You may have heard of our Macquarie Authenticator app. You can learn more about it here.
The Macquarie Authenticator app is a verification system that helps protect accounts and personal information. Right now, it’s available to clients who hold a transaction and savings account, Macquarie home loan, Macquarie CMA or an IDPS Wrap account.
If you have clients with these products, they may be using it already to verify online transactions or other tasks they perform online.
Upcoming client notice
We’re contacting clients soon to let them know they need to download the Macquarie Authenticator app to verify certain payments above $5,000, and that their daily limits for certain transfers will now be set against their Macquarie ID.
This means the new daily transfer limit will apply across all of their accounts, and not each account individually.
These changes are being made to add extra security and reduce the chance of fraud on their accounts. These changes won’t impact existing payment limits or your ability to process payments on their behalf using Adviser Initiated Payments (AIP), bulk cash transacting or wrap investment portfolio transacting.
Please note if your clients aren’t registered yet for two-factor authentication, we may need to restrict their ability to transact online.
We’re getting in touch with you now to let you know in the coming weeks, you’ll also be able to benefit from the added security and great user experience the Macquarie Authenticator app provides.
We expect from early August, you’ll be able to verify the following actions via Adviser Online and Macquarie Authenticator:
- Log in help and verification
- ESI credential generation
- Macquarie Authenticator is quick and seamless
- real-time control with quick and easy digital verification via actionable push notifications
- ease of use with a free, simple application, that is integrated with our platform and other app technology
- multi-device support, built for your device – mobile or tablet.
There’s more to come
This is just the start. We’ll be adding more adviser-driven tasks that require two-factor verification to the Macquarie Authenticator app, so that this becomes your primary way to verify these actions.
Down the track, Macquarie Authenticator will also be used by your clients to provide their consent or verification for things like AIP, and other adviser-initiated actions where you need client verification.
Why do we want to move away from SMS verification?
To provide you and your clients with extra security. This extra security comes from the payment verification information being sent directly to your device, or your client’s device, (mobile or tablet), without using your mobile number.
How is it more secure than SMS?
The Macquarie Authenticator verification method is more secure than SMS verification as the information never leaves your device. It’s also faster than SMS verification as you simply tap to approve or deny the transaction on the screen. No need to wait for an SMS security code.
What do you need to do?
You may like to talk to your clients to see who has already downloaded the app and are using it now to see how they’ve found it.
We’d also suggest encouraging all your clients to download it in preparation for the payment limit change, and future verification tasks you’ll be able to send to them.
We’ll be in touch again in the coming weeks to let you know when Macquarie Authenticator is available for you to use with Adviser portal log in help and verification and ESI credential generation.
Although there’s no need to wait – you can download the app now in preparation. Once downloaded, it will be ready to use as soon as we turn on these new features for you.
You can get the app via the App Store and Google Play