Saxo Group has a strong commitment to information security. To meet our high level of security standards as well as those of the legal bodies regulating our business sector, Saxo Group places a strong emphasis on securing the trading platforms that our clients use. Even with this diligent effort in place, you must be aware of what you can do to maintain as well as increase the security of your trading platform – your PC.
2FA Risk Awareness Statement
What is 2FA?
2FA (also known as 2-Factor or Multi-Factor Authentication) is the verification of a user’s online identity using at least two distinct factors, comprising of “something you know”, “something you have” or “something you are”.
The current practice used by leading financial institutions across the globe is to require clients to go through a 2-factor authentication process, usually, a password chosen by the user and either a One-Time Password (OTP) generated by a hardware or software token or delivered through SMS. Saxo Group has also adopted this practice.
Saxo Group has deployed a standardised Time-based One-Time Passwords (TOTP) solution as its 2FA authentication option, and software compatible with TOTP may be obtained free-of-charge via your preferred app store. The software utilises a client-specific unique security token to generate a one-time password (OTP), requested by the trading platform upon each login.
TOTP solutions have gained popularity amongst strong authentication methods like SMS based OTP and automated phone calls, mainly due to their nature of generating a one-time code with a limited lifetime, rendering abuse difficult. This method is also listed as a Strong Customer Authentication method under Payment Services Directive (PSD2).
We strongly encourage you to use the feature and enjoy an added layer of security to protect account against unauthorized access while trading with us.
What is the purpose of 2FA?
The key objectives of 2FA are to protect the client’s online trading account and information from unauthorised access and enhance the overall security of online trading systems.
Saxo Group takes a proactive role in protecting our clients. We have risk-mitigating measures in place to protect your online trading account and information from unauthorised access. Should you require assistance, please contact Saxo Group for more details.
Is 2FA compulsory for trading through Saxo Group?
While 2FA is only mandated by legislation in some regions, Saxo Group encourages all its clients to register for the feature as this would help you further secure your online trading account and prevent possible losses due to a potential account compromise.
Clients should exercise due care to safeguard their password and OTP, and never disclose them to third parties including personnel from Saxo Group.
What additional measures can I adopt to protect myself while trading online through Saxo Group even with 2FA in place?
Below is a list of some of the practices we urge you to follow which may help secure the confidentiality and integrity of your passwords, security tokens, personal details and other confidential data. This may also help prevent unauthorised transactions and fraudulent use of your accounts to a certain extent as well as help to reduce the losses such actions might incur.
- Take the following precautions as regards your password:
- Your password should be at least eight characters of an alphanumeric mix.
- Your password should not be based on guessable information such as your user-id, personal telephone number, birthday or other personal information.
- Your password should be kept confidential and you should not divulge it to anyone.
- Your password should be memorised and not recorded anywhere.
- Your password should be changed regularly or when there is any suspicion that it has been compromised or impaired
- The same password should not be used for different websites, applications or services, particularly when they relate to different entities
Should you suspect any irregularities, please contact Saxo Group immediately.