Enabling two-factor authentication on your accounts is the single most effective thing you can do to prevent account takeover fraud. Here's how to do it right.
Account takeover fraud — where a criminal gains access to your existing bank, email, or social media account — is one of the most common and damaging forms of identity theft. Once inside your email account, a thief can reset passwords on every other account linked to that address. Once inside your bank account, they can drain it or redirect direct deposits. Two-factor authentication (2FA) is the most effective single defense against this threat.
Two-factor authentication requires a second form of verification beyond your password — typically a code sent to your phone or generated by an app. Even if a criminal has your password (from a data breach, phishing attack, or password reuse), they can't access your account without also having your phone. Microsoft research found that 2FA blocks over 99.9% of automated account compromise attacks.
Not all 2FA is equally secure. SMS text message codes are the most common form but the weakest — SIM swapping attacks can redirect your texts to a criminal's phone. Authenticator apps like Google Authenticator, Authy, or the built-in authenticator in 1Password generate time-based codes that never leave your device and can't be intercepted. Hardware security keys like YubiKey are the strongest option, providing phishing-resistant authentication.
Priority accounts to protect with 2FA: your primary email address (it's the master key to everything else), your bank and financial accounts, your password manager, your phone carrier account (to prevent SIM swapping), and any account with stored payment information. If you can only enable 2FA on a few accounts, start with email and your phone carrier.
When setting up 2FA, you'll typically be given backup codes — store these in your password manager or print them and keep them somewhere safe. If you lose access to your 2FA device, these codes are your only way back in. Never store backup codes in your email inbox, where a compromised email account would give an attacker access to them.
Safety 1st Editorial Team
This article is credited to Safety 1st Editorial Team. Safety 1st Consumer Protection has republished this content with attribution.