Hailey Johnson
With the rise of two-factor authentication (2FA) and other security measures, accessing bank accounts from a cell phone is becoming increasingly common. However, some individuals still prefer to manage their finances from a computer or laptop, especially when travelling abroad. While some banks accommodate this preference, others are shifting towards mobile banking, requiring customers to provide a mobile phone number for online purchases and account access. This shift has sparked concerns among those who wish to forgo mobile phones or rely solely on electronic funds when travelling, underscoring the need for fallback plans and alternative funding methods when abroad.
| Characteristics | Values |
|---|---|
| Security | Biometric authentication, PIN, SMS 2FA, security keys, authentication apps |
| Accessibility | Accessing funds while abroad, international calling numbers, WiFi calling, physical bank branches |
| Customer Service | Setting up a new smartphone, recovery keys, alternative verification methods |
| Convenience | Using a laptop, tablet, or PC instead of a cell phone |
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What You'll Learn
Two-factor authentication (2FA) via SMS or call
Two-factor authentication (2FA) is a more secure way of logging into your system than using a traditional password alone. However, if your 2FA code is sent as a text, it could lead to a costly data breach. SMS 2FA is vulnerable to several attack strategies, including SMS interception and social engineering attacks.
SMS interception occurs when a malicious actor intercepts the SMS message containing the verification code and uses this code to gain access to the user's account even without knowing the password. This can be done through techniques such as SIM swapping, where the attacker takes control of the victim's cell phone number.
In a social engineering attack, a hacker tricks the user into giving them their verification code by spoofing as a person or representative from an organization that the user trusts. This can be done through phone calls or emails. Criminals can also call or email your mobile phone service provider, use your stolen personal data to impersonate you, and ask the company to send your text messages to a different device.
To avoid these risks, it is recommended to use alternative forms of two-factor authentication, such as hardware tokens or authenticator apps (e.g., Microsoft Authenticator or Google Authenticator). These options eliminate the possibility of SMS interception and reduce the risk of social engineering attacks.
While SMS 2FA has its flaws, it is still a relatively secure form of 2FA. It is easy and convenient, as it only requires the user to enter a password along with a single-use numeric code sent via SMS. However, if you want to ensure your network is more secure, it is advisable to explore other methods of 2FA.
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Biometric authentication
Biometrics in banking offers a seamless and secure experience for customers. For example, facial recognition technology can be used to open an account without visiting a branch, verify identity for changes to accounts, enable mobile banking logins, and facilitate online transactions. Fingerprint readers offer easy enrolment and identity verification, preventing fraud and improving cost savings.
Biometric ATMs are also being developed and installed by several companies, providing an additional layer of security for customers. These ATMs may also include other features such as iris recognition. Biometric technology can also be used by bank employees, with nearly 50% of fraud schemes in banking attributed to inside corruption.
Biometrics are also convenient for customers, providing a fast and accurate way to authenticate and access their accounts. This technology is becoming increasingly common in the banking industry, with many financial institutions replacing traditional systems with biometrics.
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International calling numbers
If you are outside the US and need to contact Bank of America, you can call collect using the number 1.315.724.4022. You must use your country's operator to call international collect, otherwise, you may incur international charges. You may need to enter an international access code or a '+' before entering the country code, area code, and phone number. For example, to call the US from Europe, you would dial 00, 1, the area code, and the phone number.
If you are an expat or frequently travel between countries, you may want to consider getting a local SIM card or an international calling plan. Prepaid SIM cards are available at international airports, phone shops, and convenience stores in cities. However, they can be more expensive in the long run as you will need to top them up regularly. Another option is to use an electronic SIM (eSIM) service, which can be purchased through an app.
Some banks offer alternative verification methods, such as email or mobile apps, so be sure to check with your bank about their specific processes.
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Recovery keys
In the context of online banking, recovery keys could serve as a backup method of authentication, similar to how they are used for crypto wallets. Crypto wallets use a recovery phrase, typically a 12-word phrase, that serves as a human-readable form of the wallet's private keys. This recovery phrase allows users to access their crypto assets even if they lose their device or forget their password.
The absence of recovery keys as an option for online banking highlights a gap in the security procedures of financial institutions. It is important for banks to recognize the potential benefits of implementing recovery keys as a standard feature. This would provide customers with an additional layer of security and peace of mind, knowing that they can still access their funds even in the event of losing their primary authentication method.
While banks may have alternative procedures in place, such as requiring customers to visit a branch in person or providing other forms of identity verification, these processes can be inconvenient and time-consuming. Recovery keys offer a more efficient and user-friendly solution, empowering customers to quickly regain access to their accounts without having to rely solely on customer support or physical branch locations.
It is worth noting that recovery keys should be treated with the same level of security as any other sensitive information. They should be kept in a secure, physical location, and users should never share their recovery keys or phrases with anyone, including bank staff. By adopting recovery keys as a standard security feature, banks can enhance the overall resilience of their online banking systems while also improving the customer experience.
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Alternatives to SMS 2FA
SMS-based two-factor authentication (2FA) is a popular method of user authentication because it is easy to set up and convenient for the user. However, it is not the most secure method, as text messages are vulnerable to several attack strategies. SMS-based 2FA is susceptible to interception and phishing, and hackers can gain access to your messages through spoofing, malware, or by tricking mobile carriers into transferring your phone number to a SIM card they control.
There are several alternatives to SMS 2FA that are more secure and still convenient for the user. One alternative is to use a third-party 2FA app, such as Google Authenticator, Microsoft Authenticator, or Authy. These apps are free to use and not tied to your phone number, eliminating the risk of SIM swapping. They also offer cloud backup features, so you can easily restore your 2FA codes if you lose your phone or switch to a new one. Another alternative is to use a password manager such as 1Password or Bitwarden, which can generate Time-based One-Time Password (TOTP) codes. These codes are typically copied to the clipboard, making it easy to fill them in on any device. For even stronger security, you can use a combination of a password manager and a 2FA app, so that even if someone gains access to your password database, they won't have your 2FA codes.
Some banks and financial institutions in the US support third-party 2FA apps, including services like Juno, Robinhood, and credit unions such as UNFCU and Jovia. It is worth reaching out to your bank or service provider to inquire about their support for alternative authentication methods.
In addition to these options, there are other emerging technologies for user authentication. Typing biometrics is a new tool that captures your typing pattern and attributes it to you as part of the authentication process. This method does not require any additional hardware and leverages computational power to verify your identity.
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Frequently asked questions
There could be several reasons for this, including an error with the bank's website or an issue with your cell. Try using a different browser, deleting your cache, or restarting your phone. If the issue persists, contact your bank's customer service for assistance.
Before travelling, inform your bank about your travel plans and carry sufficient cash and physical cards. Some banks provide international calling numbers, so you can contact them while abroad. Additionally, consider setting up authentication apps or security keys for added convenience.
Most banking apps require authentication, such as a PIN or biometric data, before they can be accessed. Even if your phone is lost or stolen, your financial information should be secure. Contact your bank immediately to let them know about the situation and discuss alternative methods to access your account.
Yes, while many banks are moving towards requiring mobile phones for two-factor authentication, some banks like Co-op Bank offer Strong Customer Authentication (SCA) by email. You can also explore banks that provide authentication through landline phone numbers or security keys.
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