Credential theft is one of the leading causes of security breaches. With the financial sector being a favorite target for criminals, lawmakers have strengthened requirements for online authentication over the last few years. In the EEA, electronic payments must be performed with two-factor authentication as part of the Revised Directive on Payment Services (PSD2) that came into force in 2015. As we are working on becoming licensed, Mintos will become subject to these requirements in the coming months.
More security for your account
Two-factor authentication, or 2FA in short, adds an extra layer of security to make sure it’s really you trying to log into your account. Instead of gaining access with your username and password, you’ll be required to provide another piece of information. This makes it much harder for criminals to gain access to your account.
All you need is a mobile
Several types of two-factor authentication are in use today. What they all have in common is that they offer better protection than passwords alone. We decided to introduce SMS-based two-factor authentication as it is easy to use and accessible – all that’s needed is a mobile phone. If you’re currently using Google’s two-factor authentication with Mintos, you can continue to use it until Mintos becomes licensed, at which point you’ll need to switch to SMS two-factor authentication.
We’ll start the rollout country by country, and some investors might be invited to enable SMS two-factor authentication via email. More information about setting up two-factor authentication will be included in this email.
The post Increasing account security with SMS two-factor authentication appeared first on Mintos Blog.