Security is more important than ever when it comes to online investing; cyber attacks and attempted cyber attacks are becoming more common with criminals looking to exploit insecure investing platforms and accounts. At Stockspot, we’ve built strong protections into our platform, including multi-factor authentication (MFA), to ensure your money stays safe and your account secure.
What is Multi-Factor Authentication (MFA)?
MFA, also known as two-factor authentication (2FA), is a security method that requires two pieces of information to verify your identity:
- Something you know (your password), and
- Something you have (like your smartphone).
This extra layer of protection makes it much harder for someone to gain unauthorised access, even if your password is stolen or leaked.
MFA is widely used by companies seeking to ensure your account is secured and changes are always made by you. Investors should make sure they are always using MFA to keep their money safe.
Stockspot uses MFA in two distinct ways
To help keep your investments secure, Stockspot uses two forms of MFA:
1. Login MFA
When logging into your account, you’ll enter your email address and password, followed by a 6-digit code from an authenticator app like Google Authenticator or Microsoft Authenticator. This ensures only you, with your device can access your account.
2. Withdrawal MFA
To approve any withdrawal, you’ll receive a secure mobile notification (SMS) that must be confirmed. This helps prevent unauthorised money movements from your account.
These two security features work together to reduce risk and give you peace of mind.
Why MFA matters for investors
Multi-factor authentication helps protect against:
- Phishing and scam attempts
- Stolen or reused passwords
- Unauthorised access to your account
- Fraudulent withdrawal requests
In fact, Google found that MFA can block up to 96% of phishing attacks. It’s a simple, effective way to protect your digital wealth.
How to set up Multi-Factor Authentication (MFA) on your Stockspot account
Adding multi-factor authentication (MFA) to your Stockspot account is one of the easiest ways to boost your investment security. In just a few minutes, you can enable 2FA and protect yourself from online threats.
Here’s how to get started:
Step 1: Enable Login MFA
- Download an Authenticator App
Use a trusted app like Google Authenticator or Microsoft Authenticator. - Log in to Your Stockspot Dashboard
- Navigate to Security Settings
Look for the option to enable login two-factor authentication (2FA). - Scan the QR Code with Your App
This links your device to your account. - Enter the 6-Digit Code
Your app will generate a time-sensitive code. Enter it to activate 2FA for login.
Step 2: Withdrawal MFA (automatic)
To withdraw – MFA can be set up in your Stockspot dashboard.
We advise all clients to set up MFA for withdrawals. To enable withdrawal MFA:
- Log in to Your Stockspot Dashboard
- Navigate to ‘Your Profile’
Look for the section to enable withdrawal 2FA and select enable - Select ‘Get SMS Code’ and enter
- Save your recovery code
Withdrawal 2FA is now enabled for your account.
Whenever you request a withdrawal, you’ll receive a secure notification on your phone which we will ask you to confirm. This extra step prevents unauthorised access to your funds, even if someone gains access to your login details.
Why should I set up MFA on my Stockspot account?
Enabling MFA gives you:
- Protection against unauthorised logins or changes to key account information (such as linked bank account details)
- Extra control over withdrawals
- Peace of mind that your investments are secure
In today’s digital world, passwords alone aren’t enough. MFA is an essential step for secure online investing, and it’s free, fast, and highly effective.
