Online Banks Suddenly Forcing Authentication Codes On Retail Customers

planxy | Apr 17, 2023 | 140 posts since 2013

Have always had username/password sign-ins for online banking. Worked just fine. This month every view of any bank "dashboard" requires a phone call receipt of a numerical code to be entered on screen expiring within 10 minutes just so

me the owner can get access to a view of own funds? The opposite of convenience. I did not sign up for this, literally. Is there really so much bank theft over the internet just now?

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Answers

Kaight | Apr 18, 2023 | 1,192 posts since 2011

The fraudsters have become incredibly active. Scary part is it's not always individual actors or small unaffiliated groups. Today, within countries at odds with the USA (e.g., Russia), state sanctioned operators are working hard as they can to throw a monkey wrench into our everyday activities. So serious caution is not at all unreasonable. Unfortunately, because it surely is a PITA for us.

Ally6770 | Apr 18, 2023 | 4,292 posts since 2010

The 2 part authentication is the safest thing out there right now. Usually the code can be by phone, email or text.

txFish1 | Apr 18, 2023 | 476 posts since 2023

Fidelity has been using it for years and it really only adds about 10-15 seconds to the login process. worth it in my opinion

betaguy | Apr 17, 2023 | 180 posts since 2022

My guess, Insurance.

Rickny | Apr 17, 2023 | 1,296 posts since 2017

Lots of fraud out there. This is protection if your password is compromised. Sometimes an institution will ask you if the device is trusted and you don't need a code.

gkwpnut | Apr 17, 2023 | 13 posts since 2022

A slight inconvenience but probably worth it and may become the normal login procedure in the future.

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