2FA (also known as two-factor authentication) is the verification of a user’s online identity using two distinct factors.
The current practice used by financial institutions in Singapore is to require clients to go through a 2-factor authentication process – (1) a Personal Identification Number (PIN), which is issued by the financial institution and (2) a One-Time Password (OTP), which is generated by a hardware token device or software token application, or sent via a Short Message Service (SMS) to the client.
This is also the same practice adopted by Saxo Capital Markets Pte Ltd (SCM). When a SCM client who has elected to participate in 2FA wishes to access an online service SCM, the client is required to enter the PIN and the OTP for authentication.
Saxo Capital Markets Pte Ltd (SCM) has deployed Symantec’s 2FA soft token solution known as VeriSign® Identity Protection (VIP) Access. This software security token may be obtained free-of-charge via your preferred web store.
A hardware token is also available. Please note that the cost of the hard token is to be fully borne by the Client. If you would like to purchase a hard token, please contact your Account Manager for more information.
Clients who register for 2FA enjoy the added security layer when accessing their trading accounts online. The Client’s unique security device (soft token), generates a one-time password (OTP) which will be requested at each trading platform login.