If you’re wondering why in recent months in order to log into your bank account you can no longer simply enter your password, it’s because of a relatively recent development known as multifactor authentication.
The reasoning behind it is that even if you have a password that is easy for identity thieves to guess, especially those that know you or know of you, it’s much harder for them to figure out your password, your favorite color and your childhood nickname as well. Adding a random photo or a tagline, that only you will know, further adds to the mix making it even more difficult.
This multifactor authentication process also works to prevent account holders from becoming victims of phishing emails, since if the site you’re sent to by clicking on a link in your email doesn’t have this added security you know that it is not the legit site for the institution. And basically, the more hoops you have to jump through to get into your account, the easier it is for you to tell that a hoop-free site is not legitimate. (No, they did not decide to give you a one-time streamlined break because they knew you were in a hurry. Do not fall for it.)
There’s not much you can do about these added steps besides just dealing with them. Sometimes you have to give up some convenience for security. (Just ask anyone who’s been stuck hopping around in their socks in the airport.) The best way to come to terms with the added red tape is to realize how much more inconvenient it would be if organizations didn’t take these precautions and left their members vulnerable to identity theft. It’s basically a gift to the thieves when you make your password something simple, like your house number or your birth date. There is not much guesswork required and oh so much to be gained. For you it will be the opposite effect of course.
Expect security to get even stronger as identity thieves continue to ramp up their efforts. The smarter and more savvy they get, the more consumers – and the institutions they use – will continue to have to follow suit. It’s like that old adage, if you can’t beat them join them. You always have to stay one step ahead or you will end up with thieves walking all over you, and your good credit standing. To protect your credit and identity compare the leading identity theft companies on our website and read our reviews to find the right service for you.