two factor authentication

Should You Use SMS Two Factor Authentication?

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The Breif:

The Importance of Authorization and Two-factor Authentication

For digital safety and security, you want to make sure you’re the only one authorized to access your information and your accounts. Unfortunately, a simple username and password combo is no longer enough to protect against account takeover fraud and identity theft.

How SMS Two-factor Authentication Works

With SMS two-factor authentication (or 2FA) — also referred to as multi-factor authentication (or MFA) — a one-time passcode is sent to you via text each time you log in, which you must then enter to verify your identity.

In order for SMS two-factor authentication to work, the following elements are required:

  • A computer, tablet or smartphone
  • A username and password/passphrase to access an online account
  • A one-time SMS passcode sent via the website

Since people often reuse the same username and password for multiple accounts, attackers often use one account’s login credentials stolen in a data breach to break into another account.

Two-factor authentication reduces the risk of such an attack being successful since an attacker would also need the one-time passcode that is sent via text.

Increased User Confidence

Using SMS two-factor authentication makes it much more difficult for anyone to access an account using compromised login credentials. While no cybersecurity measure is foolproof, implementing two-factor authentication for SMS provides an organization and its customers with an extra layer of protection.

Companies that offer this option recognize their customers’ need for security and are taking steps to protect their accounts.

What You Need to Know:

The credit scores provided are based on the VantageScore® 3.0 model. Lenders use a variety of credit scores and are likely to use a credit score different from VantageScore® 3.0 to assess your creditworthiness.