We hear more about stolen password databases, phishing attacks and keystroke collecting malware every day. We cannot continue to rely on passwords alone and it’s important we look to more robust and reliable ways to authenticate ourselves. Fortunately, Regional Australia Bank lets members take advantage of the Two Factor Authentication (2FA) process making it more difficult for hackers to breach your account.
Hackers today are becoming increasingly sophisticated. The arsenal of tools they have at hand make easy work of cracking basic password-based security.
A secure password is a great start, but this too can be compromised when up against many of the password cracking tools available, especially if this password is reused on other sites. Also, if your password is weak and easy to guess you’re simply leaving an open door for hackers to access your account.
Once a hacker has access to your account they can pretend to be you, allowing them to access all your banking information and even lock you out of your accounts; meaning you could lose more than just your money.
When you implement Two Factor Authentication, or 2FA as its commonly abbreviated, you protect yourself with an extra layer of security which goes beyond the simple password.
But how does it work? With 2FA, when you access your account or perform a transaction you're prompted to enter an extra piece of information. This will be in the form of a number known as a one-time password.
This six-digit number is a dynamically generated, one-time password which can be delivered to you in one of the following ways;
- Using our recommended authentication app, Symantec VIP Access.
- Sent to your registered phone via SMS.
- Using a hardware token provided by Regional Australia Bank.
When prompted, simply enter the generated 2FA passcode into our Internet Banking site and you’ll be able to continue securely.
2FA significantly decreases the risk of hackers accessing your funds by combining your password (something you know) with a second factor, like your registered Internet Banking mobile phone (something you have). It's like using an ATM where you have a physical card and you know the associated PIN number.
With 2FA enabled, the hacker must have the one-time password on by your mobile phone or token. Without it, they can’t access your money - even if they have your password.
Regional Australia Bank offers this feature for free as it’s important your account is fully protected.
To enable 2FA for Internet Banking please follow the steps below;
Its that easy – so go ahead, turn on 2FA today!
