Wealthsimple Security
After harassing, petitioning and hours on the phone with Wealthsimple for over 6 months since their hack, I threatened to withdraw all of our accounts and investments if they didn’t improve their security from potential hacking and identity fraud.
I had asked that a 2FA or password be added to trading, etransfers, wires and account changes. They understood the problem that once an account is accessed what is critical is the ease of liquidating the account and then transfer money to untraceable foreign accounts.
I am happy to see that while my ask wasn’t specifically addressed Wealthsimple has added “geo-fencing” to account activities to 3 location based tracking.
What does this mean? It means even if an account is hacked, only the 3 locations like your home, work or other personally frequented location can be used for any activity. So foreign bandits cannot conduct transactions.
This is good news and I do not believe there is any other financial institution in Canada that has gotten this level of account security.
You can thank me for my time spent to secure your money! 😂
