With mobile banking becoming one of the cornerstones of life in this digital age, many benefits and conveniences have been added. However, with the surge of digital technology, there have also been risks such as online financial fraud. This especially affects managing our personal finances since finance is the source of living, our ‘dal bhat.’ In response to this problem, and to ensure that managing finances remains secure, banks have taken vigilance and upped their mobile banking security and technology. One step banks have taken towards secure mobile banking is Two-Factor Authentication (2FA).
2FA, also known as dual-factor authentication or two-step verification, is an identity and access management security technique where users authenticate themselves using two distinct authentication factors. The most common form of authentication is SMS authentication where a one-time password (OTP) is sent to your registered mobile banking number as part of verification to authenticate your identity, in addition to the registered login password or PIN.
Benefits of 2FA:
Enhanced Security: With the help of 2FA, it is possible to monitor and help safeguard the most sensitive networks and data of mobile banking users.
Immediate Notification: Since 2FA usually requires SMS initiation to log in, people will be immediately notified if someone tries to access their mobile banking account.
Convenience: Users don’t need to carry an extra app, token generator, or such, as the two-factor confirmation can be done via SMS login and password/PIN.
Limited Log-in Attempts: 2FA includes a password entry limitation; restricting multiple password trials which keeps cybercriminals from gaining access to sensitive data.
User-Friendly: 2FA is easy to use and convenient, presenting a manageable and user-friendly solution to fortifying personal finances.
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