What is Two Factor Authentication (2FA)?

Enhanced security over your Money Mover account and personal data

The highest standards of security

At Money Mover, the safety and security of our customers and their data is our number one priority. With this in mind, and in the light of forthcoming regulations, we will soon be enhancing our log in process with Two Factor Authentication (2FA).

What's wrong with just using a password?

Traditionally, web applications and other online services have relied on a user name - generally the user's email address, and a password - a piece of information that only the user should know.

It's no secret that some passwords can be easy to guess, can be vulnerable to being cracked by 'brute force', or may even be stolen from databases by hackers. We're all guilty of using the same passwords across multiple accounts, sharing passwords, and of not adopting best practices around inventing 'strong' passwords, which are generally hard to remember.

What is Two Factor Authentication?

This combination of user name and password is no longer considered to offer strong authentication. The technology industry - especially in fintech - is gradually moving to authentication which is much more difficult to crack.

This is where 2FA comes in.

2FA enhances the user name and password combination by requesting information that is either from:

  • something which is in the 'possession' of the user (e.g. an ID card, smartphone or hardware token) or;
  • something which is 'inherent' to the user (e.g. a scan of a face, iris or finger print, or even the way in which you move a mouse around the screen)

Combining a password with one of these two different factors (something which only the user possesses and something which is genetically unique to the user) provides a level of confidence in user authentication which is significantly superior to that provided by a password alone. 

According to industry experts, 2FA and other forms of multi-factor authentication can dramatically reduce online identity theft and other online fraud, because the victim's password is no longer enough to give a hacker access to their information.