Bank of Southern California is focused on ensuring the safety and security of client information. In this edition, we share tips from leading experts on the importance of using multi-layer security: two-factor authentication (2FA).
Two-factor authentication is an advanced, easy-to-use security feature that requires you to verify your information twice in an effort to keep your data secure. The most common form of 2FA occurs when logging into an online account with a username and password and then receiving a code via text message. A hacker would need access to both your password and phone to authenticate the account.
Three common types of authentication require a:
- Code – Password, PIN, zip code, or answer to a pre-selected question
- Device – Phone, credit card, or fob
- Biometric – Fingerprint, retina, face, or voice
This added layer of protection is often a deterrent for thieves as it makes it increasingly more difficult to hack. Many services and retailers support 2FA, most commonly e-mail providers, online retailers, online banking, and social media sites. To view a list of companies that offer this feature, visit twofactorauth.org.
Keep your information secure and enable 2FA on all available accounts.
Hack Leads to Thousands Lost to Wire Fraud
A small Southern California retailer became the victim of cyber fraud and lost more than $200,000 overnight. Thieves were successful due to a stolen password and a single layer of security.
In this instance, hackers obtained the credentials for the staff accountant and were able to access the company’s bank account. Thieves wired more than $200,000 to an offshore account. Had the accountant enabled 2FA, the hackers would have been unsuccessful in accessing the system.
2FA provides an added layer of security that helps to mitigate risk, yet only a minority of people utilize this feature. Do not put your money at risk. Enable 2FA today.
Commitment You Can Bank On
Bank of Southern California is committed to providing resources to help keep our clients’ assets safe and secure. To learn more about how to grow and protect your business, call 858.847.4780 or visit us in person at one of our many offices conveniently located throughout Southern California.