Why Two-Step Verification Is Crucial for Online Banking?

Online banking is convenient, but it’s also risky. If you don’t take the right precautions, your bank account could be compromised by hackers who are trying to access sensitive financial data. Two-step verification is one of the best ways to get debit card fraud protection. Here’s why:

Passwords are not safe

You may have heard that passwords should be long and complex. You’ve probably tried to use a password manager to generate random, hard-to-remember passwords for each of your accounts (and then forgot them all). But experts can say with certainty that even the most secure password is not safe from hackers these days.

Text messages are not the best option

While text messages are very convenient, there are better options for two-factor authentication. Text messages are not secure and can be intercepted by someone else, blocked by a firewall or service provider, spoofed to make it look like you’ve received a text message when you haven’t (making it easy for criminals), and delayed in delivery.

Consider the drawbacks of biometrics

Biometrics are convenient, and some people prefer them over passwords. However, there are some drawbacks to consider when it comes to biometrics. For example:

  • Biometrics may not work if you have a cold or flu
  • Biometrics may not work if you’re wearing gloves or thick winter clothing (e.g., gloves)
  • Biometrics may not work if you’re in a dark room

Extra password is not reliable

Have you ever received a text message from your bank that says, “We’re sorry, but we can’t get into your account right now? Please try again later.” So it’s frustrating. And what if you tried again and the same message appeared? That’s why two-step verification is important for online banking.

Suppose you need to know what two-step verification is. In that case, it means that to access your bank account on an app or website, you’ll need not only your password (which is one factor) but also something from another source (like a code sent via SMS or generated by an authenticator app). “In addition to your passcode, you’ll need a security code or fingerprint recognition to sign into your account,” says SoFi professionals. 

Mobile apps are more reliable than texts

While text messages are convenient, they could be more secure. For example, hackers can intercept text, making it possible for them to access your bank account and make fraudulent transactions even if you have a passcode on your phone or a fingerprint sensor that only recognizes your unique fingerprint and not anyone else’s. Of course, the person who steals your phone could still have access to all of the financial information contained within—and there isn’t much stopping them from doing so.

There’s also no guarantee that texts will always get delivered as intended. While most cell phone companies do their best to maintain network reliability, there are times when service could be more spotty or nonexistent due to weather conditions or other factors out of our control. So what does this mean for people who rely on texts for two-factor authentication? It means that sometimes those critical notifications about suspicious activity won’t reach them until it’s too late—by which point someone else might have taken over their online accounts without knowing it yet!

It’s true; two-step verification could be a better system. But it does offer more security than just a simple password. So the best way to stay safe is by using two-step verification where possible and keeping your phone protected with the latest software update.