As a wealth manager, the security of our customers’ accounts is top of our list of priorities. So, to add an additional layer of security to our desktop service, we recently introduced two-factor authentication.
What is two-factor authentication?
Two-factor authentication, put simply, adds an extra step in the act of logging into your account. For our customers, it means using their mobile device to confirm that the person logging in on desktop is, in fact, them.
The use of a second personal device in the security process makes it far more difficult for your account to be compromised by hackers, by combining something you know (your login details) with something you have (your phone).
The additional step adds a few seconds onto your logging in time, which is a small price to pay for more effective account security. You can also authorise access on the device for 30 days, to speed things up.
How it works
We’ve kept our two-factor authentication as simple as possible. First of all, to enable it, you will need to have updated your Moneyfarm app to the most recent version 4.28. Secondly, you will need to have access to both your computer and smartphone.
From your computer go to Settings and enable the Two Factor Authentication. You will be asked to re-insert your personal password.
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You’ll then need to pair your mobile device with your desktop device. Go to the Moneyfarm app on your smartphone, go to the Profile tab > Security > Scan QR code.
Once it’s scanned, you will be given a recovery code, which you should store somewhere safe. Click on Two Factor Authentication and you are all set. The Two Factor Authentication will now be active and you will not need to repeat this process again.
Now, every time you log in on desktop or web, a push notification will be sent to your phone from the Moneyfarm app asking you to accept or deny the web login request. You will note that on your computer you will also have the chance to select “Remember this device for 30 days”. By clicking on this you will be able to access your account automatically from your device and speed up the process.
Yor Moneyfarm account is now protected not just by your password, but also your mobile device’s own security process.
The additional security is completely optional, though we do of course recommend making your account as secure as possible.