ThinkMarkets introduces OTP security feature to validate callers

Melbourne-based broker, ThinkMarkets has implemented a one-time password (OTP) security feature, also known as a verification code, to help its clients mitigate fraudulent calls.

Whenever contacted by a company representative, ThinkMarkets clients are now able to request a time-sensitive verification code that is sent to their phone number. Then, they can input the code they receive via SMS into their ThinkPortal to verify they are speaking to genuine team member.

That, according to the broker, helps customers avoid account hijackings and keep their assets and data more secure. In the statement, the company explained a few examples of when the client may generate an OTP as he detects a suspicious caller.

“With fraudulent calls becoming common among online traders, the security of your information is paramount to us. If you receive a call from a representative of ThinkMarkets, you now have the option of requesting an OTP from the caller. Upon this request, an OTP will be sent via SMS, which you can then input into ThinkPortal to validate the caller,” the statement reads.

ThinkMarkets has recently promoted Alexander Kolchev as the company’s new Chief Technology Officer (CTO). A former DXC Technology’s exec, he plays a key role in the management and development of the group’s technological capabilities.

Previously, Kolchev held a variety of senior positions including roles in product management and software with a focus on forex systems. Prior to his appointment at ThinkMarkets, he held an analogues position at a Fortune 500 global IT services leader.

ThinkMarkets (formerly ThinkForex)‎ is a multi-licensed online forex brokerage firm, authorized and regulated by the UK Financial Conduct Authority (FCA) and the Australian ‎Securities and Investments Commission (ASIC). The firm expanded its global footprint through its licensed South African firm. It also acquired the Japanese FX firm, Japan Affiliate, in a move that allows ThinkMarkets to offer its service in the Asian country.

ThinkMarkets made headlines earlier last year when it raised $30 million in fresh capital, provided by Mars Growth, a Liquidity Group and MUFG joint venture fund. Its UK business also launched a new prime brokerage unit under the brand