To someone looking to commit fraud, a 529 account is no different than a checking or savings account. If your information gets into the wrong hands, your child’s education savings may be at risk.
In an effort to give customers even more protection in the fight against internet fraud, Virginia529 has implemented new upgrades to its secure online platform.
Some of the new technologies that complement Virginia529’s security platform and secure login system for customers include:
- Multi-factor authentication capabilities for customers’ accounts, utilizing SMS, email and authentication apps
- Enhanced bank account validation services
Protecting Virginia529’s customers from online fraud is a continuous and comprehensive effort with no one solution ensuring online security. This upgraded layered security approach should give families peace of mind while they save for their loved ones’ futures.
Multi-factor authentication, also known as two-step verification, is the process that requires two ways of proving your identity and enhances protection of your Virginia529 account(s).
While there is no one perfect authentication method, the concept behind multi-factor authentication is that it provides a layered approach to account security. This requires an extra step each time when logging into your account, but it also provides a more secure online experience.
Multi-factor authentication is available to all Virginia529 customers and participation in the protective measure is optional, but strongly encouraged. Please note that enabling multi-factor authentication may prevent data aggregators such as Mint.com from accessing your account.
Want to learn more about protecting your account with multi-factor authentication? Review Virginia529’s multi-factor authentication FAQs.
Additionally, as part of its fraud prevention measures, Virginia529 is working with the consumer reporting agency Early Warning Systems to identify fraudulent activity associated with bank accounts. As part of validation, Virginia529 may request additional information or documentation from you.
Online banking fraud can happen to anyone, but here are a few things you can do to keep your 529 account safe:
- Never give account information to unsolicited callers.
- Use different passwords for each of your online accounts and sign up for multi-factor authentication on your Virginia529 account(s).
- Don’t share your usernames or passwords with anyone. Secure your home WiFi and never login to your accounts while using a public network.
- Regularly monitor your online accounts for unauthorized or suspicious activity.