Multi-Factor Authentication
We provide our clients with the best tools to help protect their financial security by offering multi-factor authentication (MFA) to help safeguard your account and sensitive information from unauthorized access.
What are the benefits of MFA?
2 minute readWith the continued rise of cyber threats and data breaches, it is more important than ever for businesses to implement strong security measures. MFA can help prevent password-based attacks and helps ensure that only authorized users access sensitive information.
“Moneycorp wants to help empower you to take control of your digital security by offering enhanced protections for your account. ”
Take a moment to review some of the most frequently asked questions about MFA, and please consider logging in to your account to ensure you've set up MFA on your account.
What is multi-factor authentication (MFA), and how does it work?
Multi-factor authentication is a security measure that requires users to verify their identity through two separate unrelated authentication methods to access their accounts and conduct financial transactions online.
Entering a secure password is typically the first factor, and the second factor can be delivered in many ways. Generally, verifying and identifying users is completed via a text message with a six-digit code or by using a security token generated through an app on their phone before gaining access to an account or system.
Why is multi-factor authentication important?
Multi-factor authentication provides an additional layer of security to protect against unauthorized access and cyber-attacks. It helps prevent account takeover, identity theft, and data breaches.
Is multi-factor authentication easy to set up and use?
Yes, our multi-factor authentication solution was designed to be easy to set up and use. That's why we've enhanced our security features by implementing the option to use MFA on your account via an authentication app or by sending you a text on your mobile phone.
Once you choose to enable MFA on your Moneycorp account, our intuitive onscreen process will guide you step-by-step through downloading and setting up your security token with your choice of the Microsoft or Google authenticator apps.
Download one of the two approved apps:
Microsoft Authenticator: iOS, Android
Google Authenticator: iOS, Android
If you already use an authentication app, then Moneycorp can be added to it by following the onscreen prompts to generate a new token. Ensure your phone number is up to date to take advantage of our SMS (text message) option.
Is multi-factor authentication mandatory?
While multi-factor authentication is not mandatory yet, it is strongly recommended as an essential security measure to help us protect your online account and sensitive data.
Is multi-factor authentication foolproof?
While multi-factor authentication significantly reduces the risk of unauthorized access, it is not completely foolproof. Attackers can still try to bypass MFA by using social engineering tactics to access your device or by exploiting vulnerabilities in other systems. Therefore, it is important to remain vigilant and practice good cybersecurity hygiene. MFA adds another line of defense to help ensure you're doing as much as you can to safeguard your account.
What if I get a new phone or lose access to my authenticator app?
If you lose access to your additional device for security verification, don't worry. Your Moneycorp account manager can help reset your Multi-Factor Authentication (MFA) settings and restore access to your Moneycorp account. Please contact us here.
(*please note that uninstalling the app after setting up MFA will also require working with your account manager to complete an MFA reset.)
I just checked my settings and the phone number is wrong what do I do?
Don't worry. Updating your phone number is simple and easy in order to ensure that your multi-factor authentication code is sent directly to your mobile phone. Simply give your account manager a quick call to authenticate your identity, and we'll be able to update your phone number. Reach out here.
What is a "Trusted Beneficiary" and how does it work?
The Trusted Beneficiaries Authentication System allows you to designate specific beneficiaries as ‘trusted’, streamlining the payment process by eliminating the need to repeatedly re-authenticate them via multi-factor authentication (MFA).
You can mark beneficiaries as trusted in two simple ways:
- During beneficiary creation, a user friendly tick-box option is available.
- For existing beneficiary, the designation can be applied individually or in bulk for enhanced efficiency.
A beneficiary that is not designated as ‘trusted’ may require re-authentication before each transaction.