Multi-factor authentication (2FA): additional security level for your accounts

Multi-factor authentication (2FA): additional security level for your accounts

When it comes to financial security, vigilance is always necessary. One of the most effective ways to protect your online accounts is multi-factor authentication (2FA).

What is 2FA and what is its function?

Two-factor authentication (2FA) — is an additional security level that adds another identity verification step to the traditional password, meaning that even if your password gets leaked, a perpetrator will not be able to access your account without the second factor of verification.

Where is 2FA used?

Nowadays, 2FA is supported by the majority of services, such as:

• finance apps and online banking;
• social media;
• e-mail accounts;
• business systems and workplace.

How does two-factor authentication work?

The process of using 2FA is as follows:

• You enter login and password — this is the first factor, “knowledge”.
• The system requires the second factor — confirming your identity using your device (for example, a smartphone).
• You receive a one-time code (via SMS, push notification or a generator app) which you enter to complete the login.
• After a successful confirmation of the second factor, you get the access to your account.

Reliability of different 2FA methods

Not all two-factor authentication methods are on the same security level:

• Less secure methods: SMS or texts sent via messengers. These codes can be intercepted during an attack on mobile network.
• More secure methods: authentication apps, such as Google Authenticator, Microsoft Authenticator, Authy or security keys. These methods provide one-time codes that update every 30 seconds and are not sent through Internet connection or mobile network which decreases the risk of being intercepted.

Tips on secure usage of 2FA

1. Activate 2FA for every login where it is possible, especially for bank accounts, e-mail, cloud servers and social media.
2. Update the authentication app regularly.
3. Use reliable and unique passwords, 2FA does not replace a strong password.
4. Do not share your one-time password (OTP) with anyone, even if the message looks like an official one.
5. Beware of phishing attacks, always verify websites and requests.
6. Activate notifications for suspicious logins, they will be sent via e-mail or push notifications.
7. In case you lose the device with 2FA, immediately limit the access to your accounts and reinstall the authenticator.

Conclusion:

2FA is not just an additional option, but a modern security standard. Use it to shield your data and to avoid unpleasant situations related to personal information or money theft.