Fraud is quite prevalent in the crypto space. A two-factor authentication (2FA) is a simple two-step verification procedure that helps you secure your crypto wallet against fraudulent access. 2FA enables you to protect your crypto wallet with both your password and an extra layer of security. It is a cybersecurity measure in which you provide two different authentication factors to verify yourself.
Unlike a single-factor authentication (SFA) which only requires you to enter a single authentication—commonly a password—a 2FA requires an extra authentication for more security. This could be a security code or token, facial scan, or fingerprint scan.
When you set up a 2FA, even if bad guys hack your password layer, they will still not be able to gain access to your crypto wallet except they also have access to your phone or security key. If you are any carefree about your phone, it may be advisable to prefer that the 2FA token or code be sent to your email. If you have any doubts about your email too, give it a good thought. Perhaps you need a new and private phone or email. It doesn’t make sense to set up 2FA on a device or email that is itself unsafe.
Activating 2FA is vital because the password to your crypto wallet can be compromised. If you use the same password on more than one account, download apps from the Internet, or click on links in email messages, your password is at risk.
Use an authentication tool.
An authentication tool such as Google Authenticator is a great tool for 2FA. But ensure that you don’t lose access to the phone or device your Google Authenticator is set up.
When you set up 2FA for your crypto wallet account, a code will be sent to your phone via text or voice call. If you chose the email option, the text or voice call would be sent to your email. As soon as you confirm the code, it is set up. When you subsequently attempt login, you will be required to enter your password and then your 2FA code.
With 2FA now set up before, you must complete your 2FA verification before completing account activities such as login in to your crypto wallet account, withdrawing from your crypto wallet, etc.
So next time you are prompted to enter your 2FA code, be sure you are the one attempting access, not some bad guys!