Mandatory 2FA Cuts Bank Account Compromises, Optional Rollout Falls Short

A 2026 study examined the impact of two-factor authentication (2FA) across three major Canadian banks that introduced the security measure between 2021 and 2022. Two banks offered 2FA as an optional feature, while one made it compulsory for all users. Researchers analyzed criminal marketplace data and found that mandatory 2FA meaningfully reduced account compromises, whereas optional 2FA showed no significant improvement despite being widely available. The findings highlight a behavioral gap: most users do not voluntarily enable security features even when aware of the benefits. Experts recommend enabling 2FA on email and financial accounts first, prioritizing authenticator apps over SMS-based codes, which remain vulnerable to SIM-swapping attacks.
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