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Wealthsimple Launches Two-Factor Authentication for Increased Security

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Security is everything nowadays, with more and more stories about companies getting breached and exposing user data. Which is why two-factor authentication can be one extra layer to protect your data.

Canadian automated online investment platform Wealthsimple has launched two-factor authentication today, allowing customers to secure their accounts when logging into their mobile apps and the web. This means on top of your password to login–you’ll be required to enter a unique token to access your account.

Wealthsimple iOS users can enable two-factor in the app’s settings. Just go to Settings > Security > Two-step verification.

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Next, you’ll be offered two methods to enable two-step verification, either by SMS messages sent to your phone, or by a dedicated token generator app such as Google Authenticator (we like the built-in two-step code generator within 1Password).

The dedicated smartphone app method will show a unique passcode on the screen, which you’ll need to copy and paste into your two-step token generator app of choice. After, Wealthsimple will also provide you with a backup code, should your phone or token app not be available.

Once enabled by the iOS app, two-factor authentication will be required for your next login on the web (and vice-versa):

Last month, the company’s iOS app was redesigned with a simpler layout and new cards interface.

Bonus: iPhone in Canada readers get an extra $10,000 in free managed investments for a year (on top of your first $5,000 free)–if you sign up with this link.

Disclosure: Wealthsimple is an affiliate partner of iPhoneinCanada.ca and this offer allows readers to support the site.

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