What is Two-Factor Authentication?
Two-factor authentication (2FA) sounds complex but it’s not, it’s just a way of 'double-checking' that you’re really the person you’re claiming to be when you log into your online accounts, such as banking, email or social media.
2FA means using a combination of two of the following:
- Something you know (e.g. a password),
- Something you have (e.g. a phone for SMS, email for notification),
- Something you are (e.g. your voice, thumb print, face scan).
How does it protect me?
Two-factor authentication can provide an additional layer of security when using ANZ digital services such as Internet Banking.
1st factor - Something you know
When accessing your account, your customer registration number (CRN) and passcode are the first-factor or first layer of authentication used to confirm your identity.
2nd factor – Something you have
The second-factor is an additional authentication layer.
A one-time password sent to your mobile phone and/or email address, to provide an additional layer of security. This may be requested to verify a range of online banking activities such as updating your personal account details on Internet Banking, making Pay Anyone payments or creating a PayID.
Why is it important?
2FA provides you enhanced security as it makes it harder for someone else to access your online accounts.
For example, even if a cybercriminal guessed or stole your password, they wouldn’t be able to perform an online transaction without your 2nd factor.