Hi everyone. This article will cover the importance of two-factor authentication ("2FA"), and talk about:
and more. Two-factor authentication is essential to protecting your online accounts, from internet services such as Google and Amazon to cryptocurrency exchanges like Bittrex and Poloniex. Let's dive in!
In this section, let's learn what two-factor authentication is.
First, let's check out the "standard" or "normal model" for authentication.
Whenever you log into any secure service with a username and a password, your details get transmitted to the service so that they can check to make sure that you are who you say you are.
If your password is wrong, the service assumes you are not the right person or rightful account owner, and doesn't let you log in.
We can call this "one-factor authentication", because there's just one password involved, and just one hurdle or obstacle preventing attackers from gaining account access. In an ideally secure world, where users keep incredibly-long yet easily-memorable passwords and store them in inaccessible and safe places, this one-factor model would correctly identify users and lock out hackers/attackers.
But obviously, this doesn't work, because users generally prioritize convenience over security. A user would rather use the easily memorable password 123456 than the secure one as8df7as0fasasui35q9yo.
There do exist services such as password managers who promise to help you create and remember strong passwords, but still there exists quite a possibility of a hacker or attacker finding your password.
The task is to find a way to let users decide their own passwords, yet add more confidence and security in figuring out if the user is really who they say they are, or just another hacker.
Two-factor authentication is the solution to this massive problem. It involves two different factors, the first factor being your usual password (the same as the normal model), and the second being a special time-locked code.
Whenever you attempt to log into your 2FA-enabled account, you first type in your username and your password (the first factor). Instead of the service logging you in immediately, it asks you to check your phone or another physical device for a six-digit code. This code is not the same every time, unlike your password. It can only be used for that login attempt, and changes in time intervals (generally 30 seconds).
To recap, when you sign in, you enter your password, then you receive and enter your code. There are many ways to receive your code, including:
Let's say that a hacker named Joe loved to hack cryptocurrency exchange accounts, such as Bitfinex accounts. Somehow, he would infiltrate a user's password manager and find out their Bitfinex password (and easily trace their username). He would enter these details into Bitfinex and immediately enter the user account, and possibly steal all their cryptocurrency.
Now, let's say that the user Joe is trying to hack has two-factor authentication enabled. Joe, as usual, somehow receives the username and password of the account and enters them in. But now, he gets a new screen he hasn't seen before, asking him to check the user's phone for a code.
Joe lives very far away from the user he's trying to hack, and it's illogical and improbable Joe will ever be able to get his hands on the user's phone. Therefore, at this point it is not possible for Joe to hack the user's account.
However, it's important to note that using two-factor authentication is not an excuse to keep short and convenient passwords like password123.
The best security for any account is the combination of an incredibly strong password (first factor) and the enabling of two-factor authentication (second factor).
Most online cryptocurrency exchanges and internet services are quickly adopting 2FA. In fact, many of the accounts you already have probably support it. You can view a full list here of almost every service online with 2FA support.
Once you find a service you want to enable 2FA on, follow the directions for that service. Usually, you will need to login to your account, then visit the "Settings" page for that service. There should be a section labeled "2FA" or "Two-Factor Auth," where you can follow the steps to enable two-factor authentication.
To conclude, two-factor authentication is a method to secure your internet accounts on everything from Gmail to Apple to Bitfinex and many more services!
2FA makes it incredibly hard for a hacker to get into your account, and allows you more peace of mind regarding account security. Enabling two-factor authentication is one of the best things you can do to secure any account.
Thanks for reading,
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