24 Jul 2024
As more and more transactions are done on the internet, the security during these transactions has become a very sensitive issue, especially for many Filipinos living in the UK who make a habit of making online money transfer to Philippines. Indeed, with the constantly increasing risks of cybercriminal activities, proper protection, including the use of tools such as two-factor authentication (2FA), is crucial. This article focuses on the importance of 2FA, particularly for Filipinos working in the UK, in processes such as online money transfer and remittance services to ensure the safekeeping of their earnings as well as their data.
Two-factor authentication (2FA) is a security system where users must supply two different authenticators in order to identify themselves. This increases the overall security of this system by ensuring that there are different levels of security to pass through before getting the correct information. Usually, 2FA consists of a factor based on what the user knows, like a password, and the other factor is based on what the user has, such as a smartphone or a security token.
The same goes for online transactions and other procedures like, for instance, sending money from the UK to the Philippines, as these may face certain risk factors such as phishing, hacking, and identity theft. Potential candidates: Filipinos living in the UK use mobile money transfer services to support families, finance education or a property in the Philippines. Due to the increased number and importance of these operations, they are very attractive and vulnerable to cyber criminals.
2FA helps in protecting online transactions in the following ways.
Thus, 2FA means even if the fraudster gets your password, you and only you know the second factor, be it your phone or biometric, to finalize the transaction.
Another popular type of attack is phrasing; it makes the user enter their passwords. As for the hackers, knowing the password is not enough in 2FA, the great success of such schemes is minimized.
For Filipinos who are working in the UK and money transfer to Philippines to their families, 2FA safeguards their online accounts to prevent third-party interference in the process, and also escorts their money from being stolen.
The following is a step-by-step guide on how to complete the procedure:
Some of them are SMS and email verification, Google authentication, authenticator APPs, and biometric scans as well.
Go to the security options on the website or application for your online money transfer service. Go to the 2FA option and then click on it and follow the instructions given in the set process.
Make sure the device or method for the second factor is as secure as possible. For example, lock your phone with a PIN or by using your fingerprints.
The following are two crucial 2FA methods.
A code will be sent to your mobile phone, which comprises the access code and, together with your password, gain entry.
Some are application-based such as Google Authenticator or Authy that creates a code that must be used within a particular period as a mode of verification.
Relies on physical features as a form of identification; examples include fingerprint or facial scans.
It appears that the adoption rates of 2FA in the banking and financial services industries in order to send money to Philippines online is rising steadily. When considering the options for completing money transfer to the Philippines via the Internet from the UK, it is recommended to pay attention to the services that provide reliable security measures such as 2FA.
Following are some of their additional benefits.
Being certain that your transactions are safeguarded by 2FA can be a relief and you do not have to bother about it and instead can engage in other aspects of life.
With the help of 2FA you may improve your confidence in the companies that provide financial services through the Internet as they pay much attention to the security of the clients.
Some organizations demand that 2FA to implement the necessary benchmarks as set by the legislative bodies regulating the handling of people’s money.
Read More: From the Philippines to Beyond: Travel Tips for Filipino Nationals in the UK.
While 2FA significantly enhances security, some users may have concerns about its implementation:
Though this is another layer of protection, some people may consider 2FA quite inconvenient. However, in view of the fact that security is of paramount importance in today’s world, the inconveniences are overshadowed by security advantages.
The second factor such as a phone is not so convenient because once lost you’re in a bit of trouble. To avoid this, always to carry backup codes and check on the account recovery procedures.
Just like every other thing that is in a state of constant change, cyber threats, and therefore the security measures taken must always be updated. Advanced development in 2FA may result in more accurate biometrics, learner authentication that continually evaluates the user’s activity and a more unified security system that offers clients fluid, easy, secure experiences.
Remittance has become a routine in the lives of Filipino families living in the UK, and to send money to Philippines to your loved ones; therefore, the need to embrace a two-factor authentication system cannot be overemphasized. This security also encompasses financial and personal information and even discretionary protection for people’s financial transactions. In implementing 2FA, Indonesians can guarantee that the money transfer through a mobile phone from the UK to the Philippines and other areas is safe and can defend itself against this new-found internet crime.
Lastly, when using the money transfer services from the UK to the Philippines, always ensure that you activate the two factor authentications as it is a crucial measure that you need to undertake to enhance security measures of your money transfer services. In socializing with this technology, you are not only safeguarding the financial products that you own but you are also ensuring that the societal environment is more secure.
Two Factor Authentication is a security measure that involves using two different means of identification to gain access to a site. This is usually based on something only you know, something you hold, a mobile device or a security token for instance.
For those who are struggling to understand 2FA, this supplement to online accounts makes it harder for any intruder to penetrate your online accounts. If, as usually happens, someone hacks into your password, they will still require the second form of security for instance, the code sent to your phone.
Upon submitting your password, a second form of authentication will be required, typically a short-term passcode delivered to your portable device through a Random Number Generator app or through a U2F security key on offline storage. This helps to guarantee that all your information is safe unless your password is hacked but your account is still safe.
Employing 2FA thus prevents the leakage of sensitive information like personal and financial information and work-related information. The increase in various threats, including identity theft, underlines the need for individuals from the Philippines in the UK to protect their online selves.
Even though it is advisable that 2FA be implemented on all online accounts, it is mandatory for accounts that contain vital details, including email, banking, social media, and work accounts. It is important to note that these accounts are vulnerable to phishing attacks and similar scams.
