Platform providers gear up to increase security but more than half still rely on the basics, finds NextWealth
Nearly half (45%) of UK investment platforms have introduced either two factor authentication (2FA) or multi-factor authentication (MFA, according to research by NextWealth.
The rest rely on standard security, such as username and password but most are planning to introduce additional security measures over the next 12 months. Almost a third (30%) plan to introduce 2FA and a similar number (30%) plan to introduce MFA, taking the projected number of platforms using these additional security measures to 86%.
NextWealth’s managing director, Heather Hopkins comments: “It’s good to see that almost half of platforms have already introduced 2FA or MFA.
“Looking ahead twelve months, all but three of the 21 platforms we considered will make use of 2FA or MFA, as it rapidly becomes the standard for secure login.
“The next step will be biometric sign on, such as fingerprint or face ID. AJ Bell and True Potential are pushing the boundaries, offering biometric sign-on. P1 expects to follow suit in the next year.”
Full details of the security options available by named individual platforms can be found in the latest update to the NextWealth Adviser Tech Stack report.