Two-Factor Authentication ~ Protecting you Online
Stop now and have a think about your online accounts. Do you use the same password for multiple online accounts? Is your trust accounting password the same as your internet banking password?
If the answer is yes, << insert alarm bells here >>.
It’s 2020 – everything is online. With COVID, even more so.
People are seeing the benefit of cloud-based systems with regard to easy access to data and operation systems for a remote workplace. The same goes for trust accounting software. Cloud-based trust accounting software systems have seen a huge surge in demand.
With the real estate industry practically forced online for 3 months, it is more important than ever to protect your online identity and data.
An increase in online theft
Online thieves know the stats too. They are more than acutely aware of the influx of new users to cloud-based systems. And they know how to prey on the vulnerable.
In 2019 in the US, 3.2 million identity theft and fraud reports were received with 1.7 million being fraud-related.
The reason? People take the easy way. We have drilled into our clients the importance of generating effective passwords. It is amazing how many people use the top 10 most common passwords still to this day.
If you need a reminder – here they are:
- 123456
- 123456789
- qwerty
- password
- 111111
- 12345678
- abc123
- 1234567
If you have any of these passwords above for any online accounts, it’s time to make a change. If you need a hand generating free, strong passwords, check out LastPass. (you’ll wonder how you lived without it)
What is Two-Factor Authentication?
Two-factor authentication often referred to as 2FA is a way of verifying that you really are the owner of the account you are trying to log into. Bottom line – it protects your online accounts. It is so important, that Xero just introduced mandatory two-factor ID into its software.
The 3 step two-factor authentication process
- Firstly, a user enters their username and password.
- Two-factor authentication introduces a second layer of protection with an additional security check to verify your ID. This can be a text message to their phone, using an app on their phone to generate a unique randomised code or as advanced as fingerprint or voice recognition.
- This means the user requires another device that is physically on them to complete the login process.
Types of 2FA
There are several types of 2FA available including:
Hardware tokens
These are most likely the oldest form of 2FA – used by banks over many years. They are key fob size hardware devices that produce a set of numbers on a small screen.
SMS tokens
SMS 2FA is a simple process where you enter your username and password and receive a text to your phone containing unique codes or numbers to complete the login.
Software Tokens
These are becoming the most popular 2FA system for both security and usability. Users download a 2FA app on their smartphone. When prompted, it generates a unique randomised code to complete the second step of the login process. There are various apps such as Google Authenticator, Lastpass Authenticator or Authy.
At End of Month Angels – we like Authy, but it is personal choice. It doesn’t matter which you choose as long as you choose one and use it.
So, as a final note, integrating two-factor authentication will assist in protecting your online accounts. Without your 2FA device, hackers simply cannot access your accounts.
So its time to get rid of the 123456 password, generate some strong passwords in its place and implement 2FA into your systems for a safer, online presence.
Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 23 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.