In this report, I will share an Expats US Banking and Security Update. Listen all the way to the end of this video if you are living overseas already or planning on living overseas, and you want to maintain access to your money, and you want to avoid identity theft.
I will also give an update about Skype, which is being discontinued, and Google Voice, a voice-over-IP service that does not reliably receive banking authentication codes for new people.
Changes to Banking Two Factor Authentication
Online security experts have been getting louder and louder, suggesting that we should all upgrade our online banking security, whether we live in our home country or have moved overseas.
For over a decade, many banks and financial institutions have been requiring customers to set up two-factor authentication in order to access online accounts. That is not new.
For most of us, that meant giving our bank our smartphone numbers so they could text us authentication codes to our phone each time we tried to access our online accounts.
After entering our username and password, we paste that authentication code into the bank’s forms to prove we are the owner of the account. After completing those three steps correctly, banks allow us to access our online accounts.
Receiving authentication codes by text on our phones is known as SMS Two Factor Authentication (SMS 2FA) or phone text authentication. But many experts are saying phone text authentication is not good enough anymore.
Some banks are asking customers to start using authenticator applications which experts say are more secure. However, not all banks require authenticator applications yet.
The two banks I use, Bank of America and Charles Schwab, still allow phone text authentication. But both banks also recommend authentication applications to enhance security.
Here is my thinking on this. The online security experts often report that online fraud is increasing, and many seem to agree that authenticator applications provide an enhanced level of security.
So here is how I see it. Banks will eventually make all of us move to the enhanced levels of security if present trends continue. So, if you are setting things up today, why not start with whatever enhanced authenticator application your bank suggests?
Then you won’t have to rethink this in another year or two, if it becomes mandatory later.
To find out what authenticator application your financial institution suggests, just log into your bank’s webpage and start reading what they suggest for enhanced online security. Both of my banks had information about online authentication applications they have available.
If they allow you to keep your phone text authentication and add an authenticator application, I would do both for now. Only later would I consider removing phone text authentication when the banks start suggesting it. That way, you have a backup authentication if needed.
One final thought on this, and then I will talk about Skype, Google Voice, Passkeys, and Identity Theft.
Banking Change Rule: Make changes and test the authenticator application before you leave your home country. It is better to set up online banking or make changes to existing online banking when you are in your home country. So, if you are moving overseas, set up all forms of financial online account access well before you leave your home country and test it extensively before leaving. Because if something goes wrong, you will be able to walk into the bank or financial institution with your ID and prove who you are.
Overseas Rule (If it ain’t broke, don’t fix it): If you are already living outside your home country, and your bank is in your home country, if possible, wait until your next visit home to make online access changes. If your online access already works, I suggest waiting until your next visit home. That way, if something goes wrong, you can walk into the bank while you are visiting and show them your identification.
Skype is Being Discontinued
18 years ago, when I left the United States and started living overseas, I used Skype to text or call people in the USA, family, friends, and business calls. From my laptop or my smartphone, I could call or text any number in the USA for almost free.
But over the last 10 years, I haven’t used Skype more than three or four times per year. Well, I guess I am not alone because Skype is going out of business. If you have Skype, log in to your Skype account and decide whether to download your contacts or move your Skype data over to Microsoft Teams before May 5, 2025. Go to your Skype account for more details on that.
So, with Skype ending soon, how will I make calls and texts from all over the world to both the USA and other foreign countries? My first thought was Google Voice. But for new people, it has problems.
Why Google Voice is No Longer the Answer
I got Google Voice a very long time ago. I can still use my Google Voice for phone text authentication at both of my banks. Somehow, financial verification systems in the US still let me use my Google Voice number to do phone text authentication. But does not work for most people anymore.
US banks and financial institutions only allow phone text authentication codes to be sent to US cellular providers, but not to VOIP providers. Google Voice is a VOIP provider, so banks refuse to send phone text authentication codes to Google Voice.
But since I ported my T-Mobile account to Google Voice so long ago, my Google Voice number shows up in verification searches as a US cellular provider. So Google Voice still works for me so far, but that could change any minute.
Many banks also will not accept or make customer service calls to VOIP phone numbers. So, Google Voice is not a solution for banking communications for new people. And could end for me at any time.
So, Google Voice is not a solution anymore. So, I have been reading and have a couple of suggestions for you from my research.
But first, is Google Voice still good for other things? Yes! You can still use your Google Voice in the browser of your computer (https://voice.google.com/) to receive and send calls and texts to US and Canadian numbers for free, so long as you have wifi access.
You can also add money to Google Voice (https://voice.google.com/u/0/settings#payments) to make international calls anywhere in the world, so long as they are not blocking VOIP calls like some banks do. So Google Voice is still useful, but it doesn’t solve all of the problems for new expats.
