Two-step verification (otherwise known as two-factor authentication or 2FA) adds an extra layer of security to your account. Wealthsimple uses two-step verification by default for all of our accounts.
Two-step verification is just one of the ways we keep Wealthsimple safe and secure.
What is two-step verification?
Two-step verification allows you to prevent someone from accessing your account if they have your username and password. Two-step verification is often a unique code sent via SMS, email, or through an app. We'll ask you to provide this code after you've entered your username and password.
When you first set up your account, we'll ask you to choose whether you'd like to receive your verification code by SMS, or via an app (such as Google Authenticator). We'll also send you a recovery code. This code will allow you to access your account if you lose the ability to receive your two-factor verification codes.
Update your two-factor authentication method (2FA)
If you wish to change your 2FA method, you can do so by following these steps —
- Log into my.wealthsimple.com and sign in to your Tax profile
- Select Account at the top right-hand corner of your screen
- Choose the Settings menu item
- Next to Two-step verification, select Switch method
- Select either Authenticator app or SMS and follow the prompts to finish this change
Can I turn off two-step verification?
It's not possible to turn off two-step verification. However, you can ask Wealthsimple to remember your device for 30 days. If you select this option, we won't ask you to provide a verification code every time you log in from the same device during a 30-day window. To set this up, follow these steps —
- Log into my.wealthsimple.com
- After being asked for your 2FA code, check the box that says Remember this device for 30 days
Below are some troubleshooting tips for common issues related to accessing your account due to 2FA —
If your two-step verification code isn’t working
- You may be waiting longer than 1 minute to input the code: After 1 minute, your 2FA code will no longer be valid. If this happens, request a new code and make sure to input it before the minute passes.
- Your SMS provider may be delaying the texts that get sent to you: In this case, you’re likely receiving the code after the minute time limit is up. The best solution here is to use your recovery code to access your account, then switch your 2FA method to email or authentication app.
- Your phone clock may be wrong and you're using an authentication app: If your phone clock is incorrect, this can cause a delay in the code that your authentication app is providing you. The best solution is to verify that your phone's date and time is set to update automatically by your carrier.
If you have lost access to your two-step verification code
- You have your recovery code: You can use your recovery code instead of a 2FA code to login to your Wealthsimple profile. You can then update your two-step verification method from your profile.
- You do not have your recovery code: If you don’t have your recovery code, you'll need to call our support team so they can verify your identity. Due to the elevated security associated with two-step verification, we're unable to help you regain access to your account via email. Please call us at +1 (855) 255-9038. We are available Monday to Friday (except holidays) from 8:00 am -8:00 pm EST.