Two-factor authentication (2FA) is a security measure that requires two forms of identification, such as your password and a code sent to your phone, to verify your identity to access your online accounts. While this makes it harder for hackers to gain access, scammers are finding creative ways to get around this and get your personal information.
In this blog, we’ll define what 2FA scams are and how they work, and the warning signs to watch for so you can take the necessary safety measures to protect yourself from this scam.
What is a Two-Factor Authentication (2FA) Scam?
A 2FA scam happens when a cybercriminal tricks an unsuspecting individual into bypassing 2FA protections, so that the scammer gains access to the accounts instead. These scams often rely on social engineering tactics used to manipulate you into revealing your authentication codes or clicking on malicious links.
Common 2FA Bypass Techniques
Here are common ways scammers are able to bypass 2FA.
- Social Engineering: A manipulation technique that tricks people into divulging confidential or personal information.
- Man-in-the-middle: Instead of directly asking for the two-factor authentication code, this method uses malware to extract your data and track your activity from session cookies.
- Consent Phishing: A specialized phishing attack that tricks users into granting authorization to a malicious app that steals data. For example, when you use your pre-existing Google account to sign up for a third-party website or application, a consent screen will ask for your approval to access data on your Google profile. The cybercriminal creates a bogus consent screen that appears legitimate and uses it to gain access to your account information and data.
- Password Reset: Uses the password reset function on websites and apps to change your password and invade your account.
How Does a Two-Factor (2FA) Authentication Scam Work?
One of the most commons two-factor verification methods uses text messages. Once you have entered your password, an authentication code is sent via text message to your mobile phone, which you can then enter on the website or app to complete the authentication process. Scammers can get around this by getting you to send them your code.
Example of a 2FA Scam
- A scammer gains access to your username and password through one of the common bypass examples above.
- They attempt to log into your account, triggering a 2FA prompt. To complete the login process, they need the code sent to your phone or email.
- The scammer contacts you, pretending to be a legitimate source (like your financial institution), and convinces you to share the code by claiming it’s necessary for verification or to stop suspicious activity.
- Once they have the code, they gain full access to your account and will likely commit fraud.
Common Signs to Watch For
Safeguarding your accounts starts with knowing what signs to watch out for. Here are common warning signs of a potential 2FA scam.
- Unexpected Login Prompts: Receiving a 2FA code you didn’t request. Never share your 2FA code with anyone.
- Unfamiliar Callers, Messages, or Urgent Requests: If someone contacts you claiming to need your code (for any reason) – do not respond.
- Phishing Links: Receiving an unsolicited email or text with a link. This is a common tactic scammers use to direct you to a fake website login page that is designed to steal your online credentials. Never click on unsolicited links.
- Poor Grammar and Generic Language: Many scam messages have typos, awkward phrasing, or generic greetings like "Dear User." Delete unsolicited messages.
Scammers will often create a sense of urgency, claiming your account will be locked or compromised if you don’t act quickly. Never click on unsolicited links, respond to spontaneous messages, give out your 2FA code or any other personal information no matter how persistent the request may be. Instead, contact the financial institution directly using their official website through a trusted browser or app.
Remember, Peach State nor any of our third-party vendors (i.e., Visa) will ever call, text, or email you asking you for your PIN, 2FA code, to disclose account, or other personal information. If you believe you were contacted from someone claiming to be from Peach State, please contact us immediately at 855.889.4328, stop by your local branch, or email us at psfcu@peachstatefcu.org.
If You or Someone You Know Falls Victim to a 2FA Scam - Do This Immediately
- Change Your Passwords: Start with the affected account and then update passwords for other accounts using unique, strong combinations.
- Enable or Reset 2FA: Reconfigure 2FA settings to prevent further unauthorized access. Consider using app-based 2FA authentication like Google Authenticator or Authy instead of SMS-based 2FA. These apps generate codes locally on your device, making them harder for scammers to intercept.
- Notify the Service Provider: Contact the organization associated with the compromised account immediately for additional support.
- Monitor Your Accounts: Keep an eye on financial and personal accounts for unusual activity. Immediately report suspicious or fraudulent activity.
2FA is a powerful tool for protecting your online identity, but it’s not foolproof. By understanding how 2FA scams work and taking proactive steps to secure your accounts, you can outsmart scammers and keep your information safe. Stay vigilant, trust your instincts, and remember – your 2FA code is your key. Don’t give it away!
To learn more about staying safe from financial scams and fraud, visit the Fraud section of our Dollars & Sense blog.