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HMRC have introduced 2 Step Verification (2SV) meaning heightened security for those who use self assessment. The service will link to the customer’s phone, sending an automated message when they begin the tax account log in process. The customer receives a text message containing a one time code, enabling them to access their account. Customers should have their mobile or landline phones to hand when logging in. This type of system is used widely by banks and other organisations that require enhanced security protection. It is an extremely effective way of blocking unauthorised access, and also of increasing awareness about cyber risks.
The multifactor authentication [MFA] system will be extended to all government gateway accounts, other than those used by agents. Codes can be accessed via text message, landline or authenticator app. MFA will gradually be introduced for all business accounts from June 2021. Some of the businesses likely to be impacted by this system are those that delegate authority to employees, or have access control software. The vast majority will benefit however from implementation of the system.
Traditionally, logging into banks etc involved simply creating a username and password to access your account information. The trouble with that is the fact that a high percentage of consumers use the same or similar username and password for most of their online accounts. Hackers are very good at cracking this info and once they are in, they could potentially get into multiple accounts.
Many people have already used MFA in some form, for instance had a verification code sent to their mobile or email address. Your credentials fall into categories such as something you know (like a password or PIN), something you are [like your fingerprint] or something you have (like a smart card). Two of these categories represents multi-factor authentication, and although it may seem a bit of a hassle, it benefits you in the end.
For professional advice and guidance on any aspect of tax, accounts, business start up and other financial matters contact John S Culwick on (01268) 680702 or 07940854321
Friendly Personal Approach Financial Advice, Payroll, Budgeting & Pension Advice, Essex