My Bank Says "Fix-it"

Increasingly, banks are using more complex security systems to protect your money and financial data.  One of these systems is called Multi-factor Authentication (MFA).

Multi-factor authentication (MFA) is as an approach to security authentication which requires that the user of a system provide more than one form of verification in order to prove their identity and allow access to the system.

MFAs are comprised of a set of security credentials (i.e. username, password, security questions, a PIN number, etc.).  When trying to access an account, the bank randomly selects from amongst these credentials and prompts the user to supply each answer within a pre-defined time period - usually 60 seconds.

Because the security credentials are chosen at random, it is likely that the user will be prompted to answer the same question two or three times - both in a row and over the course of the session.  The goal for GoDaddy Bookkeeping is to get the bank to ask all of your security questions in one session, so that you can provide all of your answers.

  • If one question is left out of this process, GoDaddy Bookkeeping will not know the answer the next time the bank asks that question.  The account will go into error and you will be required to start the process all over again the next time you log into GoDaddy Bookkeeping.
  • If one question is not answered within the time limit, the process will immediately begin all over again.

This process, while cumbersome, is the way in which GoDaddy Bookkeeping learns the answers to your security questions.  This is also how GoDaddy Bookkeeping learns to use those answers to successfully navigate your MFA whenever required by your bank.

The best way to convey how you can successfully navigate this process is to share a customer's experience in his own words:

I got my bank to update.  This is what I did:

  1. I supplied my username and password.
  2. GoDaddy Bookkeeping then prompted me to answer a security question.  I answered the security question.
  3. After 2 minutes of spinning arrows, GoDaddy Bookkeeping prompted me to answer the same exact security question. I answered it again.
  4. After 1 minute of spinning arrows, GoDaddy Bookkeeping prompted me to "Try again." So I tried again.
  5. After 2-3 minutes of spinning arrows, GoDaddy Bookkeeping prompted me to answer a different security question.  I answered it.
  6. Immediately after, GoDaddy Bookkeeping prompted me to supply my Username and Password again.  I did.
  7. After 2 minutes of spinning arrows, GoDaddy Bookkeeping prompted me to "Try Again."  I clicked "Try Again."
  8. After about 30 seconds, GoDaddy Bookkeeping prompted me to answer my third and final security question. I answered the question.
  9. GoDaddy Bookkeeping immediately prompted me to "Try Again."  I clicked "Try Again."
  10. Immediately after, GoDaddy Bookkeeping prompted me to supply my username and password.  I supplied them.

After another minute of spinning arrows, my account finally updated!!!

 

When you complete this process, GoDaddy Bookkeeping will have learned how to navigate your bank's MFA and will automatically update your account from then on.

Please note: The example above is provided to convey the general nature of this process.  Your experience may differ.

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