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Fraud Alert: How criminals are getting around two-factor authentication

Two-factor authentication (2FA) is one of the best ways to secure your personal accounts, whether it’s Instagram or your financial institution. In many cases, the second factor is a six-digit code.

When you get the code, whether by phone call, email, or text, there’s always a message that says very clearly not to share this code with anyone for any reason.

And yet, according to Eva Velasquez, President and CEO of the Identity Theft Resource Center, people are sharing that code.

The criminals, she says study the person they’re targeting to make it seem like the request is coming from a friend.

“The common thread is most of the time they are under the impression that they’re talking with someone who is known to them,” Velasquez said.

By giving out that code, you’ve defeated the added security two-factor authentication provides.

“I don’t care how legitimate the reason sounds, there is no legitimate reason,” Velasquez cautioned. “Do not give it out at all. If anyone asks for that code, it’s not a legitimate transaction request.”

More Info: Cyber-Hygiene Tips to Keep Consumers Safe

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