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MFA Strengthens Security

According to the Federal Trade Commission, more than 2.8 million consumers reported losing $5.8 billion to fraud in 2021, an increase of more than 70% over the previous years. 
In an effort to protect customers from fraud, Synergy Bank recently enabled the use of multi-factor authentication (MFA) for all customers who use our online banking and mobile app. MFA is a security measure for a login or transaction that requires multiple methods of authentication to verify a user’s identity. By doing so, it makes your accounts (and finances) more secure from hackers and scammers, even if they have successfully guessed or engineered your password from various phishing attempts. 
Customers who are sending money through Bill Pay or P2P (person to person) will be presented with the option to receive the MFA through a phone call or a text. The MFA is sent immediately and once submitted, customers can complete the transaction. Customers will not have to use MFA for another transaction if they remain within the same Bill Pay session. 
If you have any questions regarding MFA or digital banking, please contact our eBanking Department at [email protected] or 985-851-2217. Learn more about best practices on our cybersecurity page by clicking here.