What is a Verification Code?

A verification code, often a series of numbers, is sent to you when you’re trying to log into an account or verify your identity.

You would likely receive a verification code during the following:

• Set up two-factor authentication (2FA) on an account.
• Attempt to log in from a new device or location
• Reset your password or recover an account
• Make an important account change such as updating security settings

Verification codes are typically valid only for a short period of a few minutes and are intended to provide an extra layer of security by ensuring that only you – (or someone with physical access to your phone or email) can access your account.

Online Bill Payment & External Money Transfers

For added protection, online bill payments and external money transfers now require a verification code.  This extra step ensures your transactions are secure and helps prevent unauthorized access.

A common verification process for both online bill payments and for external money transfers are:

• Initiating Payment/Transfer: You start the transaction by entering the required information (e.g., amount, recipient details).
• Verification Request: The system prompts you for a verification code (via SMS, email, or app).
• Enter Code: You enter the received verification code into the website or app.
• Completion: Once the code is validated, the transaction is processed.

Why Would Scammers Want Your Verification Code?

Unfortunately, scammers have found ways to exploit verification codes for fraudulent purposes. A common tactic is to contact you pretending to be from a reputable company, service provider, or even as a close friend.

Here are some examples of how these situations take place:

• Account Takeover Scams: Scammers might pretend to be from a service provider that you are acquainted with and will claim that there is a problem regarding your account. They will offer to help you troubleshoot to fix the issue, leading to them asking you to provide a verification code for the account and gain unauthorized access to your account.

• Fake Job Scams: Scammers also target job seekers through the promise of a job offer or interview. They will claim to need specific information to verify your identity, while they are trying to collect sensitive information to access or even hijack your account

• Delivery & Payment: A scammer might pose as personnel from a delivery service, payment app, or as a bill collector from a reputable company. They will contact you claiming they need your accounts verification code to confirm and process a transaction or delivery. While under the guise of helping you, their real goal is to gain access to your accounts.

Why You Should Never Share Your Verification Code

Verification codes are designed to be private to keep your sensitive personal and financial information safe from those who intend to exploit it. By handing over a code, you are providing them with access to your accounts and personal information.
If someone is claiming they need your verification code, caution this is a big red flag!

How to Protect Yourself & Your Accounts:

• Never Share Verification Codes: No legitimate company or service will ask you to provide them with a verification code. If someone asks you to provide them with a verification code, slow down and be cautious as it is a scam.

• Enable Two-Factor Authentication: Verification codes are not foolproof on their own. They are best when used alongside a strong password as an extra layer of protection. Enabling a two-factor authentication on all personal accounts is another way to ensure your information and finances are protected as much as possible.

• Be Skeptical of Unexpected Phone Calls, Text Messages, and Emails: Be wary of any unprompted verification codes that are sent to you or any unusual messages you receive that ask for a verification code to be provided. If you feel concerned about the legitimacy of the message from the sender, it is best to call the source or company directly. Please refrain from clicking on any provided links or directly responding to messages from unfamiliar senders
• Report Suspicious Requests: If you are ever asked to provide a verification code in a suspicious manner, be sure to report the incident to the platform or service that sent the code. Many companies have security teams to track and address fraudulent activity.

Final Thoughts

Verification codes are an effective tool for online security, but only if they remain private. Scammers may try to mislead you into sharing this information with them for malicious purposes. By staying cautious and keeping your codes confidential, you can protect yourself and your accounts from fraudulent activity.

How to Set Up
Two-Factor Authentication

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The first time you log in to your online and mobile banking accounts, you will be asked to verify your phone numbers. From there, you will choose to receive your passcode by phone call or text message.

In certain instances, you will be required to enter a new one-time passcode. These may include a login from an unusual IP address, using a new device, and signing on from a different browser or from a new location.

If you have any questions,

please call us at 877-698-3278.

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