Online security of their personal and financial information against scams and data breaches is a persistent worry for consumers, one that financial services providers and other businesses are in a constant race to address.

With 40 million Americans suffering financial losses of $43 billion from online hackers and identity theft in 2022, digital encryption and other technologies are emerging and evolving to shield consumers and businesses from malevolent incursions into their checking, savings, credit card, investment and other accounts.

The COVID-19 pandemic and economic fallout, which forced millions of households and businesses into temporary lockdown, exposed the vulnerabilities of internet security as households took to their personal computers and smartphones to online order takeout and groceries, shop for clothing and electronics, or telecommute.

Ameris Bank is among many banks offering an extra layer of online security for our online banking platform: two-factor authentication.

 

What is “two-factor” authentication?

It’s very likely you’ve encountered these technologies, known as “two-factor” authentication, or “2FA” for short, when you log on to your favorite social media, financial and commercial services websites.

It combines one of the most prevalent factors for identifying online users – the login/password – with a second layer of digital-access protection. These extra “authenticators’’ range from preset questions for which only users may know the answer, like your first pet’s name, to sophisticated biometric tools like fingerprint and retina scanners.

 

“Two-factor” vs. “Two-Step” authentication

But don’t mistakenly confuse “two-step” authentication with “two-factor” authentication. The key difference between the pair is that “two-step” relies on a single authentication factor applied twice in steps. An example is the prompt for your billing ZIP code when you use your credit card online.

In contrast, “two factor’’ authentication may use a password as one factor in tandem with a second factor, like a security token or fingerprint and facial scans. Someday, experts say, most users will securely access their digital accounts and services without ever having to use a password.

 

Use of ‘2FA’ is uneven

The car maker Dodge in 2021 introduced 2FA – a four-digit code in tandem with the keyless fob -- on two powerful versions of the automaker’s popular muscle cars, the Challenger and Charger, to prevent unauthorized drivers from unlocking all the vehicles’ supercharged horsepower. Dodge also offered a 2FA retrofit for its 2015-2021 performance models.

Like Dodge, businesses in many other industries are turning to 2FA to block unauthorized access to corporate and consumer files and accounts, or at least minimize data theft or ransomware attacks. But the pace so far has been slow.

 

Applying 2FA to your online accounts

Fortunately, users don’t have to be coders or data-breach experts to activate and calibrate 2FA identity-protection software on their desktop and notebook personal computers and smartphones.

Microsoft, Apple, Facebook and LinkedIn, among others, provide two-factor identification apps and support among their online-security offerings to shield access to their online accounts.

You should also review the various online banking safety measures that Ameris Bank employs. Those services are free to our customers in AL, FL, GA, MD, NC, SC, TN and VA.

Contact us today and let us provide you with secure banking services that offer the extra peace of mind from two-factor authentication.



Sources:
1.    https://www.globenewswire.com/en/news-release/2023/03/28/2635652/0/en/Identity-Fraud-Losses-Totaled-43-Billion-in-2022-Affecting-40-Million-U-S-Adults.html
2.    https://www.autoweek.com/news/technology/a35939197/dodge-adds-security-to-challenger-and-charger/ 
3.    https://support.microsoft.com/en-us/account-billing/how-to-use-two-step-verification-with-your-microsoft-account-c7910146-672f-01e9-50a0-93b4585e7eb4
4.    https://support.apple.com/en-us/102660
5.    https://www.facebook.com/help/148233965247823
6.    https://www.linkedin.com/help/linkedin/answer/a1381088/turn-two-step-verification-on-and-off?lang=en 


Reviewed April 2025
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Ameris Bank is not affiliated with nor endorses any of the companies featured in this article.