Assetz reduces reliance on two-factor authentication

ASSETZ Capital is reducing the number of times users will need to use its two-factor authentication as it responds to customer dissatisfaction with the process.

The peer-to-peer lender has emailed customers to say that using a tick box at their next login or in their profile would cut the number of times two-factor authentication is required.

In early July, Assetz Capital took the decision to introduce two-factor authentication for all lenders on its platform in order to provide another layer of security.

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This involved the introduction of a time-restricted, single-use code sent by text, a phone call or through the ‘Authy’ app. This was required every time a user logged on to the platform.

The move attracted criticism from customers who said that the two-factor authentication made the login process cumbersome.

The firm said it has made changes, which will go live at 1pm today (30 July) after listening to feedback.

It added that two-factor authentication will still be necessary for withdrawals, selling loan parts at a discount, profile changes and changes to communications preferences.

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