How We Protect Your Account: 2FA and Hardware Wallet Integration

At Narvi, we're pushing the boundaries of technology with two factor authentication to ensure your account is as secure as possible.

From two-factor authentication to advanced hardware wallet integration, we're using cutting-edge solutions to protect your data and transactions. Read on to discover the features that make Narvi a global leader in banking security.y.In-House Built TechnologyWhat sets us apart is that we build all our core technology in-house. While many financial institutions rely on third-party providers, we develop everything ourselves— from our banking solutions to onboarding processes, APIs, and client features. This gives us full control over security, compliance, and innovation, ensuring a smoother and safer experience for our users.By keeping everything in-house, we reduce vulnerabilities and can react to threats instantlyTwo-Factor AuthenticationNarvi uses two-factor authentication (2FA) to add an extra layer of security to your account, ensuring only you can access it. When logging in or performing sensitive actions, you'll be required to verify your identity using a second factor beyond your password.The 2FA will typically be an SMS verification, where you'll receive a one-time passcode (OTP) via text message to confirm your login. By enabling 2FA, you significantly reduce the risk of unauthorized access, even if your password is compromised.Hardware WalletsNarvi is among the first fintech companies to offer hardware device (or wallet) support for 2FA-securing business accounts, earning us a mention in The Fintech Times: Banking Security Gets Physical: Are Hardware Keys the Future Standard?What is a hardware wallet?A hardware wallet is a physical device that securely stores a key used to protect digital assets and can also serve as an authentication tool for banking transactions, offering stronger security without sacrificing user-friendliness.Migrating to a hardware 2fa device might sound daunting to those who haven't tried it before but there's nothing to worry about. For example, a Yubikey (the memory-stick-resembling item in the picture on top of this page), when used for 2fa for various services, can be inserted during login or tapped on a phone or website. Unlike many website accounts, cryptocurrency wallets and crypto wallets rely on private keys rather than 2FA alone. It is is a thin small item that can be held on a keychain to stay with you wherever you goHow are hardware wallets more secure?Hardware wallets are more secure than traditional 2FA security systems because they help resist malware, support self-custody, and keep control and possession of crypto assets offline. This makes it extremely difficult for hackers to gain access even if they compromise a user's computer or phone.Hardware devices wallets also can enhance security and be easier and faster to use for approving transactions and transfer requests without exposing private keys online.What hardware devices does Narvi support?Narvi supports the FIDO2 and U2F protocols for hardware devices. This means you can use tools such as Yubikey, Trezor, or a Ledger device to authenticate your account, including through app-based standards like FIDO. Hardware wallets can also be used alongside exchanges or a hot wallet, but self-custody remains paramount for protecting assets. Find the complete list of providers who follow the supported protocols.

‘Businesses can hold hundreds of thousands, even millions of euros in their accounts. The risk is very high, and a physical wallet brings that extra layer of security.’ - Neil Ambikar, Co-Founder and CFO of Narvi Payments

Fingerprint or Face IDNarvi is expanding its security features by integrating biometric two-factor authentication alongside hardware wallet support. By introducing fingerprint and facial recognition, Narvi aims to provide a seamless yet highly secure way for users to confirm transactions. This added layer of protection combines physical and biometric security measures, further strengthening your account's security.

Adding Multiple UsersSharing passwords is a major security risk, but with Narvi's multi-user access, businesses can keep accounts secure without compromising convenience. Instead of relying on a single login, each user gets their own credentials with role-based permissions, reducing the risk of unauthorized access or credential leaks.This approach not only enhances security but also improves oversight. Admins can track activity, detect suspicious behavior, and manage access levels with ease.Internal controls in banking have been somewhat of a coming and going trend — while Narvi believes controls and safety of your account must be a constant.FIN-FSA SupervisionNarvi Payments is a fully regulated electronic money institution (EMI) based in Finland and is supervised by Finland's financial regulator, FIN-FSA.This means you can trust we meet strict compliance and security standards, and gives you confidence that your transactions are protected by a fully licensed and reputable institution in Finland, an EU country with a high safety of doing business and using the banking system.As a FIN-FSA-regulated entity, Narvi is required to protect your money and keep it safe by following strict safeguards and segregation of funds rules. All of our customers' funds are held in the European Union at reputable banks. All of these funds are currently held as cash deposits by our banking partners. Finally, Narvi undergoes regular stress tests and audits to ensure that we meet both security and regulatory standards. Recovery Flows if You Are Unable to Access Your AccountNarvi ensures a safe yet hassle-free account recovery process with multiple layers of two-factor authentication. This means that even if you lose access, your account remains protected from unauthorized recovery attempts. If you use hardware wallets, keep an offline backup recovery phrase so you can regain access if the device is lost. Finally, remember that it's the combination of efforts from both the banking platform and you, the account manager, that keeps your account safe. Follow general personal cybersecurity guidelines to make sure your Narvi account remains secured.

Start your journey with Narvi by opening an account today.Open Account

Narvi Payments Oy Ab es una institución de dinero electrónico (EMI) autorizada. La licencia EMI de Narvi la otorga la Autoridad de Supervisión Financiera de Finlandia (FIN FSA) con el número de registro 3190214-6. La licencia de Narvi tiene validez para todos los países de la Unión Europea.

Construido y regulado por Finlandia

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