Banks and other financial institutions have until 1 January to implement multi-factor authentication to confirm the identities of their customers when accessing internet-based services. That means that banks can no longer rely on a single PIN or password to give you access to your account. They must use some other method in addition to the PIN or password.
Some banks have recently implemented the new procedures. Others are in the midst of changing their procedures. In the meantime, a large number of scams are attempting to exploit these changes in authentication procedures. They are trying to take advantage of the natural confusion of users during the transition.
Banking regulators are warning the public to be alert for scams attempting to exploit the change in authentication procedures. One popular scam describes the federal requirement for the new procedures and then asks the reader to re-register his/her online banking accounts.
- You should never respond to any email that is requesting information that your bank already has in its possession.
- Never click on the "convenient" link provided in the email. Too often, it takes you to an imposter site run by the scammer. Type the bank’s URL into your web browser yourself.
- Keep your online password secure – even your banker should not know your password!
As the deadline approaches, you should receive communications directly from your bank with details of any new procedures. When in doubt, play it safe and contact your financial institution.
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