Two factor authentication (2FA) for higher security
Strong Customer Authentication (SCA) measures are part of the revised Payment Services Directive (PSD2) to improve the security of payments online.
One of the key elements of SCA is two factor authentication (also described as 2FA or 2-fac) which is intended to reduce payment and card fraud online by implementing additional security measures at the point of transaction.
How does two factor authentication work?
How does two factor authentication work?
Two-factor Authentication (2FA) is a security measure which requires two separate unrelated authentication methods in order for you to access your accounts and conduct financial transactions while online.
There are many ways that the second factor can be delivered, however in general there are three different delivery channels used to aid in verifying and identifying you – SMS (text message), email or authenticator app.
How is Moneycorp managing SCA requirements?
How is Moneycorp managing SCA requirements?
To comply with Strong Customer Authentication (SCA), we’ve enhanced our security features by implementing the option of an authentication app accessible via your mobile phone. This option will be in addition to the SMS (text message) option.
The authentication app will display a secure code that is entered when you login to your account. We recommend downloading one of the below authenticators from your mobile’s app store:
· Microsoft Authenticator for iOS, Android
· Google Authenticator for iOS, Android
If you already use an authentication app then Moneycorp can be added to it. This method of verification is a secure way of accessing your account whereas other ways such as email verification are not seen as a preferred security step up option.
What do I need to do?
What do I need to do?
Once you have logged into your account, you will have the option to add Moneycorp to the authenticator app. If you wish to enable this then a step-by-step journey will talk you through the process.
What if I don’t want to use the authentication app?
What if I don’t want to use the authentication app?
If you wish to continue using SMS one-time PINs on your mobile phone, it is essential that Moneycorp have the correct mobile phone number for you. Please check this on your account settings page, within Moneycorp Online. If you need to update this please call our customer services team.
After your account has been updated, you will also be asked to check and update your email address. Everything else about your account will remain the same, so you’ll be able to access the same competitive rates and convenient currency transfer services, but with an added layer of verification to protect your transactions and your account.
Why does Moneycorp use two factor authentication?
Why does Moneycorp use two factor authentication?
Having two factor authentication provides an additional layer of protection when you transact with Moneycorp online. With this extra technology you can securely enjoy our online banking services.
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Moneycorp is a trading name of TTT Moneycorp Limited, a company registered in England under registration number 738837. Its registered office address is at Floor 5, Zig Zag Building, 70 Victoria Street, London SW1E 6SQ and it is VAT registration number is 897 3934 54. TTT Moneycorp Limited is authorised by the Financial Conduct Authority under the Payment Service Regulation 2017 (firm reference number 308919) for the provision of payment services.
Moneycorp FRM is a trading name of Moneycorp Financial Risk Management Limited which is authorised and regulated by the Financial Conduct Authority for the provision of designated investment business (firm reference number 452443).
Travel money services are provided by Moneycorp CFX Limited. Moneycorp CFX limited is a company registered in England under registration number 4780562. It is registered office address is at Floor 5, Zig Zag Building , 70 Victoria Street, London, SW1E 6SQ and its VAT registration number is 897 393454.
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