Multi-Factor Authentication - City National Bank & Trust

What is Multi-Factor Authentication?

Multi-Factor Authentication, also referred to by the acronym MFA, is a method employed by a business or financial institution to ensure the security of the online activities of its customers. Due to the rise in identity theft and online fraud, and the fact that it shows no signs of slowing down any time soon, the days of a single login ID and password may be numbered. In an effort to reduce the risks posed by malicious individuals on the internet, Multi-Factor Authentication was created.

How does MFA work?

There are many ways to implement a Multi-Factor Authentication system. In fact, you have probably already seen or used a few of them already.

Do you use an online email account that requires you to enter a login ID and verify a displayed image before entering your password?
Does a friend or family member carry a small electronic device in their pocket, or maybe on their key ring, that periodically generates random numbers that they use when logging on to a website?
Have you ever gone online to get your credit report and answered the series of questions that are posed to you?

If you can answer yes to any of the questions above, then you have been exposed to Multi-Factor Authentication. Essentially, MFA provides enhanced security by making it more difficult for hackers and online fraud artists to gain access to your personal information.

How will MFA affect you?

One of the many benefits of MFA is the fact that it is designed to minimize the impact it will have on the normal activities of the online banking customer. You will be guided through a one-time enrollment process where you will set the conditions of your MFA profile (verification image, passphrase, challenge questions, etc.) and then you can continue with business as usual. The next time you attempt to logon to your online banking site, you will be able to see the verification image you selected during MFA enrollment. This is how you can be assured that you are connecting to the proper website before you enter any confidential information and it also allows the banking system to verify your identity.

You should be aware that the impact of the MFA system will increase slightly if you connect to online banking using multiple computers. For example, let’s assume you enrolled in MFA from your home computer but you also periodically access the online banking system from your office or your laptop. The MFA system will see your office computer or your laptop as an unknown and will prompt you to provide additional verification, in the form of presenting you with one or more of the challenge questions you set up during your MFA enrollment. Once you have provided the additional verification, the system will allow you to connect from that computer. The beauty of the system is that it will also ask you whether or not you wish to add the computer to your list of valid connection locations. If you do add the computer to your list, you will no longer be prompted for additional verification when you connect from that computer. You will simply be presented with the same logon process that you would see from your home computer.

What can MFA do for you?

The most obvious benefit of MFA is a more secure environment for you to conduct your online activities. Additionally, there are some not-so-obvious benefits that you will receive with MFA:

MFA has built-in fraud detection capabilities. By using a complex series of analysis procedures, the MFA system can actually help us to improve our security measures, thus providing you with a higher level of protection.
The MFA system uses data analysis to pinpoint any online activity that could be considered unusual. Then the system can implement additional verification procedures and inform you that unusual online account usage may have been detected. This process can provide you with the means to head off any illegal use of your financial information before any significant damage is done.

Essentially, Multi-Factor Authentication will allow you to feel secure in the knowledge that the protection of your confidential information is of the utmost importance to City National Bank & Trust. We are committed to providing you with the most secure online banking environment that we can. Due to this commitment, City National Bank & Trust will be implementing a Multi-Factor Authentication solution in the near future.

Online Banking Security

City National Bank & Trust provides a private and secure environment. We use leading-edge technology to ensure all client information is safe and secure. We protect our clients by using security measures that are among the best in the industry.

Encryption
All client information is encrypted using Secured Sockets Layer (SSL) technology supported with digital certificates provided by VeriSign. Secure Sockets Layer is a technology developed by Netscape and adopted by all vendors producing web-related software. It negotiates and employs the essential functions of mutual authentication, data encryption, and data integrity for secure transactions. This means that your information is safe and secure as it travels over the Internet.

Authentication
City National Bank & Trust participates uses a product known as Multi-Factor Authentication. Multi-Factor Authentication, also referred to by the acronym MFA, is a method employed by a business or financial institution to ensure the security of the online activities of its customers. Due to the rise in identity theft and online fraud, and the fact that it shows no signs of slowing down any time soon, the days of a single login ID and password may be numbered. In an effort to reduce the risks posed by malicious individuals on the internet, Multi-Factor Authentication was created.

Firewall Security
City National Bank & Trust uses leading firewall and network security technology to protect our internal computer systems from unauthorized access. Our clients can be confident that their personal information is completely safe and private.

If you have any questions or concerns regarding the security of your information, please contact us.