Need of authentication in online trading

With increased online fraud and cyber crime, security of online accounts has degraded immensely. To engage and enhance cyber security, market regulator SEBI is looking to put in place a new set of guidelines, wherein fingerprint, face recognition, eye scan will be required for stock trading through mobile applications.

These applications installed on smartphones and PC, will require biometric authentication to buy and sell stocks in accordance with the traders and retail investors, according to SEBI’s guidelines. The securities and Exchange Board of India is of the view that futuristic cyber security and resilience are required for the capital market.

Now to verify the owner of a particular trading account cannot be restricted to passwords only, passwords can be hacked easily by the malicious criminals and may result in leakage of your personal data. A simple password is a piece of cake for hackers to crack , it is so the two-factor authentication also known as biometric authentication/ 2FA came into existence.

The username and password combined with an extra layer of security makes it difficult for the intruders and hackers to invade our privacy and secures our account. To ensure this, maintenance of your password is equally important. Try to change your master password as frequently as possible at least once in 2 months. Do not let your browser remember your password. Overall do not use the same passwords for all your accounts.

When you are trading online ensure 3 basic rules. Firstly, never let your trading screen remain unattended at any point of time. Secondly, make it a point to log out of your trading account when you are through instead of just closing the window. Lastly, regularly clear the cache for lingering files in your browser memory.

Back in 2018 , NSE had mentioned in a curricular In order to enhance the security measures, the exchange shall be implementing Two Factor Authentication (2FA) for user log in on negotiated trade reporting platform of debt segment.

With Byteseal’s Personal Authentication Device, a strong and simple authentication framework can be implemented at various levels of trading such as logging into the trade platform, authorizing trades, etc.

The Personal Authentication Device incorporates world’s most secure fingerprint sensing technology which will ensure optimum level of security for the traders’ online trading accounts.

The compact form factor and wireless connectivity of the Personal Authentication Device will make it possible for the traders to easily carry it with them and trade securely on the go.