Two-factor authentication, or 2FA in short, is a security process through which the user provides two means of identification – physical token, such as a card, and a security code. In this context, the two factors involved are sometimes referred to as something you have and something you know. A common example of two-factor authentication is a bank card, where the card itself is the physical item (something you have) and the Personal Identification Number (PIN) is the data that goes with it (something you know).
According to industry experts, two-factor authentication could drastically reduce the possibilities of online identity theft, instances of phishing, mobile data theft, and other online fraud, because the victim’s password would no longer be enough to give a perpetrator access to his/her information. This is why QNet has adopted 2FA for all its clients.
How QNet Authenticates Confidential Information Using 2FA
Just like most 2FA implementation, QNet has also incorporated 2FA protection to access or transfer funds from your Quest Account – your Quest Account PIN and another Security Tool. This means you not only have to enter your Quest Account PIN, but also answer a pre-configured Security Tool. As a user, options for Security Tool include the following:
- Security Question and Security Word – Only you know the answer to this question and only you know the security word
- Token – A 6-digit code generated by a device or sent via SMS to your mobile phone. Tokens are of the following types:
- Hardware Token – A physical device that, when activated, generates a 6-digit code (please check availability of this service in your country/province)
- Software Token – An application that you can download, install and activate in your smart phone (iPhone, BlackBerry, etc)
- SMS – An option to receive the code on your phone with limited functionalities
2FA is the industry accepted compliance standard for online and mobile banking transactions. With 2FA powered by QNet, your days of apprehensions about online safety are firmly behind you.