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NS&I modifies the account login process with an additional layer of security via 2FA | Personal finance | Finance

This is to prevent unauthorized access and reduce the risk of compromised passwords. To achieve this, the agency is ready to include two-factor authentication (2FA) in its login processes.

Currently, a person only needs an NS&I number and password to log in.

However, with the upcoming changes, all NS&I accounts will be linked to new and improved security features.

With two-factor authentication, users will be able to receive a one-time passcode on their mobile phone. This will serve to verify their identity.

They also have the option of receiving an automated phone call on their landline.

The one-time access code will be a unique six-digit number.

For added security, the password will only be valid for a short time.

When logging into their NS&I account, individuals must enter the code they received on screen, follow the steps, and then tag the browser or device.

They can continue logging in from the same device or browser without 2FA if they mark it.

DO NOT MISS :

NS&I will require a person to create a six-digit PIN on first login as an additional piece of security information for use later.

It is important that people add their contact details with the most recent phone number.

In the “what you need to do” section of the guide, NS&I said:

“In order for you to continue to have a smooth experience when logging into your NS&I account, we need your up-to-date phone number. Mobile is preferred.”

Therefore, customers should verify that the savings provider has their current phone number.

Two-factor authentication is an additional layer of protection used to keep online accounts secure beyond just a username and password. It is also called multi-factor or two-step authentication.

Two-factor authentication provides a higher level of security than authentication methods that rely on single-factor authentication (SFA) in which users provide only one factor, such as a password .

By integrating 2FA, cybercriminals cannot access an account without possessing the physical device necessary to complete the second factor.

2FA is also known to reduce the risk of identity theft.

Most organizations are now using 2FA and integrating it into their corporate devices, internal systems, or mission-critical applications.

In recent years, there has been a substantial increase in the number of password-related hacking breaches around the world.

For example, in February 2018, diet and exercise app MyFitnessPal suffered a major data breach, exposing 144 million login credentials such as usernames and passwords stored in hash form. SHA-1.

Verizon research shows that 81% of hacking-related breaches use stolen passwords.

Additionally, 51% of data breaches involve malware.


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