Multifactor Identity Authentication (MFA)
Multifactor Identity Authentication uses several authorization techniques to secure your computer and smart devices against unauthorized access. It is an effective way to protect your money transfers from hackers and thieves. For example, it's a more secure way to access/login to a
For example, traditional single-factor authentication, like a login and password, is not very secure. Passwords can easily be lost, stolen or guessed. Currency providers and other financial institutions are moving towards two-factor and multifactor authentication, where they require additional factors to authorize access.
Currency providers, banks and other online services want to make sure that you are who you say you are, and that only you, as an authorized user, can access your money or sensitive information. They achieve this through using authentication, which authorizes you to use your account.
Typically, this second and third type of authentication could be something like a one time password, a security token or biometrics. Typical biometric authentication might be facial recognition, a fingerprint, a voice print or something else that is unique to you.
Multifactor authentication makes your account and money transfers much more secure, and significantly reduces the risk of criminals accessing and abusing your account. Monese is a currency exchange provider that uses multifactor authentication.
Money Transfer Glossary
When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean. But don't worry. We’ve got you covered with our complete Monito glossary and guide to the most frequent terms you’ll come across when you send or receive money internationally.
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