Broker-dealers and investment advisers are now subject to Multi-Factor Authentication (MFA) on the Firm Gateway as a result of the security protocols being implemented by the Financial Industry Regulatory authority (FINRA). This authentication protocol will grant Super Account Administrators and users with access to FINRA Gateway systems, only after successfully providing two pieces of identifying information:
- existing Firm Gateway system credentials (username and password); and
- new MFA security protocols.
The MFA security protocols provide for three options to provide for the second authentication step:
- utilization of a mobile application;
- text messaging; or
- phone call via landline.
The Super Account Administrators (SAAs) and Account Administrators (AAs) accessing Firm Gateway systems will be prompted via the login screen to complete a second authentication factor enrollment. After successfully enrolling in MFA, and verifying your identity with the second method of authentication, you will again have access to the FINRA systems to which you are currently entitled.
Please note that if you use the same computer and browser within a 24-hour timeframe to access FINRA systems, you will not be required to enter the second authentication factor each time. However, this will only be valid for 24 hours and may need to be authenticated each time you log in.
This feature is being rolled out in phases over a period of months to firms’ SAAs and AAs. For all other users, MFA will roll out in 2021 and beyond. While this may not be convenient, it will provide an additional layer of security for the data maintained in the Gateway System by FINRA and the users of the system.