Money Smarts Blog

As a fraud investigator at IHMVCU, I see firsthand how important it is to keep your accounts safe from scammers. One of the best tools we use to protect your personal information is Multi-Factor Authentication (MFA). But what exactly is MFA, and why should you be using it?

What is MFA?

Multi-Factor Authentication (MFA) is a security process that requires you to provide two or more forms of verification before you can access your account. These verification steps usually include:

• Your password: Something you know.
• A security code: Sent to your phone or generated by an app (this is often referred to as a one-time password, or OTP).
• Biometrics: Such as a fingerprint or facial recognition (something you are).

Even if a hacker steals your password, they won’t be able to get into your account without the second factor, usually the security code.

Why is MFA important?

MFA is essential because it makes it much harder for unauthorized individuals to access your accounts. A password alone is vulnerable. But with MFA, even if a scammer steals your password, they still need the second form of verification to get in. This makes MFA one of the most effective ways to protect your personal information.

Never share your security code

As a fraud investigator, one of the most important things I need to stress is this: Never share your security code with anyone.

IHMVCU will never ask you for your MFA code. If you receive a code and someone asks you to share it with them, whether they claim to be from IHMVCU or not, DO NOT DO IT. This is one of the most common scams we’re seeing right now. Once you share that code, the scammer can use it to gain access to your online banking account and steal your personal information or transfer money from your account.

If you’re ever asked for your MFA code over the phone, via email, or through any other method, hang up immediately. Call IHMVCU directly at 309-793-6200 using a trusted number to verify whether the request is legitimate. Remember, no legitimate representative from IHMVCU will ever ask for your MFA code.

Stay safe: Be smart about MFA

MFA is an excellent tool to help protect your online accounts, but it’s only effective if you use it correctly. Keep your codes safe, never share them with anyone, and always be cautious when receiving unsolicited requests for your verification information.

As a fraud investigator, I can tell you that MFA is one of the best ways to secure your accounts, but only if you remember to protect your codes. Stay vigilant, and always verify any requests for your security information.

Stay in the know and protect yourself by bookmarking our Shield Yourself webpage!