Because you or your bank has set up a security feature called Multi-Factor Authentication (MFA) to ensure your banking information is always protected.
These days, most Financial Institutions (FI) use MFA. It’s a pretty common security practice — even social networks use it! Some banks give you the choice to turn on this security feature or they just automatically turn it on for you. It is important to remember: MFA ensures your bank account is safe and secure.
MFA is an additional authentication process alongside your login credentials. You may need to answer a security question, provide a unique SMS code that your FI may send you other enhanced measures when you are requesting access to your bank account. It’s like your bank’s safety blanket. When you try to connect your bank account to Ampli, your bank gets notified that Ampli wants to view your banking information. Essentially, MFA lets your bank know that you have authorized this access.
Hold on. What do you mean “view my banking information?”
Don’t worry, authenticating means Ampli has the ability to scan your transactions anonymously. This means your banking information is listed as a set of encrypted letters and numbers — we never know your personal information.
Based on your personal security settings on your FI and their security measures, you may need to reconnect your bank account. This allows you to re-authenticate yourself to your bank.
Are you being asked to reconnect your bank account frequently? This is mostly due to the fact that your FI or your security settings on your FI requires MFA each time you login.