Property peer-to-peer lending platform LandlordInvest has introduced two-factor authentication to improve the security of its borrowers and investors.
The platform will now use two-factor authentication to protect its users accounts by requiring an extra code from a mobile app when they login.
Users will be required to download an authenticator app such as Authy or Google Authenticator and connect it with their LandlordInvest account by scanning an on-screen QR code.
“We think it’s important that investors on P2P platforms have the option of using the same type of authentication processes that they’ve seen elsewhere such as from their bank,” said a spokesperson for LandlordInvest.
“This is an extra feature for investors rather than a response to any security issues, so the two-factor authentication is optional at this time.”
This is the latest example of P2P lending platforms upgrading their security systems in an effort to combat the rising threat of fraud and cyber crime.
Earlier this month, P2P lender October warned its lenders to avoid unknowingly becoming money mules.
And the government’s Joint Fraud Taskforce has been taking a closer look at the risk of fraud in the P2P sector, in recent months.