Understanding Two-Factor Authentication (2FA)
What is Two-Factor Authentication?
Two-factor authentication (2FA), or Multi-factor authentication (MFA) adds an extra layer of security to your account by requiring at least two different types of verification before granting access without. Think of it like having both a key and an alarm code to enter your home. Even if someone gets your key (password), they can't turn off the alarm the code.
Why We Use Two-Factor Authentication
Your retirement savings deserve the strongest protection possible. That's why we require 2FA for all account access. While it may take a few minutes to set up 2FA protection on your account, this additional step significantly reduces the risk of unauthorized access or transfers from your savings accounts.
Your Two-Factor Options
Option 1: Cell Phone Text Messages (SMS)
You can have a text message sent to your cellular telephone number when you login.
In extremely rare cases, hackers could convince your cell phone service provider to redirect your phone calls and text messages to their own phone (a ‘SIM swap’). Check with your service provider to see what steps you can take to secure your account against unauthorized changes.
Option 2: One Time Password (OTP) Authentication Apps
You can use Authenticator Apps on your mobile phone or tablet.
These apps generate 6-digit codes that change every 30 seconds
You must take care not to share these codes with anyone!
Most often attached to an App on a smart phone or tablet.
Can also be used with Password Managers with support for One Time Passwords.
Option 3: Password Managers with Passkey Support
You can use a modern password manager that supports WebAuthn Passkeys.
These apps generate a secure key that is resistant to phishing attempts (someone calling and pretending to be from LINK, asking for your password or 2FA code)
Can support unlocking with biometrics (fingerprint, face recognition)
Can be synchronized across your devices