TRANSACT ONLINE & COMPULSORY MFA
Your login details are important and need to be protected from cyber criminals
Cyber threats are constantly evolving, and protecting portfolios is more important than ever. As you know, it is hard to steal client money because bank accounts must be verified in the client’s name. However, with adviser login details, criminals can immediately download personal client data in bulk or place client trades to commit financial crimes.
The best way to mitigate this risk is to adopt Multi-Factor Authentication (MFA) and to use secure password managers.
Once enabled, you will be able to trust a particular device (e.g. your mobile phone), so you won’t need to enter your MFA code on every login.
Sharing login details (for use by more than just you) puts you, your clients and Transact at risk and is against Transact’s policy and your contractual obligations. Any such practice needs to cease immediately.
Adopt MFA now to avoid being locked out later
MFA will become compulsory for advisers from September. Although MFA may feel like a frustrating change, it is important to take this step to manage cyber risks and protect our clients and our businesses.
How does MFA work?
With MFA enabled, logging in to Transact Online requires your Transact Online Password and a one-time security code sent to you.
You can select one or more of the following authentication methods:
- By authenticator app (such as Authy, Google Authenticator, Microsoft Authenticator).
- By SMS to the mobile number registered to your Transact account (if verified).
- By email to the address registered to your Transact account (if verified).
Using an authenticator app is considered the most secure option for MFA because it’s resistant to attacks like spoofing, making it very difficult for attackers to get a hold of the security code. An authenticator app generates a 6-digit security code for you to enter when logging in to Transact Online. The app can be downloaded to your phone, tablet or PC.
What if I don’t have access to the security code?
A backup code lets you log in to Transact Online when you cannot receive a security code via an authentication method. We recommend enabling and storing backup codes as a recovery method.
Please contact your Adviser Support Manager if you need any help or have any questions.
1. Introduction
2. Transact Online (TOL) – Recent enhancements
3. Latest news on integrations
4. Changes to our bereavement process and adviser charging
5. Transact Online & Compulsory MFA
6. Advisers looking to sell and the Transact Succession Planning Service
7. Transact – BlackRock MPS update
8. A study in gifting – what now for assets that qualify for Business and Agricultural Relief?
9. Pension commencement lump sums for individuals with Enhanced or Primary Protection
10. Lifetime ISA – views of the Treasury Select Committee
11. Interest on cash
12. Transact events 2025