Also known as two step verification (2SV) or multi factor authentication (MFA), two factor authentication adds an additional step when you sign in: you enter a unique code generated by an authenticator app or sent to you via SMS. This extra step can keep your account safe from unauthorised access if someone were to gain access to your email account and/or your Hatch password.
Hatch recommends using app-based 2FA for the highest level of security, but some users may find SMS more convenient while still providing increased security compared to password alone.
Hatch requires that new customers enable 2FA before opening an investment account so that your funds and personal data are best protected from the get-go. You'll be prompted to set this up and choose your preferred method after you first sign in.
If you’re an existing Hatch customer you can setup 2FA at any time from the settings area in-app, once you’re there just click Two factor authentication and you’ll be guided through the process. Note that once you’ve turned 2FA on, you won’t be able to turn it off again, but you can reset it to use a new device/phone number at any time.