Also referred to as “Two-Factor Authentication” (2FA), Two-Step Verification essentially adds an extra layer of security to your Wealthsimple profile.

When activated, Wealthsimple requires two “factors” in order to allow you to access your account - your password and your verification code (sent to your phone using SMS or an app).

This means that when Two-Step Verification is activated on your account, you need both (not either) your password and your smartphone in order to gain access - thereby preventing unsavoury types from accessing your account unless they have both of these in-hand.

It's important to remember that Two-Step Verification is not about making Wealthsimple hard to hack into (we have other measures in place for that). Instead, it's about making it more difficult for you to be hacked.

Learn how to activate Two-Step Verification on your Wealthsimple account here.