What is multi-factor authentication (MFA)?
MFA consists of verifying and validating the authenticity of your identity using more than one validation mechanism. MFA provides you with an added layer of security and ensures that only you can access your bank accounts. Why is MFA important? Due to rapid technological changes, opportunities to obtain another person’s identifying information and perpetrate identity fraud have increased. We need to employ systems such as MFA that will enable us to prevent potential frauds. How does MFA work? When you enroll in MFA, you will select five secret Authentication Questions and submit answers to them. When you log in we will check the computer you are using to access our Internet Banking System MFA remembers which computer you normally use, giving you additional protection against unauthorized individuals logging into your accounts. If you log in form a different computer, we take the additional security step to verify your identity by asking you to provide the answers to three randomly sele
Multi-factor authentication is exactly what it sounds like. Instead of using only one type of authentication factor, such as only things a user KNOWS (login IDs, passwords, secret images, shared secrets, personal information, etc), two-factor authentication requires the addition of another factor, the addition of something the user HAS or something the user IS. Multi-factor authentication is not a new concept. You use multi-factor authentication every time you visit your local ATM machine. One authentication factor is the physical ATM card you slide in to the machine. The second factor is the PIN number you enter. Without both, authentication cannot take place. This scenario illustrates the basic parts of most multi-factor authentication systems; the “something you have” + “something you know” concept. All financial institutions are required to be installing some form of MFA. However, we consider the version we’ve selected to be the most user-friendly and secure option available.
As part of our ongoing efforts to employ the latest in Internet security technology, we are incorporating Multi-Factor Authentication (MFA) into Golden 1 Online, our Internet banking service. MFA is a series of technology tools for Golden 1 Online that helps protect your account from fraudulent transactions. Additional authentication factors, combined with your account number and password, provide additional layers of security. Most of these security enhancements are happening automatically and will not require any action on your part. The new MFA security will include a variety of monitoring activities. For example, one feature will track the type of computer you typically use to access your account. If you sign on to Golden 1 Online from the same computer on a regular basis and then log on to a different computer, you’ll notice some additional security measures. We may ask you some questions to verify your identity before allowing you to sign on. With these extra layers of security i
Multi-factor authentication is exactly what it sounds like. Instead of using only one type of authentication factor, such as only things a user KNOWS (login IDS, passwords, secret images, shared secrets, personal information, etc), two-factor authentication requires the addition of another factor, the addition of something the user HAS or something the user IS. Multi-factor authentication is not a new concept. You use multi-factor authentication every time you visit your local ATM machine. One authentication factor is the physical ATM card you slide in the machine. The second factor is the PIN number you enter. Without both, authentication cannot take place. This scenario illustrates the basic parts of most multi-factor authentication systems; the “something you have” plus “something you know” concept. All financial institutions are required to install some form of MFA. However, we consider the version of MFA we have selected to be the most user-friendly and secure option available.
