Is 2-step verification the same as SMS two factor verification?
2-step verification is a form of two-factor verification where you are required to tap on a push notification on your primary mobile device to verify your identity.
SMS requires you to receive a one-time passcode through a text message and then enter that code into your secondary device to verify your identity.
For SMS, you need to be connected to your mobile network in order to receive a text message. For 2-step verification, you need a Wi-Fi or mobile network connection.
Why is 2-step verification (2SV) required for mobile banking?
How will 2SV be affected if I change my username or password?
What happens when I register for 2SV on my mobile device, delete the Scotiabank app, and then try to sign in from an untrusted device?
What if I want to switch my mobile device that I receive 2SV push notifications on?