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Two-factor authentication (2FA)

Two-factor authentication (2FA)

Last updated on August 2, 2024

Two-factor authentication adds an additional layer of security to your account and is used on Funderbeam to confirm all transactions like investing, placing orders, withdrawing funds, and more.

What is two-factor authentication?

Two-factor authentication (2FA) is an electronic authentication method in which a computer user is granted access to a website or application only after successfully presenting two of evidence to an authentication mechanism: knowledge (something only the user knows) and possession (something only the user has).

2FA protects the user from an unknown person trying to access their data such as personal ID details or financial assets.

When 2FA is enabled, should someone gain access to your Funderbeam account they still would not be able to make any transactions on your behalf as they don’t have physical access to your mobile device to receive or generate the verification codes.

You can choose between two methods of two-factor authentication on Funderbeam – using SMS to receive authentication codes on your verified phone number or using an authenticator app on your phone to generate codes.

Note: You need to have a verified phone number associated with your account in order to use either two-factor authentication method.

Using SMS for two-factor authentication

Please be aware that starting September 2nd, 2024 verification codes for 2FA will be sent via email instead of SMS to enhance your experience.

On Funderbeam we require you to have a verified phone number associated with your account. Once you have verified your phone number, you can automatically receive two-factor authentication codes via SMS on your mobile phone to confirm transactions.

Using an app for two-factor authentication

App based two-factor authentication (2FA) uses a standardised Time-Based One-Time Password (TOTP) method for generating a regularly changing code based on a shared secret (between Funderbeam and your phone). Because it is a standard, many different apps can be used, the most popular being Google Authenticator, Microsoft Authenticator, Authy, Last Pass.

When you set up TOTP, our server generates a secret key – a bunch of random numbers and letters – that you save to your phone, by scanning a QR code with your authenticator app.

Now your phone and our server both have a copy of this secret key. To prove that you have the key when verifying a transaction, the authenticator app on your phone mixes this key with the current time to produce a unique access code that you need to enter to proceed. Our server does the same on the other end and if the code matches, the transaction goes through.

How to set up two-factor authentication using an app.

Download an app such as Google Authenticator, Microsoft Authenticator, Authy, Last Pass or other on your phone to generate two-factor authentication codes.

On your Settings page, find the Two-factor authentication section and click “Enable” to start setting up 2FA using an app.

Screenshot of the 2FA methods section

  1. Download an authenticator app to your phone

If you have not yet done so, download an authenticator app to your mobile phone to continue.

  1. Open the authentication app on your phone
  2. Scan the QR code

Point your phone camera at the QR code on the screen to scan it. If you can not use a QR code, we also provide the option of entering a code manually.

Note: The QR code can not be scanned by other apps or the camera.

  1. Enter the code from the app

After scanning the QR code image, the app will display a six-digit code. Enter this code in the text field on the setup page and click “Enable”.

Once enabled, you will need to enter a one-time code generated by your authentication app of choice the next time you make a transaction on Funderbeam.

Learn more about staying safe online.

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The information about the investment opportunities profiled on this website is provided for general information and marketing purposes only and should not be considered an invitation or inducement to engage in any investment activity. Complete and comprehensive information about an investment opportunity is only available only to investors who have been approved by a Funderbeam group entity.

You should ensure you carefully read the Risk Disclosure Statement before deciding to proceed with any investment or transaction, including making a purchase of securities via the Marketplace. Funderbeam has taken steps to ensure that company and securities offering information is clear, fair and not misleading in accordance with its internal verification procedures. Funderbeam does not provide investment advice or any recommendation to invest. Any investment opportunity on this website should not be considered as an offer to the public and is not directed at or offered to anyone to whom it may not be so directed or offered, or located in a jurisdiction where it is unlawful to do so.

It is important to note that funds are raised, investments are made and trade orders are placed through three investment firm service provider entities: Venturebeam Markets AS (VBAS) (authorised and regulated by the Estonian Financial Supervision Authority under permit 4.1-1/212), Venturebeam Markets Limited (VML (authorised and regulated by the UK Financial Conduct Authority under FRN 794918), and Venturebeam Markets Pte. Ltd., (VB Pte) (licensed and regulated by the Monetary Authority of Singapore under Capital Markets Services (CMS) license CMS100863). VBAS and VML are MIFID investment firms.

This page provides you with an overview of the services provided by different entities belonging to Funderbeam group. In the pages of this website, platform, and documents located on these pages (save to where referred otherwise), we generally refer to the group, which includes group of entities being direct or indirect subsidiaries of Funderbeam Ltd, including VBAS, VML, and VB Pte, as “Funderbeam”, “we”, “us” or “our”.

A Funderbeam client (whether investor or company) is a client of the service provider and under the protection of the requirements of the regulator under which that service provider operates: An EEA client’s service provider is VBAS, a UK/ non-EEA/ non-Singapore client’s service provider is VML, and a Singapore client’s service provider is VB Pte.

The applicable Funderbeam service provider has, prior to the offering of the investment offer on its Platform, verified from public registries in reasonable levels of due diligence, notwithstanding the due diligence which is also performed by the Lead Investor where applicable, which will cover at the minimum: a. that the project owner has no criminal record in respect of infringements of national rules in fields of commercial law, insolvency law, financial services law, anti-money laundering law, fraud law or professional liability obligations in all jurisdictions where practicable for such checks to be conducted; b. that the project owner is not established in a non-cooperative jurisdiction, or in a high-risk third country as set out by the Financial Action Task Force (“FATF”), and/or other government directives in jurisdictions where Venturebeam is operating.

The Marketplace is operated as an organised market by VB Pte., in Singapore as a Recognised Market Operator (RMO) under the supervision of the Monetary Authority of Singapore. VBAS and VML are Trading Members of the RMO’s Marketplace. Access to the Marketplace for EEA and non-EEA clients is only provided by and through such clients’ service provider (ie VBAS or VML). The Marketplace does not provide services directly to investors outside Singapore.

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