Several years ago one could hardly find a bank or service that used two-factor authentication (2FA), and practically nobody knew what it was. As this digital security feature is increasingly used by financial services and networks all over the world, people deal with it in everyday life. And despite a complicated name, its principle of operation is absolutely simple and not a magic, as one may believe.
If you have ever used online banking app or social networks, you have most likely been asked for not only a password but an additional secret code as well to log into your account. This extra layer of security is the key feature of 2FA that exists in different variants today. The simple two-step procedure is intended to provide an extra security and prevent your personal data from stealing, keeping your account safe and making it easy at the same time.
What Kind of 2FA Do We Use?
There are several types of 2FA and though each of them has its own particularities, the aim is always the same, to ensure the enhanced security of a user’s account. We provide TOTP (Time-based One-Time Password) 2FA which requires the installation of an app that generates a one-time password.
What are the Advantages of TOTP 2FA?
- It is secure as:
- The one-time password changes every 30 seconds preventing the password from stealing.
- The one-time password is generated by the app on a user’s device which is most of the time by his or her side and locked if not used, thus making it more difficult for hackers to get hold of it.
- It is user-friendly as:
- What you need is just to download the free app and back up your secret key.
- The app works in the offline mode, meaning you can use it anytime.
How Does It Work?
Within 2FA enabling your Cryptology account provides a QR code that contains a secret key and needs to be scanned. For this you need to install an app, for example, Google Authenticator, scan the QR code with the application. If you can’t scan it for some reason, just copy the secret key that consists of letters and digits and paste it into the app. Then back up the secret key as it’s displayed only once. Once done, the application is ready to produce a one-time password each time you log into your Cryptology account from an unknown device. Just open the app and copy the code to paste it into your Cryptology app.
Making your data and funds safe is very easy, just follow these tips and enable 2FA! Enjoy trading on Cryptology and be sure your account is highly protected.
To enable 2FA on your account see our guide How to enable 2FA on your account