Increased account security: 2FA for login becomes mandatory

February 6, 2024  |  Scalable Capital
Two-factor authentication (2FA) for login will become mandatory for all Scalable accounts starting in March 2024. With this step, we are comprehensively increasing the protection of your account across platforms.

To further strengthen account security at Scalable, we are making two-factor authentication (2FA) mandatory for logins starting in March 2024.

For making changes to personal data, 2FA is already mandatory today. It has also been available for login protection since last year. We take great care to ensure that our 2FA is both secure and easy to use.

Why we are making 2FA for login mandatory

Two-factor authentication serves as an additional security layer and effective protection method for your Scalable account against unauthorised access.

By linking your account to your smartphone, an independent second factor is added to verify your login request. Example: To login to your Scalable account on your laptop, you have to authorise the login attempt with the Scalable app on your smartphone (second factor).

This makes it much harder for unauthorised third parties to gain access to your account, even if they know your password. Thus, 2FA significantly reduces the risk of fraud through social engineering, phishing, data breaches, and similar methods.

How 2FA works at Scalable

  • Before using 2FA for the first time, your smartphone must be linked to the Scalable app. It only takes a few minutes to link your account. Just one device can be linked to your account at a time.
  • For your next login, the two independent factors will be requested sequentially: The first factor enters your email address and password. The second factor approves the login via your linked device.
  • You confirm logins or data changes on your linked device. This happens automatically via fingerprint, facial recognition or PIN.
  • Push notifications inform you about login attempts and changes to sensitive data on unlinked devices, keeping you notified of unauthorised activity in your account.

Here's what's next for you

  • 14 days before 2FA becomes mandatory for your account, we will notify you about the upcoming changes for your account in the app.
  • If you have not activated 2FA for your account by the end of the 14 days, you will be asked to link a mobile device to your account as soon as you log in. Without an active device link, you will not have access to your personal client area.

This is how you enable 2FA

  • Open the Scalable app on your mobile device.
  • Go to Profile, then to Data & security and choose Two-factor authentication.
  • Tap on Activate.
  • An activation link will be sent to your connected email address. Open the link on the mobile device that you would like to use as a second factor or type in the activation code.
  • Next, you need to confirm your phone number. Do so by tapping Request code and type in the code that you receive via SMS on your stored phone number.
  • Tap on Activate 2FA and note down your backup code in a secure place.

You can find more information about security at Scalable on our website. If you have any questions or problems take a look at our FAQs or contact our Client Success Team at any time.

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Author Scalable Capital
Scalable Capital
Digital wealth management & broker with flat rate
Scalable Capital is a leading fintech in Europe that brings people and technology-based investing together. Scalable Capital offers digital wealth management and a broker with a trading flat rate. In digital wealth management, the company creates and manages globally diversified ETF portfolios for its customers with, if desired, sustainable investment strategies. The broker enables customers to trade shares, ETFs, cryptocurrencies, funds and derivatives themselves and to conclude savings plans.