What is Multifactor Authentication (MFA)?
MFA offers an added layer of authentication to protect on-line users when they access online banking. Its another way the computer identifies you when accessing your account information. Currently, when GTNet users access their account, they sign on using their Member Number and Password.This is a single factor authentication. The Password is encrypted and passed through the system and accepted to allow the on-line session. To further protect on-line transactions, another method to authenticate the on-line user is now necessary. In fact, FFIEC regulations require that all financial institutions add multi-factor authentication to their online services by year end. How will this affect GTNet users? GTNet Users will find a simple enrollment process that involves enrolling with your member number, password, random security code and setting up 5 security questions that will be asked randomly upon your return visits to GTNet. Click here to logon to GTNet using MFA. Security on the Internet i
All federally insured credit unions have been directed to perform a risk analysis, and based on that analysis, strengthen authentication for online banking where appropriate. In fact, most financial institutions in the U.S. (banks, investment firms, etc.) have received similar directives. The bottom line is that the government believes a single authentication factor (in this case, your original or primary password) is not sufficient to protect accounts where high-risk transactions are allowed (funds transfers, bill pay, etc.). Systems that allow these high risk transactions must add an additional authentication factor. In EECU’s case, the additional factor is a secondary password that is required when you are logging in to the system from a computer the system does not recognize. This extra level of security is referred to as Multifactor Authentication, of MFA for short. Different institutions have chosen to implement MFA in different ways. EECU’s decision was driven by a desire to pro
