As many in the community already know, when developing Parqet we place high value not only on functionality or particularly good user experience, but also on data protection and the security of user data.

Whether with our PDF import, which works 100% anonymously, or the separate data storage of sensitive datasets – our standard is the highest level of care in matters of data protection and security.

It has long been the wish of the community to be able to protect access to the Parqet account with additional factors. We are now fulfilling this wish – as of now, all Parqet users can optionally protect their account with Multi-Factor Authentication (MFA).

What is Multi-Factor Authentication?

Multi-Factor Authentication is a security measure that requires users to provide two or more proofs (factors) to confirm access to their account. These factors can be something you know (like a password), something you have (like a smartphone), or something that represents a personal and individual characteristic (like a fingerprint).

MFA protects your account by ensuring that even if someone knows your password, they cannot access your account without the second factor.

Why MFA is Important

• Improved Security: MFA provides an additional layer of security that makes it significantly more difficult for unauthorized persons to access your account.
• Protection Against Phishing: Even if someone obtains your password through phishing attempts, access to your account is not possible without the second authentication factor.
• Data Protection: MFA helps protect your personal information and data at Parqet with an additional building block.

How to Set Up MFA at Parqet

Setting up Multi-Factor Authentication is very simple and can be done in the web app in the profile. The factor for login will then be requested for all login attempts (web app and mobile apps).

Here is a step-by-step guide:

Step 1: Open Your Account Settings

Go to your account settings and select the "Multi-Factor Authentication" section.

Step 2: Choose a Name for the MFA Method

Since you can save multiple authenticator apps for logging in, each method requires a name. Enter this (e.g., "iPhone Auth App") and click Start.

Step 3: Choose Your Authenticator App

Parqet will now display a QR code. You can scan this with an authenticator app. We recommend the following apps:

• Google Authenticator (iOS/Android): A popular choice with a simple interface.
• Authy (iOS/Android): Offers a backup function that is particularly useful when you change devices.
• Microsoft Authenticator (iOS/Android): Another solid choice that works seamlessly with Microsoft accounts.
• Password Managers like 1Password: Many password managers like 1Password have an integrated authenticator function that is supported by Parqet.

Step 4: Scan the QR Code

Open your authenticator app and scan the QR code displayed on the screen. This links your Parqet account to the app.

Step 5: Confirm the Setup

Enter the 6-digit code that your authenticator app generates to complete the setup.

Done – Your Account is Now Even Better Protected!

Now your account is protected with an additional security level. Every time you log in to Parqet, you will be asked for your password and the code generated by your authenticator app.

The introduction of Multi-Factor Authentication is an important step forward in our constant effort to ensure the security of our users. At Parqet, we are proud not only to provide you with first-class financial tools, but also to ensure that your account and your data are as secure as possible. If you have questions about the setup or about MFA in general, feel free to contact support@parqet.com.

Frequently Asked Questions

Can I Disable MFA?

Yes, you can disable MFA at any time in your account settings. However, we recommend keeping it enabled for security reasons.

Does Parqet Also Support SMS-Based MFA?

At this time, Parqet supports MFA exclusively via authenticator apps.

Can I Use MFA with a Social Login?

Yes, you can use MFA with social logins (login with Apple/Google/Facebook).

New to Parqet?

With Parqet, we work every day to remove the barriers to wealth building. To do this, we build tools that allow you to keep track of your portfolio with little effort, whether at home or on the go.

See how Parqet can simplify your wealth planning, or create your free portfolio in seconds.