How to setup MFA on Banking Apps

Setting up Multi-Factor Authentication (MFA) for banking apps is one of the most important things you can do to secure your finances. While the specific steps can vary slightly from one bank to another, the general process and methods are very similar.

Here is a general guide on how to set up MFA on your banking app, along with an explanation of the most common methods you’ll encounter.

The General Process

The process is almost always initiated from within your bank’s app or website. You will not need to go to a third-party website to set it up.

1. Log In to Your Account: Sign in to your online banking portal or mobile app using your standard username and password (or PIN).
2. Find Security Settings: Navigate to the Security, Privacy, or Profile Settings section. This is typically found within the menu or a dedicated security tab.¹
3. Find the MFA/2FA Option: Look for options labeled Two-Factor Authentication, Multi-Factor Authentication, or sometimes a specific name like Security Key or a proprietary name for their authenticator service.
4. Choose Your Authentication Method: The bank will present you with one or more options for the second step of verification. Choose the one that works best for you and follow the on-screen instructions.
5. Verify and Confirm: The bank will guide you through a one-time verification process to confirm the new method.² This may involve entering a code sent to you or confirming a login on another device.³
6. Enable MFA: Once verification is complete, you will be prompted to officially “turn on” or “enable” MFA for your account.

Common MFA Methods Used by Banks

Here are the most common methods you will be asked to set up:

1. Push Notifications (Most Common)

This is the most convenient method. When you log in from a new device, a push notification will be sent to your mobile banking app. You simply tap to approve or deny the login attempt.⁴

• How it Works: The app on your phone acts as the second factor. The bank’s server sends a secure message directly to the app, which is a much safer channel than SMS.
• Best For: Convenience and high security. It is the preferred method for most users.

2. Authenticator Apps

This method uses a dedicated app like Google Authenticator or Microsoft Authenticator to generate a time-based, one-time password (TOTP).⁵

• How it Works: The bank will give you a QR code to scan with your authenticator app.⁶ After scanning, the app will generate a new 6-digit code every 30-60 seconds that you must enter during login.
• Best For: Strong security that doesn’t rely on phone signal or SMS.⁷

3. SMS (Text Message) Codes⁸

This is a very common method, especially for older or simpler systems. A one-time code is sent to your registered phone number via text message.⁹

• How it Works: After entering your password, you receive a text with a code that you must enter on the login screen.¹⁰
• Best For: Simplicity. However, it’s generally considered less secure than push notifications or authenticator apps due to the risk of SIM-swap attacks.¹¹

4. Biometrics (Face ID/Fingerprint)¹²

Many apps allow you to use your phone’s built-in biometrics as a second factor.

• How it Works: After entering your password on a new device, your bank may prompt you to use your fingerprint or face scan on your phone to complete the authentication.¹³ Some apps also allow you to use biometrics as the primary login method.
• Best For: Ease of use and high security, as it is tied to something you “are.”¹⁴

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If you have trouble finding the settings, check your bank’s official website or mobile app support section for a specific guide, or contact their customer service for direct assistance.