Multi-Factor Authentication & Its Importance
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Online Banking

Practical Tips to Keep You Safe

We live in a digital world, so keeping your personal information secure and understanding the tools fraudsters use to commit crimes is critical.

Multi-Factor Authentication & Its Importance

Multi-factor authentication (MFA) is the process of using two or more methods to verify a person’s identity online. It might involve a password, a security question, a code retrieved by a call or text message, or even a bio scan like a fingerprint. Multi-factor authentication is the safest way of protecting your information while allowing you to maintain the convenience of web-based transactions.

MFA Helps Protect Against Theft & Fraud

Cybercriminals make it a full-time job to keep up with the quickest of technological advances. At times it might feel like a major inconvenience to complete additional steps to verify your identity, but the inconvenience of additional setup steps could prevent the enormous inconvenience of monetary theft, card fraud or other types of identity theft. And with robust MFA you will be better protected against theft since there is less chance that cybercriminals have all the necessary technology at their disposal.

Q: What is multi-factor authentication?

A: Multi-factor authentication (MFA) is a security process requiring users to provide an extra layer of security, protecting Online and Mobile Banking 24/7.  It helps guard against fraudulent login attempts like “Phishing” (malicious requests for your personal information) and identity theft.

Q: Why is MFA necessary?

A: With all types of fraud on the rise, multi-factor authentication adds an extra layer of security to your accounts, making it more difficult for unauthorized users to gain access. It is essential for sensitive information such as financial or other personal data.

Q: When will Online and Mobile Banking prompt for MFA?

A: If you are new to WinCU Home Banking, when you log into Online (browser) or Mobile (app) Banking, you will be prompted to receive a code based on your cell phone number or email on file.

Q: How do I set up MFA?

A: With your cell phone number or email up-to-date, log into Online or Mobile Banking on May 23. The following pop-up steps with appear:

Multi-Factor Authentication Steps

Follow the on-screen instructions to complete the process. You can also select 'Remember Device' to alleviate the process in the future. 

Q: Will the MFA process be required every time you log in?

A: Not necessarily, if you select 'Remember Device' you would need only to do the MFA process for that first login.

Q: Does the process change for biometric identification (ex. face, fingerprint)?

A: Biometrics will only function to fill in username and password fields.  Therefore, it will not bypass the MFA process. However, if you select 'Remember Device', you only need to do the MFA process for the first login.

Q: What if I lose my authentication device?

A: If you lose your authentication device, you will need to go through the account recovery process to gain access to your account. It is important to keep the device safe and secure at all times.

Best practices When Accessing Accounts

Cybersecurity professionals recommend the following best practices to help keep your online identity and data safe and secure:

  • Always opt for MFA when offered
  • Create unique passwords for every account
  • Use a trusted password manager
  • Keep device operating systems and software up to date

Reminder: DO NOT give the code to anyone else. WinCU will NEVER ask for your codes or ANY personal information.

No one wants to go through the hassle that comes with the aftermath of identity and online theft, so setting up multi-factor authentication whenever possible can help protect you from data breaches and fraudsters.