2FA or Two Factor Authentication is something you should be using to secure your online accounts. You can set it up on many cryptocurrency exchanges. You can also use it for your email accounts.
The days of using only a username and password to secure your login have gone. It’s too easy for hackers to work them out. Even nowadays, people tend to use the same password for most of their online accounts. If a hacker finds out one, they can gain access to all your accounts.
As we see every day, many big websites and companies get hacked and everyone’s details get stolen.
You should still always use a password manager to generate and remember your passwords. Never use the same password twice.
What Is 2FA?
2FA is a two-step verification process. It adds an extra layer of security that is much tougher to crack.
Many websites use SMS verification to your mobile phone as a second layer of security. This is not a good method to secure your crypto or email accounts.
It’s easy to find people’s information online. Hackers can use it to move your number to their own phone. You may think that the phone companies are secure, but not always. Hackers will call them hundreds of times until they get an agent who will move the number for them.
Then they can get the SMS verification sent to their phone. Now they have access your email account and reset the passwords on your other accounts.
Sound far-fetched? It does happen.
How Do You Setup 2FA?
Google Authenticator has been around for a while. I have used it on Coinbase and it worked fine. The App does get a lot of abuse on Google play and other websites. It could mean there are issues that didn’t arise when I used it. It is free.
Another way that seems more popular is to use Authy. You can use Authy on sites like Coinbase and Binance. It also works on Amazon, Facebook, and your Gmail account. And it’s also free.
They both work the same way. You connect your website account to the App and then every time you log into the website it asks for a code. The App gives you new codes every thirty seconds so it’s always different. You input the code to the website and it lets you in.
You can protect the App with a password. If you lose your phone you can set up your account again and all the linked accounts will still be intact.
Even this method is not 100% foolproof. It does make it a lot more difficult for thieves. The hacker has to get your website username and password. They also have to get into your phone and find out the password for your 2FA App.
A lot tougher to crack than regular username/password protection. Most thieves will move onto easier targets.
Authy is available for Windows, iOS, Android and as a chrome extension. Check the Authy website for details.
Go and install 2FA right now. Secure all your accounts before it’s too late. Start with your email accounts and then any compatible crypto sites you use.
The video below shows you how to set up Authy on a cryptocurrency exchange using your phone.
2FA is only one piece Of The Crypto Security Puzzle
Installing Authy is a positive step in beefing up your crypto security online. We recommend several other measures to further secure your money. Go to our resource page to find out the latest tools to help you trade cryptocurrency safely.
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