Enhance your security with 2-step verification
Enhance your security with 2-step verification
In an increasingly digital world, financial advisers find themselves at the intersection of growing opportunity and rising risk. As technology enables greater efficiency and enhanced client engagement, it also opens the door to cybercriminals looking to exploit vulnerabilities in systems, processes, and human behaviour.
The sophistication of cyber scams targeting financial advisers and their clients is escalating, with phishing attacks, ransomware, and social engineering schemes becoming more prevalent. Adding to the complexity, advancements in artificial intelligence are enabling scammers to create highly convincing fake communications and mimic trusted entities, making it even harder to spot fraudulent activities.
Beyond financial loss, a single breach can compromise client trust, damage reputations, and lead to costly regulatory consequences.
Praemium’s 2-step verification (also commonly referred to as multi-factor authorisation) is an easy-to-implement measure that we strongly recommend you use. It offers robust protection for your clients against cyberattacks by adding an extra layer of security, helping to reduce risks and safeguard client data from potential threats.
What is 2-step verification?
2-step verification is a security feature that requires users to verify their identity using two or more authentication methods. These typically include:
- Something you know: Your username and password.
- Something you have: A verification code generated by an authentication app or sent via SMS.
Why switch to 2-step verification?
1. Enhanced Security:
- 2-step verification is proven to block 99.9% of automated attacks, offering a significant improvement over traditional password only verification.
- By requiring a second form of authentication, 2-step verification ensures that even if your login credentials are compromised, unauthorised access is still prevented.
2. Ease of Use:
- 2-step verification is user-friendly and designed to work seamlessly with popular authenticator apps like Microsoft Authenticator and Google Authenticator.
- Once set up, the process requires only a few extra seconds during login.
3. Compliance and Industry Standards:
- As cybersecurity threats grow more sophisticated, 2-step verification is becoming a standard practice across industries.
- Praemium aligns with industry best practices to meet and exceed regulatory requirements.
How do we make the switch to 2-step verification?
To enable 2-step verification for your business, reach out to your Business Development Manager or contact us at support@praemium.com.