How to setup/change Fidelity account now that MFA authenticator choice is imminent?

bamalam

Fidelity has released the ability to use any multifactor authentication (MFA) app (Symantic VIP is no longer the only choice.) See

(2) It’s here: You can now use most authenticator apps to secure your Fidelity account. Thanks to everyone on the sub who suggested this feature. : fidelityinvestments (reddit.com)

Right now it only works with their mobile app, but web functionality is coming soon. The uptake of MFA with Fidelity will undoubtedly increase. I'll turn it on as soon as web functionality is released.

What does this mean for Quicken downloads? I've used Direct Connect to download Fidelity account transactions for a long time and with very few issues. Will I and others have to change something to begin using Fidelity's MFA functionality? Guidance or references are appreciated.

Boatnmaniac

I doubt that it will have any impact on our use of Quicken. Quicken connects to financial institutions via different ports than we do when we log into our online accounts and these different portals are often set up with different security protocols. MFA settings are generally applied only to customer logins that are done on their website via the customer portals. It does not appear that they are applied to Quicken or other similar 3rd party softwares that access the financial institution via different portals. There have been many posts in this Community by people who have changed their online MFA settings because of MFA prompts in Quicken only to find out that making those MFA setting changes had no impact on the MFA prompts in Quicken (with the exception being to correct/change the method for receiving the MFA code or, in the event of MFA being turned off, updating the security question).

If and when we do get a MFA request during Add Account, Set Up Now, OSU or Update Now, the MFA completion process is done via Quicken not via any other external app.

BTW, there are 2 connection methods that Fidelity supports: Direct Connect (DC) and Express Web Connect+ (EWC+). I can't recall ever getting prompted by Quicken for MFA for any of my DC nor EWC+ connected accounts. For me, it only sometimes happens with Express Web Connect (EWC) accounts but Fidelity does not support EWC at all.

NotACPA

In the link that you provided, there's NOTHING that indicates that "web functionality is coming soon". Quit speculating.

Boatnmaniac

I doubt that it will have any impact on our use of Quicken. Quicken connects to financial institutions via different ports than we do when we log into our online accounts and these different portals are often set up with different security protocols. MFA settings are generally applied only to customer logins that are done on their website via the customer portals. It does not appear that they are applied to Quicken or other similar 3rd party softwares that access the financial institution via different portals. There have been many posts in this Community by people who have changed their online MFA settings because of MFA prompts in Quicken only to find out that making those MFA setting changes had no impact on the MFA prompts in Quicken (with the exception being to correct/change the method for receiving the MFA code or, in the event of MFA being turned off, updating the security question).

If and when we do get a MFA request during Add Account, Set Up Now, OSU or Update Now, the MFA completion process is done via Quicken not via any other external app.

BTW, there are 2 connection methods that Fidelity supports: Direct Connect (DC) and Express Web Connect+ (EWC+). I can't recall ever getting prompted by Quicken for MFA for any of my DC nor EWC+ connected accounts. For me, it only sometimes happens with Express Web Connect (EWC) accounts but Fidelity does not support EWC at all.

bamalam

@NotACPA Speculating? Right above the "Why MFA is important" heading in the Fidelity-authored post they say, "Right now, authenticator-app enrollment is available only on mobile, but it will be available on our website soon."

I suggest some reading comprehension exercises.

@Boatnmaniac Thanks for the helpful response and explanation.