Protection & safety · General financial education

Protecting account access

Account access needs more than a password. A second factor makes a stolen password less useful.

In more detail

Two-factor authentication (2FA) means: something you know, plus something you have or are. Banks and supervisors describe this as a control, not as a branded app. TAN or confirmation codes do not belong with third parties.

Background

Categories without brand names: SMS code, an app-bound device, a separate hardware element. Phishing can still ask you to read a code aloud. Some services provide recovery codes if you can no longer use a factor. Finmon recommends no app brand and no vendor.

An example

A call asks you to read the code „to unlock“. The second factor confirms a step you started yourself, not a stranger’s request.

A common misconception

A good password is enough. Finmon must recommend a specific app.

2FA is a second factor besides the password. Finmon names no app brand.

Source: BaFin · Datendiebstahl / Phishing. Last reviewed: 2026-11-09. Editorially reviewed on 2026-11-09. Next review 2027-11-09. Version 0.2.0. Finmon explains. It does not advise. Not investment, tax or legal advice.