So here are two choices I have learned about over the last few weeks since I learned that Skype is ending. After I share these two solutions, I will share two additional very important changes you must be aware of if you want to avoid hackers’ identity theft.
Two New Choices:
Just to clarify, experts are suggesting that you use enhanced security for banking, such as authenticator applications instead of phone text authentication. But if your bank is not recommending any specific authenticator application, but is instead recommending phone text authentication, here are two choices that I have read about online.
So, what was I looking for when I found these two solutions that I would use today if I were starting over? Here are the three main requirements I was looking for in my research:
- Receiving SMS two-factor authentication texts from US banks and financial institutions. In order to provide this requirement, US banks must recognize this solution as a US phone number provided by an actual US cell provider and not a VOIP number.
- Allows Live Voice telephone communications with US banks and financial institutions. US banks must recognize your US phone number from a US cell provider and not a VOIP number so they will receive your customer service calls and call you back when necessary.
- Allows making and receiving texts and phone calls from anywhere in the world? In order to provide this requirement, there must be a way to add money to the service provider to make international calls, even if US and Canadian calls are free.
Two Possible Solutions
With those requirements in mind, here are two potential solutions.
Tello Mobile (https://tello.com/): I would pick this solution over the following one because they advertise that you can set it up while overseas. But, does Tello provide all 3 of the requirements I need?
Yes. Since several sources confirm that Tello will be recognized by US banking and financial institutions as a US cellular service provider that issues phone numbers that can be used for phone text authorizations.
Reddit discussion of phone text authorization of Tello 1, 2.
Tello Mobile discussion of phone text authorization (SMS 2FA).
Yes, since banks that block customer service calls with VOIP phone numbers, and do not block calls associated with US cellular service providers, and Tello is a US cellular service provider, this requirement is also satisfied.
Yes, it allows making and receiving texts and phone calls from anywhere in the world. In order to provide this requirement, there must be a way to add money to the service provider to make international calls, even if US and Canadian calls are free.
If you have any issues setting up Tello either in the USA or overseas, they have great customer service: 1-866-377-0294
US Mobile: This YouTuber has two videos explaining how he is using his US Mobile phone number all over the world without roaming by using for wifi calling.
Two YouTube Videos About US Mobile:
He also reports being able to use it for receiving phone text authentication from his US banks. Thus, it also appears to be a US carrier and not a VOIP provider.
Here us another article talking about US Mobile as a solution.
Thus, it seems to provide a service similar to Tello above. The reason I would pick Tello over US Mobile is that he shares in one of his videos that you have to set it all up before leaving the USA.
Whereas Tello webpages talk about being able to download an eSIM over the Internet to a foreign country and activating the service online.
Additionally, Tello reportedly has customer service to help you activate their eSIM remotely. They are both around $10 per month, so I would favor Tello. Further, Tello seems to have more documentation online to answer questions and solve problems.
Passkeys
When all three of the tech giants start pushing a security feature, that catches my attention, Google, Apple, and Microsoft are pushing for passkeys as a more secure and convenient alternative to passwords, aiming to replace passwords with biometric authentication.
We all hear about our passwords being stolen from hacked databases and being passed around the dark web. We are told that we need to change our passwords every few months so we don’t fall victim to hackers.
But the big boys say frequent password changes are not enough anymore.
Passkeys are a new, secure, and convenient way to log into websites and apps, replacing passwords with a combination of your device’s security features (like fingerprint or face recognition) or a device-bound unique cryptographic key.
So if you switch out your passwords for passkeys and you use the authentication applications I discussed above that your banks are recommending, there is a good chance you will die of old age before hackers can steal your money. Otherwise, you are gambling with your money.
Identity Theft and Credit Freeze
But there is one other loop-hole where hackers can screw you now that all of your personal information is on the dark web. And that is the final thing I want to talk about.
Hackers will take all of your personal information on the dark web, and they will fill out credit applications and buy things in your name on credit. This is called identity theft, and it is very difficult to fix this problem once it happens.
Someone could masquerade around using your name and credit score, get a new car, and get new credit cards, and you will be stuck holding the bag if you don’t know what to do. So don’t let this happen.
So, once you have set up all of the banking in your home country, and you have two banks, two sets of ATM cards, and two sets of credit cards, as I explain in my free eBook, you need to freeze your credit. That way, nobody can get credit in your name without the unfreeze codes.
Then the hackers will just move along to the next sucker that doesn’t know about credit freeze.
Just contact all three credit bureaus in the USA and tell them to freeze your credit until further notice: Experian, Equifax, and TransUnion. Just Google it. They each have a way for you to do that without much trouble.