Interactive Investor: Poor security?

soulsaver

I, like many others here, have a significant proportion or my net worth with II.

Each time I log in, a thought occurs which is it's single level password, inputted in total (not selected digits) - which could mean that it is easily harvested?

And there's no second level security on log in, for me for sure.

If it was a bank, we'd consider that poor?

I use iWeb for trading, so I've never made a withdrawal from II so maybe there's some added protection of which I'm not aware ?

PS I've been with them for several years and never had an issue, other than plenty of admin incompetence at first.

jamei305

You can only withdraw cash to your nominated bank account and need an SMS code to update this or any other personal details.

SonOf

If it was a bank, we'd consider that poor?

A bank allows you to set up payments to go to third parties. Your platform doesnt.

I use iWeb for trading, so I've never made a withdrawal from II so maybe there's some added protection of which I'm not aware ?

Most platforms will want evidence of bank details before releasing the money. Usually this is a cheque (from when you paid in) or a void cheque or an actual statment (not mini statement). Once they have validated an actual bank account, they will only release funds to that account.

Albermarle

And there's no second level security on log in, for me for sure.

My SIPP ( notII) has no obvious second level security either but I know it will only work from a registered laptop ( or from the smartphone app) so if someone just got the password and username they could not just log on from another computer.

Browntoa

I'm sure when I had to change bank account details it involved sending a secure message via the account and then some back and forth via letter etc .

I'm sure it wasn't easy to do