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How two-factor authentication helps protect you and your clients

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11 months 1 week
A094749
Submitted by Yue.S.Wang on Fri, 04/27/2018 - 11:34

How two-factor authentication helps protect you and your clients

Michelle Thetford
Vice President, Schwab Advisor Services Client Strategic Solutions

At Schwab, we take account security very seriously. Smart credential management is one of the most critical actions you and your clients can take to be secure.

Think of online security like you do home security.  A user's login ID and password is similar to a single key to your house that opens all the doors. Now imagine if you add a second layer, like an alarm system, or a security camera, or a second lock with a deadbolt - the security of your home goes up dramatically.  

That's what two factor authentication is…it's a combination of two of the following: 
•    Something you know– like your login or your password
•    Something you have, like a one-time password or a pin code, or
•    Something that you are, which is your fingerprint or your voice

At Schwab we offer free 2FA for advisors and their clients with our websites through tokens that generate a time-limited, One Time Password through the holder's device. Either hard keychain fobs or a Symantec app that you can download right to your phone.

According to Symantec, 80% of security breaches could be prevented by using two-factor authentication.

You might have even already used two-factor authentication on other sites, such as when logging into your email from a device where you recently cleared your cache settings or needed to reset your password on the site. Since the hacker doesn't have your phone, even if they have the right user ID and password, your account is still protected.  

It's important for both you and your clients be setting up for 2FA when accessing our Schwab websites.  

For advisors, it's critically important for all of your employees to have the token when logging in to Schwab Advisor Center.com. Remember, access to this site means access to all of your clients' information. Think what a fraudster could do with all of that information!

We now offer a self-service option that allows you to establish the mobile app without having to go through your firm's security administrator. 

And for clients, we've similarly rolled out Self Service capability on SchwabAlliance.com. Your clients can now enroll themselves by going through the Security Center on schwaballiance.com. Previously they had to call in to the Alliance team or talk to our ID Theft team to have their request manually processed.  

We hope this information has been helpful and encourage you to have these discussions with your teams and your clients regarding this important security feature. And if you have questions, you can reach out to your Firm Security Administrator or, of course, your Schwab service team. 

 

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