft is evolving. There are three main methods that attackers use to steal passwords: keylogging, phishing, and pharming. MFA can help prevent unauthorized access to private accounts.

- Compliance Requirements.  Many regulatory bodies require MFA to meet compliance requirements.

- Protect Sensitive Information. MFA can help protect sensitive data from unauthorized access.

- Prevents Account Compromise. 99.9% of account compromise incidents could have been blocked by using MFA.

Call To Action: How to Implement MFA...

Many financial institutions require MFA.  

Money Transfer Out / Lockdown

With the advent of digital payment systems, money can be transferred remotely. These systems allow customers to send and receive money instantly. Digital payment systems are often more secure and cost-effective than traditional methods, making them the preferred choice.  

An added security feature provided by some financial institutions is the ability to "lock out" all money transfers out.  Or, you can require an alert if money transfer exceeds an amount set by you.  Many Credit Card companies include this feature.    

"Lock Out" / "Lockdown" / "Fraud Alert"

"Lock out" can be done either electronically in your personal profile security or by contacting the financial institution and making the request. 

                                           Photo: D. McCallister.  Hatcher Pass, Alaska

Call to Action: Credit Card "Fraud Protection" Tips

Credit card fraud protection is a benefit that protects you from unauthorized purchases on your credit card. The Fair Credit Billing Act prohibits credit card companies from holding you responsible for unauthorized purchases on your credit card if you report it stolen before the thief uses your card. 

Many credit card issuers offer zero-liability protection, which means that regardless of the circumstances, you’re not responsible for any unauthorized purchases at all.  

You can set "alerts" for: limits on your credit card purchases, purchases not made in person.

Card lock: Most major credit card issuers allow you to lock your card through your online account or mobile app as soon as you realize it’s been lost or stolen. If you end up finding your credit card, you can immediately unlock the account and continue using it.

Virtual card numbers: Capital One, Citi and Wells Fargo offer virtual card or account numbers to their credit card holders. This feature allows you to create a new card number for different websites when you’re shopping online. While each of these numbers is tied to your main account, they keep your real account number safe from prying eyes. Also, if someone manages to steal a virtual card number, you can simply delete it instead of having to request a new card from the issuer.

Fraud Guidance 

The following tips to stay safe from scams and phishing (Quoted from PayPal):

1. Be cautious if the email:

- Doesn't use your full name and has a generic greeting

- Has incorrect logos, design or looks strange

- Contains suspicious website links

- Includes attachments. 

2. Be wary of false urgency

Scams often create a false sense of urgency. If in doubt, log in to your PayPal account to check for urgent messages or notifications.

3. Watch out for offers that seem too good to be true

Scammers may use false promises like money in exchange for a favor, lottery wins, or unsolicited job offers.

4. Never provide personal, credit card or account information via email, text or phone

Keep your secure personal information updated on websites that deal with your personal information or finances.  

RESOURCES THAT MIGHT BE HELPFUL...

Expert advice on protecting your bank accounts from hackers.  Karen Bennett. Bankrate. Consumer banking repo  Expert Advice On Protecting Your Bank Accounts From Hackers | Bankrate

How to Get the Best Credit Card Fraud Protection.  Ben Luthi.  How to Get the Best Credit Card Fraud Protection - Experian

SO...What'd we miss??

We welcome your comments: How have you unlocked the power of "Multi-Factor Authorization?   Account "Lock Down"?