Two-factor authentication enhances security for investors

Two-factor authentication enhances security for investors

9th July 2015 by Simon Hiscox

Seedrs is currently one of the few equity crowdfunding platforms authorised to hold client money, allowing investors to deposit to and withdraw funds from their Seedrs account.

The security around withdrawing available funds is something we take seriously as a financial services firm, and we are always looking for improved ways to deliver the best solutions for you. This is why we have now introduced an enhanced security option, two-factor authentication (2FA), for all funds withdrawals.

Two-factor authentication reduces the potential risk of an unauthorised person gaining access to your account and requesting a withdrawal into another bank account through the use of a one-time secret verification code that you can access via your mobile phone.

Two-factor authentication is optional, though highly recommended, for Seedrs investors and is another feature that illustrates our commitment to delivering top notch security allied with the very best user experience.

Choice of technology

We use TOTP, a widely adopted and reviewed algorithm, to generate the verification codes that are sent when you make a withdrawal. Users then have the option of accessing those verification codes in one of two ways. We use twilio to send the generated verification code by SMS or, if preferred, you can use any of the wide range of authenticator apps that support the TOTP algorithm.

How to setup two-factor authentication in your account

For more information on setting up this enhanced security feature, please visit our FAQ.

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Simon Hiscox

Marketing Director

Digital Agency Kent