Why SoFi is Expanding Two-Factor Authentication for Accounts

Beginning today, SoFi members without two-factor authentication (2FA) enabled will begin seeing a prompt at login to turn on 2FA. This feature will be rolled out incrementally, so this change may not be seen by every member right away.

Two-factor authentication or multi-factor authentication is a common and recommended practice for protecting important accounts such as those associated with financial services.

How does two-factor authentication help me?

Two-factor authentication (2FA) is the industry standard for helping to keep online accounts more secure by enforcing the use of two of these types of “factors”:

1. Something you know (like your password)
2. Something you have (like your phone)
3. Something you are (like your fingerprint)

2FA strengthens an account’s security because the second factor acts as an additional “gate.” This extra gate helps your account security by reasonably verifying that you are who you say you are after you submit your correct email address and login password.

When you enable 2FA, a unique verification code will be required to log into your account, in addition to your password. Depending on the method you choose, the verification code will be sent to you via text (SMS), voice call, or email. These codes can only be used once and expire after a short time frame. You can also make sure SoFi “remembers” devices you use frequently, so that you don’t have to use a verification code to login every single time you visit your account(s). We do not recommend that you “remember” any device that is shared or publicly accessible.

With 2FA, if a hacker got through your password layer, they would still need your phone or security code to actually get into your account. In order to safeguard personal data, we encourage all members to enable 2FA in order to help add an additional layer of protection to their SoFi accounts.

How do I turn on two-factor authentication?

SoFi members who do not already have 2FA enabled will begin seeing a screen at login prompting them to set up 2FA when signing in to their SoFi account.

To set up 2FA, follow the steps illustrated below. As a reminder, this flow will be rolled out to members gradually, so it may take a few weeks for all members who need to set up 2FA to see these prompts.

Helping to protect our members’ personal and financial information from unauthorized access and malicious activity is a top priority for SoFi. 2FA is fast and easy to set up, and helps protect your account, even if your password is compromised.

If you have any questions about 2FA, please contact SoFi Support.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


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