Our members' online security is important to us and we have introduced compulsory multi-factor authentication via our SMS One Time Password service. We also regularly share updates from the Australian Cyber Security Centre (ACSC) to promote cyber security and help our members stay safe online. Here's the latest update, which explains how multi-factor authentication (MFA) can protect your accounts.
What is MFA?
MFA, multi-factor authentication, is one of the most effective ways to protect against unauthorised access to your valuable information and accounts. It's a security measure that requires two or more proofs of identity to grant you access.
How does it work?
MFA typically requires a combination of something the user knows (pin, secret question), something you have (card, token) or something you are (finger print or other biometric).
Businesses as well as individuals should implement MFA wherever possible. Some MFA options include, but are not limited to:
- Physical token
- Random pin
- Biometrics / fingerprint
- Authenticator app
Why use MFA?
MFA offers significantly more powerful security and protection against criminals. They might manage to steal one proof of identity such as your PIN, but they still need to obtain and use other proofs of identity to access your account.
If you believe someone has gained access to your personal information, even if the scam appears unrelated to your finances, you should contact your bank immediately. A timely response can be critical in giving you the best chance to stem any loss.