15 Oct October is Cybersecurity Month: Steps you can take to protect your account
October is National Cybersecurity Awareness Month and My Robo Adviser wants you to be aware of the resources you need to be safer and more secure online. My Robo Adviser takes information security seriously and we have adopted an information security policy to help keep your information secure. MyRoboAdviser™ has partnered with Betterment for Advisors as our technology platform to help deliver our services to you. Betterment also offers security measures that can help keep your information, and your account secure. Below is information and tips to help protect your account.
Have a Strong Password
Good passwords are both long and random. When setting a password, select a longer password for the best protection. Betterment requires you to use at least eight characters in your password, although 10+ is better. Try to avoid using first or last names, common places, names of products or services, or any other information that people may know about you or that are discoverable online. One way to set a strong password is to use a passphrase. Instead of using just letters and numbers, use a collection of random words separated by hyphens, commas, spaces, or other special characters. An example passphrase could be: “elephant gray wrinkles, animals.” Another method is to take a phrase or sentence from your favorite song or book that is easy for you to remember and use the first letter from each word. Then mix in some numbers or symbols to add some complexity. For example, “The sky is gray before it rains.” may become “Tsigb4ir.!” Good passwords are unique to each site (don’t use the same password for multiple accounts).
Enable Two-Factor Authentication
Two-factor authentication (“2FA”) helps to protect your account from theft, even if an attacker has obtained your password. With this additional layer of security, you’ll be required to enter a unique verification code either from a mobile authenticator application or from a text or voice message when you log into your account. While no safeguard can guarantee 100% against a data or security breach, 2FA makes it significantly more difficult for malicious hackers to access your account.
It only takes a few seconds to enable Two-Factor Authentication (“2FA”) to help protect your account. For security purposes, we cannot overemphasize the importance of increased security for all of your online accounts. Cyber attackers are becoming increasingly better at hacking into accounts and other password protected locations. Thus, it is imperative to setup Two-Factor Authentication and protect yourself from cyber-attacks.
If you’d like to set up with a mobile authenticator application, simply head to Settings once you’re in. My Robo Adviser personnel cannot set up 2FA on your behalf- this is something you must do yourself (although we can help guide you). Enable the 2FA feature on the Security tab in their account settings by clicking “Set up Two-Factor Authentication” in the section “Two-Factor Authentication.” Two factor authentication can be set up using SMS text or a mobile authenticator. If you would like to set up 2FA with SMS authentication, you will be asked for your cell phone number to complete set up. If you would like to set up with a mobile authenticator application, such as Authy or Google Authenticator, Betterment will provide a QR code to scan from your authenticator app to set it up.
You may set up Two-Factor Authentication for both SMS and a mobile authenticator application.
Once two-factor authentication is set up, you have the option of having Betterment remember the device you are accessing your account from. If selected, this setting will allow Betterment will remember which trusted device you used for two years, so that you don’t have to keep entering codes every time you sign in on the same device. However, while inconvenient, some security experts recommend that you NOT enable this setting and require a 2FA code for each sign in.
What do I do if my phone was lost or stolen? If your phone was lost or stolen, call Betterment’s Customer Support at (888) 646-2581 to obtain help to disable 2FA temporarily to allow you to log in and set up 2FA on your new device. How to Remove Trusted Devices from 2FA
To revoke trusted status from their devices that skip Two-Factor Authentication, your client should go to the Security tab in their account settings and click “Edit” in the section “Two-Factor Authentication.” In the “Devices you trust” section, they should click “Revoke all.” At this time, Betterment does not have functionality that allows for the ability to revoke only certain trusted devices.
What are App Passwords and when should you consider them? App Passwords help you connect your account to finance applications and services (such as Mint and TurboTax) for convenience and productivity in a safer way. When using App Passwords, these services will only have the ability to view your account balance and other financial transaction information, without the ability to make changes to your accounts. This way, you can take advantage of the benefits of these services with an additional level of security. You should consider using App Passwords with any outside applications you connect to your My Robo Adviser account at Betterment for Advisers. On the Security tab, you should periodically review the third-party services you’ve granted access to, and revoke access from any applications or services that you no longer want to provide access to.
Disclosures: Content contained herein is presented is for informational and educational purposes only and is not intended as an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies, nor shall it be construed to be the provision of individualized investment, tax or legal adviceMy Robo Adviser is a digital investment service advised by ETF Model Solutions, LLC. Investments recommended by My Robo Adviser™ involve risk and will fluctuate in value. Unless otherwise stated, investments are not insured or guaranteed. May lose money. My Robo Adviser™ utilizes the platform and technology services of Betterment LLC, an SEC Registered Investment Adviser. Betterment provides the wrap fee program that assists us in providing our services to you. Custody and trading services for the program are provided by Betterment Securities, an SEC registered broker-dealer and member FINRA/SIPC.
Prospective clients contemplating opening an account with My Robo Adviser™ are advised to read My Robo Adviser’s Form CRS and ADV Brochure, Part 2A for important disclosures about our services, business practices, the costs and risks of investing, and other important considerations prior to opening their account. You can access the most recent version of our Form CRS and ADV via a link on our website.