Articles on: Safety

Does Finst offer Two-Factor Authentication (2FA)?

Two-Factor Authentication is enabled by default at Finst already during the registration. We use the best security standards to protect customers and their assets, this includes device pairing and email + SMS verification for every new device used for log in. Additionally to login to the web app ( customers can scan the QR code with the app - just like major banks in The Netherlands. This way, only the owner of the phone can ever access the account.

Additional information
Most users are probably used to an Authenticator app that generates temporary codes, but there are more Two-Factor Authentication solutions out there, for example: confirming a log in from a paired device with biometrics (like via an App), SMS code authentication, or even a physical security key like a USB.

We have built our authentication to work in the background and provide our clients with convenience and high security at the same time. Here is how it works:

We use Strong Customer Authentication (SCA) which is the European banking standard. This is an authentication process based on the use of two or more secure elements, and you’ll need either a confirmation from a paired device (App) or an SMS code.

When you create your Finst account, we send you a code by SMS and that helps us to verify your phone number and mark it as a trusted secure element. Once the phone number is trusted, there is a security certificate that is saved in the local storage of the Finst App. This way, the Finst App becomes an additional trusted secure element. This action is also called “device pairing” - meaning that this App is linked to your phone, can only work on this particular phone and can not be moved or copied.

When you log into your Finst account from the web app ( or a new non-paired device, you’ll be asked to confirm this login by scanning a QR code with your existing paired device or, if this isn't possible, you can request an SMS code to be sent to your trusted phone number to confirm your login. This ensures that only you can log in to your Finst account.

When you log into your Finst account from your paired device, Two-Factor Authentication is already active. It consists of the security certificate on the device and your PIN code, fingerprint or face recognition (depending on your smartphone). This means that logging into your Finst account from your paired device can only be done by you.

Updated on: 26/03/2023

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