What Is Two-Factor Authentication And Why Does It Matter to My Wealth Advisor Firm?
There are three major types of authentication that can be used to authenticate your client’s identity before taking a requested action. Using just one is not enough because a single factor can be easily exploited. The three factors are:
Knowledge-based
Biological Identification
Possession-based
Knowledge-based verification relies on information that an individual has. Examples of this would be information like the last four digits social security number digits or a mother’s maiden name.
Biological identification includes iris scans, facial recognition, DNA tests, voice recognition, and fingerprints tests.
Possession-based identification uses something that one asking for verification has on their person. These are a cell phone, a rolling-authenticator code, or a hardware token.
Why does this matter to your wealth advisor firm? It matters because a single factor can be easily bypassed. Every wealth management company needs to implement at least one factor from two of the categories above to their business procedures. The alternative is accidentally complying with a scammer and becoming a victim.
At DTS Verify we have made it easy to add a possession-based factor to your existing knowledge-based factor. Using our secure system you can quickly text your clients’ known numbers by searching your client list and then selecting the desired number on file.
Don’t wait until you get scammed to start protecting your business and your clients. Sign up for a free, no-credit-card-required trial today at www.dtsverify.com