Mintos is moving to two-factor authentication (2FA) once it becomes licensed.
The European peer-to-peer lending marketplace applied for an investment licence in Latvia last year so it could expand its product range.
As part of this, Mintos will be required to use 2FA authentication to check who users are when they login.
This is part of the European Union’s Revised Directive on Payment Services.
Mintos users currently have the option of using a Google authenticator app to confirm their identity.
But once Mintos is regulated, it will require users to switch to a text message 2FA.
Users will need to enter their password and a code sent by text message to their mobile device.
“Two-factor authentication helps protect your account from unauthorised access as a result of a compromised password, phishing attacks and other cybercrime,” Mintos said in a blog on its website.
“In order to ensure that the only person logging into your account is you, the sign-in with the two-factor authentication will require your password and your security key which you will type in via an app on your phone.
“This means that even if someone has your password unless they also have your phone or other trusted device with them, they will not be able to access your account.”
Mintos said the authentication method will be rolled out country-by-country.
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