Blog

Knowledge Based Authentication

Written by Andrea Klinedinst, Executive Administrative Assistant

How we’re keeping you safe

As fraud continues to rise and scammers find new ways to trick people into giving them their personal and financial information, it’s more important than ever to make sure we are all doing everything we can to keep your information safe. If you follow our eNewsletter, you know several tactics to employ to keep your own information safe. Today we’re talking about one of the many ways that we here are MNB are working to keep your information safe which is by using Knowledge Based Authentication (KBA).

What is Knowledge Based Authentication?

KBA is a new multifactor authentication tool that banks and other financial institutions are using to keep your information safe from bad actors. You may be familiar with KBA on websites where you log in and they ask you for the answer to a security question that you previously submitted, i.e. “what is your mother’s maiden name,” or “what was your first job?” MNB is following this trend by now asking you to answer one of these questions when you call or stop in.

Why do we need KBA?

Scammers are constantly working to get personally identifiable information from their victims, and these days, they are easily obtaining information like SSN, dates of birth, address, etc. or gaining access to their victim’s online accounts. Then they call in to financial institutions to get more information or make transactions. When an employee at the financial institution asks the normal qualifying questions like “what is your date of birth,” these scammers are often able to provide that information. In the same way, if an employee asks for recent transaction information and the scammer already has access to their victim’s online accounts, they can easily provide that information. KBA is just another step in the process to keeping your information safe and identifying you with personal information that only you would know.

What does this mean for you?

This all means that when you call in to MNB or come in without a valid form of ID, our employees are going to ask you for the answer to a KBA question. That way, they can better ensure they are talking to you and providing only you with your financial information. Some examples of KBA questions are your city of birth, name of high school, school mascot, pet’s name, etc. If you haven’t already set up your KBA questions, the next time you call in or stop by, you will likely be asked to do so. Just know, this is just another way we are working to keep you and your finances safe.

What can you do?

1. Call in to set up your KBA questions and use multifactor authentication tools whenever you can. MNB is not the only institution using KBA, so make sure you use this or other multifactor authentication methods when they are offered.
2. Never give out your personal information or financial information to anyone. This includes on social media when questionnaires are being shared by all of your friends. Those questionnaires often include answers to your KBA questions, so sharing that information online makes it easier for someone to steal your information.
3. Never click on suspicious links. Whether in text, email, or on social media, never click on suspicious links or links you weren’t expecting. This is one way for someone to steal your information or for you to unintentionally download a virus or malware.

Keeping your information and finances secure is a top priority here at MNB, and we want to partner with you to do everything we can to protect that. As always, we are here to help. If you suspect you are a victim of fraud or identity theft, do not hesitate to call us at 877-647-5050. Be informed and stay safe.