In this article:
Overview
You might need to reset your two-factor authentication (sometimes called 2FA or MFA) method to regain access to your Wealthsimple account. This could be because you've lost your phone, switched to a new authenticator app, or are having trouble receiving authentication codes.
Understanding your verification texts
We've updated how we send one-time passcode verification texts. Here's what's changed:
- Each action now has its own message. When you receive a verification code, the message will tell you exactly what it's for. For example: Signing up, logging in, resetting your 2FA, or completing a sensitive account action that requires step-up verification, such as sending or withdrawing money, updating your payment card, or placing a trade. This makes it easier to know what triggered your code.
- Some clients will receive texts from "Verify." These messages are Wealthsimple's verified sender profile. If you get a code this way, it's legitimate and safe to use.
How to reset your two-factor authentication method
To reset your two-factor authentication and access your Wealthsimple account, follow these steps:
- Enter your email and password on the Wealthsimple app
- On the next screen, where you'd normally enter your authentication code, tap Help in the right-hand corner
- Tap Get started on the reset your two-factor authentication recovery option
- Tap Verify identity to start the two-factor reset process
- Follow the prompts to verify yourself with our authentication partner, Persona
- Head back to the app after verifying your identity
- Follow the prompts to reset your two-factor authentication method
- Log in to your Wealthsimple profile
- On the next screen, where you'd normally enter your authentication code, select Recover my account
- Select the Reset two-factor authentication recovery option
- Click Continue to start the two-factor reset process
- Follow the prompts to verify yourself with our authentication partner, Persona
- Head back to Wealthsimple after verifying your identity
- Follow the prompts to reset your two-factor authentication method
Troubleshooting authentication reset
Here are some troubleshooting tips for common problems:
Your authentication hasn't been approved yet
Our authentication partner, Persona, takes approximately 10-20 seconds to verify your identity. We'll also send you an email when they're done.
Your authentication was approved, but you're not seeing the option to set up a new two-factor authentication method
For your security, you'll need to set up a new two-factor authentication method within 24 hours of an approved authentication. If 24 hours have passed, you'll need to verify yourself again.
You've recovered your two-factor authentication method and don't need to reset it anymore
If you haven't verified yourself, you can close the screen in the top right corner to return to the login page.
If your authentication is pending or complete, tap Cancel authentication or Cancel setup to cancel resetting your two-factor authentication. Remember that if you want to reset your two-factor authentication at a later time, you'll be asked to verify yourself again.
You're trying to reset on the website, but haven't been prompted to verify yourself
We'll automatically redirect you to a new tab where you can verify your identity through our authentication partner, Persona. If you have pop-ups disabled, you can click the unique link generated for you on the screen.
You received a text from "Verify" instead of Wealthsimple
This is expected. Verify is Wealthsimple's verified sender profile, and the code inside is safe to use.
Frequently asked questions
Why am I being asked to verify my identity?
To help keep your account secure, we may ask you to verify your identity if needed when you take certain sensitive actions in your account. If this happens, we'll instruct you to enter a 6-digit secure code that you receive by email or phone number.
What can I reset my two-factor authentication method to?
We support authentication codes received in 1 of 2 ways:
- Authenticator app (such as Google Authenticator)
- Phone number (either a text message or automated phone call)
I received authentication codes by email. How can I reset my two-factor authentication method?
Please reach out to our support team to reset your two-factor authentication method.
The option to receive authentication codes by email will soon be discontinued, so we recommend upgrading to an authenticator app or using your phone number. We understand that this isn't possible for everyone. If you don't have a compatible phone, tablet, computer, or landline, contact our support team for alternatives.
Is the 48-hour cooldown removed for all payment types?
The 48-hour cooldown doesn't apply to Interac e-Transfer, bill payments, P2P transfers, and international money transfers. We still use a cooldown period for crypto withdrawals to help keep your account secure.
Is my account secure if I make payments after changing my 2FA?
Yes, it's completely secure. Our identity verification process for a two-factor authentication reset includes strong safeguards and security measures to protect your money.
For more protection, we recommend turning on the Trusted Places feature in your Security settings. This requires more verification for any payments made outside your trusted places.
I received a text from someone called "Verify," is this legitimate?
Yes, it's legitimate. Verify is Wealthsimple's verified sender profile. If a code comes from this sender, it's genuine and safe to use.
I received a verification code I didn't request, what should I do?
You can safely ignore it. No action is needed and your account isn't at risk. If you're concerned, we recommend changing your password as a precaution.
Why does my verification text look different than before?
We've updated our verification messages so each type of code now has its own message specific to that action. For example: Signing up, logging in, resetting your 2FA, or step-up verification for sensitive actions like moving money, updating card details, or trading. This makes it clearer what the code is for and what you should use it for.
I changed my phone number and now I can't login. What do I do?
You'll need to reset your 2FA method so it's linked to your new phone number. Follow these steps:
- Enter your email and password in the Wealthsimple app
- On the screen where you'd normally enter your code, tap Recover my account? or Help
- Tap Reset two-factor authentication
- Tap Get started, then Verify identity
- Follow the prompts with Persona, then return to the app after you get the verification email and finish resetting your two-factor authentication method
Once you've completed these steps, your verification codes will be sent to your new number and you'll be able to log in normally.
I wasn't able to verify my identity, what should I do?
Please reach out to our support team to log back in to Wealthsimple.
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