What is two-factor authentication, and why do you need it?

WhiteBIT
Published 28 December 2021
3354

Content

The days of cluttered shelves are long gone, and today most of the company’s corporate data is stored digitally. It is convenient and environmentally friendly, but at the same time, the issue of information security arises, as data can be accessed by hacking an account. In this article, we will tell you about two-factor authentication, a proven way to protect your digital data.

What is 2FA?

Two-factor authentication is the identity verification necessary to gain access to your account. It provides an additional layer of account protection. When using 2FA on top of the password, you need to either enter a code received via SMS or app, turn on voice recognition, or scan your fingerprint. Enabling this feature makes it very difficult for unauthorized persons to log into your account. Moreover, you will get notified if someone tries to do so. The 2FA code can be used just once. It remains valid for only a couple of minutes or hours. Thus, each time you log into the account, you will receive a new digital combination.

There are several types of 2FA:

1. Authentication via SMS, call, or e-mail

A call is made to the user’s phone number, or a message is sent with a code to be entered in the appropriate field. The advantage of this method is that you can get the code without an Internet connection. However, if you lose your SIM card, phone or in case of poor network conditions, you will not be able to authenticate. Besides, the code in the form of a code or link can be sent to the e-mail you used when signing up.

2. Authentication via software

Special applications are becoming an increasingly popular way of additional data protection. The user installs an app for generating short-term codes on a phone or computer. Each time the user successfully logs into their account, they need to open the app and enter the automatically generated code. The most popular 2FA apps are Google Authenticator, Microsoft Authenticator, and Authy.

3. Biometric authentication

In this case, the user’s face, voice, retina, or fingerprint becomes an additional code for logging into the account. Like the use of software, this method provides a high level of data protection because no one can copy your biometric data.

What is 2FA used for?

For a long time, single-factor identification (a username and password) has been and continues to be used for logging into an account. With a growing number of hacked accounts that only use this protective combination, the need for additional data protection has increased.

In most cases, users prefer to choose short, easy-to-remember passwords that are easy to guess in the end. And when having multiple accounts, users often use the same security code, which threatens the safety of all accounts.

Some websites use a security question as a second security factor. The answers to the questions like “What is your mother’s maiden name’ or ‘What is the name of the street you lived on?’ are also easy to find, especially if the user is active on social media. Also, this protection method cannot be considered a full-fledged two-factor authentication, as this way, a user simply creates a backup copy of their password.

Using a password does not provide adequate data protection. That is why two-factor authentication is gaining more and more popularity when it comes to cybersecurity.

How to set up 2FA on WhiteBIT?

We highly recommend using two-factor authentication to log into your account. It will help you avoid account hacking and losing your assets.

  • Download and install the Google Authenticator app on your mobile device.
  • Log into your account. To do this, click the Account icon and select “Account Settings” and “Security”.
  • In the Security tab, you will see the Two-factor authentication section and a QR code. Scan the code using the downloaded app, or enter it manually.
  • Add the WhiteBIT tab to the app, and enter the authentication code in the Please Enter Key field.

Done, you have activated two-factor authentication!

Conclusion

The use of a password as the only data protection method has long ceased to be a security standard. Two-factor authentication provides additional account security by preventing unauthorized logins and the loss of confidential information.

We would like to remind you that the security of your assets is in your hands. Make sure your data is safe now so that you can enjoy your favorite service for a long time!

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