The Money Mustache Community
Learning, Sharing, and Teaching => Investor Alley => Topic started by: Dancin'Dog on November 10, 2019, 07:57:37 AM
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What security measures does your broker use to ensure customer login security?
My Vanguard account uses the normal username & password and also a text authentication code. Is that enough?
I've heard SIM card hacking is a threat, so I'm looking for more better options or additional layers of protection.
Any good ideas?
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I think it's good to be security-conscious but you shouldn't be paranoid. The most important thing is your password - it should be long (at least 10-12 characters) and impossible to guess. Nowadays serious institutions don't store passwords in their database, they only store hash values, so even if there's a security breach your password should be safe.
I also use a password manager (LastPass). That way I don't have to remember all my long and difficult passwords. I don't use two-factor authentication unless it's required because I don't think anyone's out to get me. In my opinion, a strong password is enough.
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You should be using 2FA. Authenticator based 2FA
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My Vanguard account uses the normal username & password and also a text authentication code. Is that enough?
That's pretty much the industry standard right now. All my brokerage and bank sites have transitioned to it.
Additional tips:
Long passwords
Don't do personal business on public computers or public network connections
Don't use your computer's admin profile for personal business, create a separate profile
Don't click on links in emails
If the email seems phishy ignore it. Call them or manually go to their website if you think there's a concern.