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What is 2FA? It’s Importance in Crypto Security

All crypto transactions, such as converting USDT to INR, take place online, making these assets an attractive target for hackers. This means that security is very important when it comes to crypto, and you need to implement several measures to ensure that you don’t lose your funds. One of the most popular options you can use to enhance the security of your digital wallet is two-factor authentication (2FA), and it’s what we’ll focus on today.

What is Two-Factor Authentication (2FA)?

Your password is the first line of defense you have for securing your crypto wallet or exchange account. However, it’s not enough, as it can easily be hacked, or someone can access it without your knowledge. 2FA helps keep your account secure by adding a second layer of protection. On top of your password, you will need to have a second level of authentication, such as a one-time code. 

How 2FA Works

Two-factor authentication works by combining two factors: something that the user knows and something the user possesses. The first bit of this is the traditional password you combine with your email address or phone number to access an account. The second factor is now what brings in 2FA, and it can be something that you possess, such as a mobile device, a hardware token, or even your biometric data.

To access your account, the website or app will ask for your password. After you have been authenticated, you will then be required to provide the second layer of your authentication. 

2FA Options for Crypto

There are several options you can use to implement 2FA on your digital wallets and crypto exchanges. 

Authentication Apps

Authentication apps provide a time-sensitive one-time password that you can use to log in to your wallet. To log in, you will need to have your mobile phone and then open the app to access the code. Popular options are Google Authenticator and Authy.

SMS-Based 2FA

To use this method, you need to add your mobile phone number to your crypto account. When logging in, the website will then send a code to you via SMS. You won’t need to install any app or buy additional hardware, but this method may be vulnerable to SIM-swapping attacks.

Hardware Tokens

These are physical devices, usually in the form of USB tokens or keyfobs. The device generates one-time passwords that you can then enter for authentication. Hardware tokens are safe from online threats such as phishing, but you will need to carry your token to access your wallet.

Biometric Authentication

This method uses your biometric data, such as fingerprints, facial recognition, or iris scans, as the second layer of authentication. This is a secure method of authentication, although it may not be provided by most services.

Email-Based 2FA

Besides simply providing your email address to log in, you can also get a code on your registered email. The best part about it is that it won’t require any additional data, but it’s not very secure, as your email can be easily compromised.

How to Enable 2FA for Your Crypto

The process for enabling 2FA on your account will vary based on the account, but the fundamentals remain the same. First, you need to decide on the authentication method to use, although it may also be dictated by the wallet or account.

From there, you can log in to the exchange or wallet account. Navigate to the account or security settings section, where you’ll find the 2FA option. Initiate the setup process, and the website will guide you through it. Test it to ensure that everything is working as expected, and this will greatly enhance the security of your digital assets.

IEMLabs is an ISO 27001:2013 and ISO 9001:2015 certified company, we are also a proud member of EC Council, NASSCOM, Data Security Council of India (DSCI), Indian Chamber of Commerce (ICC), U.S. Chamber of Commerce, and Confederation of Indian Industry (CII). The company was established in 2016 with a vision in mind to provide Cyber Security to the digital world and make them Hack Proof. The question is why are we suddenly talking about Cyber Security and all this stuff? With the development of technology, more and more companies are shifting their business to Digital World which is resulting in the increase in Cyber Crimes.


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