Leading UK online investment website Interactive Investor today launched an optional extra layer of security using strong two-factor authentication for users of its SharePrice service as part of a trial before possible roll out across the group.
Partnering with FireID, a leader in the provision of smart phone based authentication services solutions, users will be able to reduce the chance of account compromise by requiring a unique six character security code each time they login. The code can only be generated via a free app installed on their authorised smart phone.
Tim Huckle, group CTO of Interactive Investor, said: "Many of our users will already be familiar with the one-time password concept to access their online banking service or work VPN. However, we were keen to offer this technology without the need to have physical devices, typically a key fob.
"Over 90% of our users already have a smart phone and this is likely to increase further. We think the convenience of being able to use your phone to generate codes and benefit from the enhanced security at a time when phishing and malware attacks continue will be popular with our investors."
Jenny Dugmore, CEO of FireID, added: "FireID's Authentication solution provides financial institutions and their customers with an efficient, convenient authentication solution that significantly reduces the risks involved with online financial transactions. We look forward to assisting Interactive Investor to safeguard the sensitive online financial transactions of their customers with an added level of security."
The service will initially trial with up to 1,000 users and supports all major smart phones, including Blackberry, Symbian, Java based, iPhone and Android.