TLDR
Multi-factor authentication (MFA) – also known as 2-Step Verification – is a security measure that requires you to verify your identity before you can log into an account.
Because passwords can get compromised through data breaches, phishing sites and malware, this extra step means a stolen password isn’t enough to access an account.
If you bank with RBC, 2-Step Verification is already set up for you – there’s nothing for you to do.
You’re signing in to your bank account to check if a payment went through, and you must enter a code before you can see your balance. You’re ordering dinner from an app you’ve used a hundred times, and it wants to confirm it’s you. You open a streaming service on the TV and need to enter a six-digit code that’s been sent to your inbox.
None of these extra steps take long, but still, they’re extra steps between you and the thing you’re looking to do. A little annoying? Sure. Are they worth it? Absolutely. Get the rundown on MFA, why it’s nearly everywhere and how it protects you.
What is multi-factor authentication?
Multi-factor authentication – sometimes called MFA, two-factor authentication (2FA) or 2-Step Verification – is a security measure that asks you to prove you’re really you in more than one way.
Signing in to an account typically requires something you know – such as your password, PIN or answer to a security question. Depending on the account, this second factor could involve:
Entering a one-time code sent by text or generated by an authenticator app
Tapping a notification on a trusted device
Scanning your fingerprint
Using facial recognition
Despite the technical-sounding name, MFA is pretty straightforward to set up. Most websites and apps walk you through the process from their security or account settings. And some companies have made it even easier. RBC, for instance, has made 2-Step Verification automatic for RBC Online Banking and the RBC Mobile app, so there’s nothing for you to opt into.
Think of MFA as another lock on your digital front door. Your password may be the first lock; MFA means that someone who gets hold of that password still has another barrier to get through.
Why is MFA important?
Passwords can fall into the wrong hands in all kinds of ways. You might accidentally enter yours into a convincing phishing site or malware could steal credentials you’ve stored on a device. A company you have an account with could experience a data breach or a password you’ve used elsewhere could become compromised.
This is where the second factor makes a big difference. A Microsoft study of account compromise found that enabling MFA reduced the risk of an account being taken over by 99.22 per cent, and by 98.56 per cent in cases where the password had already been leaked.
How does MFA protect your money and personal information?
Adding a step like MFA protects more than your password. Consider the information that exists within the accounts you use every day:
Your email: May contain years of personal correspondence, documents and photos.
Your social media accounts: May contain conversations and details about your relationships, hobbies and travel.
Your shopping accounts: May store saved payment information, addresses and personal details.
And your bank account? That’s your money.
MFA can help put an extra barrier between a fraudster and every dollar sitting in your account. It can also help protect the personal and financial information connected to it. That’s why an extra verification step can be worth a few seconds of inconvenience.
Why is 2-Step Verification turned on for RBC clients?
If you bank with RBC, you may have noticed that setting up 2-Step Verification is already handled for you. With this feature enabled, a message is sent to your trusted device (i.e., your smartphone) each time you – or someone else – signs in to your account. If you’re not the one signing in, you can stop the attempt by selecting “Do Not Allow.”
How do you turn on multi-factor authentication on other accounts?
If you bank with RBC, your banking is covered. Now it’s worth setting it up on the rest of your accounts. The good news is, the process takes less time than you might expect.
While the exact steps will vary by account, they typically look like this:
Sign in to the website or app directly.
Open Settings, Security or Privacy.
Look for Multi-Factor Authentication, Two-Factor Authentication or Two-Step Verification.
Choose one of the available authentication methods. These will likely include an authenticator app, push notification, text message, email or phone call.
It’s a good idea to start with your email account. Since password resets are often sent to your inbox, protecting it means no one can use it to reset your other passwords. From there, work through any other bank accounts, your social media accounts and any site that might hold a saved credit card.
For more resources on MFA and protecting your accounts, visit
FAQs
On most accounts, yes. While the process will differ across accounts, you can usually find the setting in the security section. Before you turn it off, however, take a moment to consider what you would be giving up – the few seconds it takes to verify your identity go a long way to protecting your data. For RBC clients, 2-Step Verification is a mandatory security feature and can’t be switched off.
Most services offer more than one way to verify your identity. You can add a backup phone number or a second trusted device, so a dead battery doesn’t leave you locked out. If you are locked out of RBC Online Banking or the RBC Mobile app, contact RBC directly for help getting back in.
The two are close, but not identical. Two-factor authentication means exactly two steps, while multi-factor authentication includes two or more steps. Day-to-day, the terms are often used interchangeably, along with 2-Step Verification.
Beyond sign-in, RBC may ask you to confirm your identity when you’re carrying out certain banking transactions, such as sending more than $1,500 in RBC Online Banking. A verification step at that moment confirms that the person moving the money is you, not someone who has gained access to a signed-in session.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
