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Digital security is more of a concern these days.
But I don't like complicated things, so two-factor authentication, TOTP, Yubikeys and all of that, get overwhelming.

For Interactive Brokers, I just use their IB Key thing. I have to have my phone handy.
It works quick and easy. But I worry about what happens if I (and my phone) burn up in a car accident and my wife has to deal with it.

Does anyone use the IB Digital Security Card thing? Any opinions about it, or password security in general?
(I'm about to switch to a free password manager, since the paid one I've been using got hacked anyway).


Mark

For Interactive Brokers, I just use their IB Key thing. I have to have my phone handy.
It works quick and easy. But I worry about what happens if I (and my phone) burn up in a car accident and my wife has to deal with it.

Here's how your wife can gain access to your joint Interactive Brokers account if you die and your phone is lost:

1. Account Inheritance (For US Residents):

Designate Beneficiaries: Interactive Brokers offers an "Account Inheritance" feature where you can directly name beneficiaries to inherit your account assets without going through probate. This is the most straightforward method.
You can find this in the Client Portal under User menu > Settings > Account Configuration > Account Inheritance.  
Make sure to add your wife as a beneficiary.
 
Required Documents: Upon your death, your wife will need to provide:
A certified copy of your death certificate.
A signed identification document (driver's license or passport).  
A Non-Probated Estate Action Form with instructions for asset delivery.  
2. Transfer on Death (TOD) (For US Residents):

TOD Designation: Similar to Account Inheritance, a TOD designation allows you to pass your account assets directly to a beneficiary upon your death.  
Required Documents: Your wife will need to provide:
A certified copy of your death certificate.
A copy of her ID.
A Non-Probated Estate Action Form.  
Email: Beneficiaries of TOD accounts should email estateprocessing@interactivebrokers.com for instructions.  

Would having a IB Digital Security Card help in this scenario?

While an IB Digital Security Card is primarily for enhanced security and higher withdrawal limits, it does not directly solve the core issue of your wife accessing the account after your death, especially if your phone is lost.

Here's why:

Authentication Factor: The Digital Security Card is another form of two-factor authentication.1 It generates a unique code that you need to enter along with your password.2 Without the card (or knowledge of how to use it), your wife would still be locked out

Estate Procedures Still Apply: Regardless of the security measures you have in place, the fundamental process of transferring ownership of the account after your death remains the same. Your wife will still need to follow the estate procedures outlined previously (providing a death certificate, identification, etc.).
However, there are some indirect benefits:

Higher Withdrawal Limits: If your wife manages to gain access through the estate process, the Digital Security Card (especially the DSC+ version) would allow her to withdraw larger sums of money more quickly. This can be helpful for immediate needs.
Potential for Shared Knowledge: If you and your wife are both familiar with how to use the Digital Security Card, it might provide her with a slight advantage in understanding the account's security setup.
In summary:

The IB Digital Security Card is a valuable security tool, but it's not a substitute for proper estate planning. The most important steps are:

Designating beneficiaries or setting up a TOD.
Ensuring your wife knows about the account and where to find relevant information.
Having a valid will and engaging in estate planning.
By focusing on these aspects, you can ensure a smoother transition for your wife in the event of your death.

Does anyone use the IB Digital Security Card thing? Any opinions about it, or password security in general?

I used it when my IB account was active. It was a nuisance but I liked it better than 2FA to my phone.

At my Motorola job, they had us use an RSA key manager for remote access. All electronic, everybody had a different key, each key changed at 2 minute intervals.

A while back I got the Etrade Hardware token that works similarly.


I'm about to switch to a free password manager, since the paid one I've been using got hacked anyway.


Every big place is going to get hacked eventually. IMHO the safest thing is to have your accounts spread over a few brokers/banks, so that it's not all at one place.

But this shouldn't be necessary if it is a joint account, right?

But this shouldn't be necessary if it is a joint account, right?

If the phone is lost, the 2nd factor for authentication is also lost.

You can use AI chatbots like perplexity.ai, chatgpt.com, or gemini.google.com to answer questions like the one at the top of this thread.

Mark
I've used the IB Digital Security Card for years. I still need to use my username & password to get to that screen.
Because there are 224 mapped 3-character codes from among which 2 are offered each login I need to access the code-mapping card each time. For me this works pretty well because I [need to] have an image of the mapping table card immediately when/wherever I log on. This, of course, makes it pretty easy for someone to get to those codes but it's good enough for me.
I guess you could use just the original "hard card" or encrypt an image of the table to be more secure. I'm just hoping it'll be too complicated for the average hacker to figure out.
For many thousands of logins the process has run consistently smoothly.
Happy New Year!
:-)Shawn

Does anyone use the IB Digital Security Card thing?

I do, and it works well.
But...
This thread can be a bit confusing to those who don't know that IB has *two* different security card schemes.

One is a simple printed plastic card the size of a credit card. You get a challenge of a couple of numbers, and look up those numbers on the card to get a pair of letter sequences which you type in. Since it's just a printed card, it is easy to make a backup, but it's not as secure because the mapping never changes.

They have an electronic challenge-response card, the exact same size and shape. You turn it on, key in a PIN, key in the challenge numbers from your logon attempt, and it hashes them into a different number, which you then type into the IB application or web site. This is very secure, but of course it's a pain if it is lost. You can call them and do the security questions thing and get a temporary logon, but that doesn't work if one account holder is (say) lost in a plane crash.

So, read the messages in the thread remembering that some people may be talking a "security card" different from what you thought

They also have the "try to log on, we text you a number, you key in that number".

At the moment I have three accounts, one using each of the methods above. I didn't pick the methods--I think they pick it based on the balance in the account...they won't pay for the electronic card unless your account is a meaningful size to them.

There's also something with a QR code which I haven't used.

Jim

So, read the messages in the thread remembering that some people may be talking a "security card" different from what you thought

Thanks Jim, and everyone else.
My estate planning attorney has been pestering me with these what-if scenarios, since they see unlikely situations happen all the time.
It's hard enough for even me to access my own accounts if anything at all is wrong, and hard to imagine what my wife (or trustee) would do.

It does seem like I should get the digital security card+. Maybe I just stick it in a safe place to be accessed if someone needs it.


Mark

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