It’s never been more important to protect your fintech account from fraud. Cybercriminals are always finding new ways to exploit user data, so you want to do everything you can to make your account as secure as possible.
One of the most effective ways to protect your account from unauthorized access is to use SMS verification, but what if you don’t want to use your own personal phone number for this?
In this article, we’re breaking down why SMS verification is so important for protecting against fraud, and when you might prefer to use a temporary number for this purpose.
How SMS Verification Prevents Fraud
A lot of fintech platforms now require SMS verification as a mandatory process, either when you first create the account or change your password, or even every time you log in. Others will allow you to choose whether or not you use SMS verification, and it’s worth doing so to protect your account from unauthorized access.
When you enable SMS verification, the platform you’re using will send a one-time code to a phone number when you log in or make a transaction. This code essentially serves as the second factor in verifying your identity (with the first usually being your password and email address).
The requirement for SMS verification means that even if a hacker steals your password, they can’t access your account without the code sent to your phone. This allows your platform to block most unauthorized login attempts and prevent fraud before it happens.
When it Makes Sense to Use a Temporary Number
While SMS verification is effective, you might, for whatever reason, not want to share your personal number with the platform you’re using. If you just need a one-time verification (not verification every time you log in, which will get problematic as you’ll need to use the same number), there are a few solutions to consider.
The easiest is to use SMSPool verification, which gives you access to temporary, non-VoIP phone numbers, so you can receive verification codes without revealing your real number. This not only protects your privacy but also reduces the chance of your number being targeted in future phishing attacks or data breaches.
There’s also the fact that cybercriminals are known to use techniques like SIM swapping to hijack your phone number and intercept verification codes. When you’re using a temporary number that isn’t tied to your mobile carrier, you can avoid this risk entirely.
Takeaway
With online threats getting more advanced, it’s no longer enough to rely on passwords alone to keep your fintech account safe. That’s why it’s well worth using SMS verification whenever it’s provided by your fintech platform, adding an extra layer of security.
Making this small change is an easy yet highly effective way to protect your account from fraud and keep your personal info out of the wrong hands. But if you want to limit how much you share your phone number online, there are ways to get around this with online SMS verification.
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