Why RSA Verification is Required for ACH and/or Wire Services
You’re probably familiar with the two-factor verification method involving a code sent by text or call, as many websites now require it to log in. You may also have experienced a delay in receiving your code or not receiving it all. Many users can have trouble with this form of verification for several reasons which is why RSA Software Tokens are now set up for any BankProv online banking user that will utilize ACH or Wires
Below, we outline reasons why the traditional text/call method might not be the optimal choice for your business. We then explore two methods for utilizing RSA tokens to facilitate wire and ACH transactions via your online banking portal and how to enroll.
Why the Text/Call Method May Not Work Best
Wire and ACH transactions typically involve the transfer of large sums of money, so for security purposes, additional verification is needed to reduce the risk of unauthorized access and to help prevent fraudulent transactions.
With the traditional text/call two-factor verification, the only numbers you can select from are phone numbers currently listed on your profile. If the phone numbers on your profile are outdated or inaccurate, you will be unable to receive the necessary verification code and therefore unable to initiate and/or approve your transaction.
Another common issue is that because the code is sent digitally, it is only able to be sent to numbers that will reach you directly. It cannot be sent to a phone number set up with a switchboard or any other system that requires prompts to reach your line.
Codes can also be delayed if you’re requesting it to be sent by call/text to a cell phone that isn’t connected to a Wi-Fi network or may have limited service. In addition to causing delays in initiating transactions or potentially missing cutoff times, not receiving your code in a timely manner can cause the system to time out and could potentially lock your online banking profile.
Using RSA Tokens for Business
To proactively avoid all problems commonly associated with traditional text/call two-factor verification, BankProv sets all new ACH and Wire users up with an RSA Software token. This allows our customers to receive their code instantly through a user-friendly app with no service delays or complications due to wrong phone numbers.
RSA SecureID allows you to securely and efficiently process ACH and Wires with a PIN that you create when setting up token services. The app will then provide a token code that you'll be prompted for once you click on either of the ACH or Wire tabs in your online banking portal.
For users that don’t have the ability to download the app or are unable to utilize the app overseas, Hardware Tokens are available by approval. When selecting a Hardware Token, a tangible device will be provided that automatically shows a token code. When using this token option, you would type your PIN (created at token setup) as well as the code shown on your token device into the Wires or ACH tab in your online banking portal.
Using tokens allows you to have the text/call verification feature removed and provides a more efficient and secure method for sending ACH and Wires.
Contact your Relationship Manager or call our Customer Support Center at 877-487-2977 to get started.
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