For safer online banking, enable the strongest sign-in authentication your bank offers—prefer a passkey or security key if supported, and otherwise use an authenticator app when available. Turn on transaction alerts too, but treat them as a way to spot activity, not as protection for the login itself. The options available depend on your bank.
What each setting protects against
| Setting | What it does | Main strength | Limit |
|---|---|---|---|
| MFA or two-factor authentication | Requires an additional authentication factor beyond the password. | Makes a stolen password less useful. | Methods differ in strength. Text and email codes are more exposed to interception or attacks on the phone or email account than phishing-resistant options. |
| Passkey or security key | Uses a cryptographic credential associated with the legitimate service and a device or authenticator. | Resists phishing and avoids entering a reusable password or code into a fake site. | Bank support varies; no current bank-by-bank availability list is established here. |
| Transaction alerts | Sends notices based on transaction size or risk rules. | Can help you notice activity and investigate it. | Alerts are monitoring, not a login factor or a guarantee that a transaction will be stopped. |
Which sign-in method should you choose?
Choose a passkey or security key when your bank supports it
Passkeys and security keys use cryptographic authentication tied to the legitimate service, making them more resistant to phishing than a code that can be entered on a fraudulent site. A security key is a physical device, but it only helps if your bank supports it. CISA advises users to “Use the strongest MFA option available” and identifies phishing-resistant methods as stronger than text or email codes. CISA’s MFA guidance names security keys as an example; that is not a product test or endorsement.
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Otherwise, use an authenticator app if available
If your bank does not offer a passkey or security key, an authenticator app is a stronger choice than relying on SMS or email codes when the bank provides it. FTC guidance recommends protecting sensitive accounts, including banking and credit card accounts, with two-factor authentication and discusses authenticator apps and security keys. Read the FTC’s consumer guidance.
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Any additional factor can make a stolen password less useful, but the “MFA” label does not make all methods equally strong. Text and email codes may be intercepted or exposed through attacks on a phone or email account. If your bank offers no stronger method, enable the codes it does support rather than leaving the account password-only.
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Why transaction alerts are useful—but not enough
Alerts serve a different purpose from authentication. They notify you about activity, often based on transaction size or risk parameters, so you can investigate something you do not recognize. Federal Reserve interagency guidance describes this kind of alerting as one part of layered controls for financial institutions. See the Federal Reserve guidance.
An alert does not prove that the person signing in is you, and it does not guarantee the bank will stop a transaction. Enable alerts in addition to strong sign-in authentication, choosing activity types and thresholds your bank makes available.
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How to enable the protections
- Open your bank’s official app or type its known website address, then sign in and find the security, sign-in, or authentication settings. Exact labels vary by institution.
- Turn on the strongest available method. Choose a passkey or security key if offered and practical; otherwise choose an authenticator app over text or email codes when available.
- Enable alerts for the activity your bank lets you monitor, such as transfers, purchases, or larger transactions. Review the available thresholds and delivery methods.
- Check that your account recovery information is current. Do not give a verification code to someone who contacts you unexpectedly; the FTC warns against sharing codes in that situation.
- Review account activity regularly and contact your financial provider promptly about anything you do not recognize. The CFPB advises consumers to watch accounts closely and report suspicious activity. Read the CFPB’s account-monitoring advice.
Check what your own bank supports
Availability, setup paths, alert thresholds, and delivery options differ by bank and can change. Look in the bank’s official security settings or help pages, or contact the bank using a trusted number or in-app channel. The available evidence does not establish a universal bank-by-bank list or a head-to-head consumer trial showing how these controls affect banking outcomes; the official guidance describes the controls and recommends stronger authentication.
For additional context on authentication in financial services, the CFPB discusses MFA and phishing-resistant authentication for sensitive consumer information in its Circular 2022-04 and addresses risk-based authentication in digital banking in its authentication and access guidance.
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