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Client Authentication Procedures for Money Movement Requests
We're revisiting our client authentication process for money movement requests and I'd love to hear what other firms are doing. We're considering a combination of challenge questions and text verification (Two-Factor Authentication for Redtail | DTS Verify), but we're concerned about making the process secure enough to prevent fraud without making it cumbersome for clients. For those of you who have implemented authentication procedures: - What does your process look like? - What challenge questions do you use that feel secure? - Have you had any lessons learned or unexpected issues? Appreciate any examples or advice. We're looking for solutions that are both secure and client-friendly.
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We're considering storing this in "important information" in Redtail so that it is top of mind to confirm and remind, when advisors are speaking with clients outside of a money movement request.
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Kristin McCoy
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@kristin-mccoy-7491
The Dala Group - Operations Lead

Active 4d ago
Joined Aug 14, 2023
Hoffman Estates, IL
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