Now, what was my security question answer again? Image: ronstik/Shutterstock.com
The Thrift Savings Plan announced recently that they will no longer be using security questions as part of their multi-factor authentication. The TSP is joining an increasing number of organizations that are dropping the venerable security question. At least part of the reason that these questions are being dropped is the fact that much of the information needed to answer them can be found on the Internet, either by a public search or due to a data breach.
Security questions go back well over a century.
As far back as 1906, a chapter of the American Banking Association asked for the following information on account applications:
• Birthplace
• Residence
• Mother’s maiden name
• Occupation
• Age
Back when I opened my first bank account, I was asked for my mother’s maiden name and it’s still among the most common security questions.
With the growth of the Internet, security questions moved online. This added an additional issue for users – remembering exactly how they entered their information.
Did I enter Chicago, Chicago, IL, or Chicago, Illinois? Did I use all lower case, or did I capitalize certain words, and which words were they? Who did I list as my best friend – was it Chuck or was it Bob?
So, let’s say goodbye to questions such as:
• What was the name of the high school you attended?
• Where did you meet your spouse?
• What is the name of your best friend?
• In what city were you born?
• What was the make of your first car?
• What is your father’s middle name?
• What is the name of your favorite pet?
• What was your least favorite food as a child?
• (Last but not least) What was your mother’s maiden name?
And get prepared to use other methods of authentication (e.g., text messages, emails, etc.).
Fraud prevention actions (according to the TSP)
1. Make sure your contact information is correct in My Account, and make sure to update your mailing address if you need to.
2. Protect your username, password, and ThriftLine PIN. No one at the TSP will ever ask you for these login credentials.
3. Add an “account lock” for extra protection to prevent new loan, withdrawal, and distribution requests.
You can create an account lock in My Account. When you set up your account lock, you’ll create a 10-digit unlock key that you’ll use to unlock your account when you need to, but you would still be able to access your account, and manage investments, receive RMDs and without disrupting court-ordered payments.
John Grobe, President of Federal Career Experts, is an expert in the area of federal employee retirement and benefits. This expertise comes from his 26 year federal career in which he managed the retirement program in a 3,500-employee office of a large federal agency.
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See also,
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