Interactive Brokers improves login procedure for mobile apps

Maria Nikolova

Enabling TouchID may seem like a minor step but it enables faster identification while responding to security concerns.

Interactive Brokers Group, Inc. (NASDAQ:IBKR) is obviously keeping an eye on comments regarding its mobile applications and this is shown by the latest update to the IB TWS mobile app for iOS devices.

The company has apparently taken into account requests for simplifying the procedure for logging in, while also considering the fact that solid security should be maintained when it comes to account balances and customer data.

The latest update to the IB TWS application for iOS devices, released a few days ago, adds TouchID support. Indeed, Apple allowed this type of identification several years ago, so to many this is not something impressive. And yet, let’s note that the move is smart in that it pleases those who want a simpler and faster login procedure, as well as those who prefer beefed-up security.

Traders can now use TouchID to maintain their trading access to the platform for up to 30 hours. TouchID will be enabled on one’s next full login as long as the user has set up Fingerprints in the iOS configuration. Those who have not enabled Fingerprints will be limited to the default 20 minutes of trading access after leaving the app.

Of course, in terms of security TouchID is not perfect. Fingerprints can be falsified thanks to printers and even certain gel copies. Moreover, there can be problems in case the screen of the device is damaged or dirty. A harm to one’s fingers may also hamper the recognition process.

Nevertheless, this is a step in the right direction with regards to addressing security concerns. Other online trading companies, such as OANDA Japan, have also sought to beef up login procedures in response to demands for enhanced security. In April this year, the company implemented security reinforcement measures at login in order to prevent unauthorized access. It warned traders that their accounts will be temporarily locked if one of the following cases applies:

· Account information was entered incorrectly more than 5 times at login;

· If traders have not traded for more than one year.

Whereas extra security barriers like captcha may seem a bit too much to many clients of Forex companies, let’s not forget that online trading platforms may become victims of malicious login attempts. The latest online trading company to report of a DDoS attack is Canada’s Questrade. It restored traders’ access to IQ Edge practice accounts a couple of days ago – about a week after the attack.

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