In this Article we want to explain what two-factor authentication is and how it works. The following are the questions we are going to mainly focus on.
- What is two-factor authentication?
- Why is it important?
- Why is it enabled by default on BitcoinFundi?
- How to use the Google Authenticator App for two-factor authentication instead of SMS.
- Advantages of using the Google authenticator App instead of SMS.
1. What is two-factor authentication?
When creating an account online, people secure their accounts by creating a username and password so that they login and get access to their accounts. But in today’s world of increasing digital crime and internet fraud it’s very important to use the two way authentication so that it will be harder for intruders to gain access to your account.
Two-factor authentication is an extra layer of security that strengthens your login security by requiring two methods or factors to verify identity. Before you access or get into your account, you have to successfully provide the two factors required. The factors may include:
- Something you know (a unique username and password).
- Something you have (a smartphone app to approve authentication requests).
- Something you are (your fingerprint or a retina scan).
With two different methods, you can protect logins from remote attackers exploiting stolen or weak credentials.
2. Why is it important?
- The two-factor authentication is one of the best ways to protect against attacks such as phishing, credential exploitation and other attempts to take over your BitcoinFundi account.
- Without your physical device, remote attackers can’t pretend to be you in order to gain unauthorized access to your BitcoinFundi account.
- Login credentials are more valuable than ever, as BitFinance adopt more remote customers or even workers and web-based applications.
- By integrating two-factor authentication with these applications, attackers are unable to access your accounts without possessing your physical device needed to complete the second factor.
3. Why is it enabled by default on BitcoinFundi?
- Two-factor authentication is enabled by default on BitcoinFundi to secure the account from hackers or intruders who might have stolen the username and password which was used to create account.
- If you are at your Profile on BitcoinFundi, click on Account and the setting will appear as follows.
- On the two-factor authentication, if you click “Use GA App”, you will then need to enter a 6 digit verification code that will be sent to your mobile phone. The message appears as follows:
4. How to use the Google Authenticator App for two factor authentication instead of using SMS.
- First of all you will need to download and install the Google Authenticator on your mobile phone from the Google play store.
- If you have successfully installed the App then go on and proceed to open the Google Authenticator App. The following image will be displayed:
- After this you will the need to begin setting up the account. So you click BEGIN SETUP, and then you will be given two options:
<>Scan a bar code: On this option you will need to scan the bar code which contains the codes itself, from BitcoinFundi and then you will be authorized to the account.
<>Enter provided key: On this option you will need to enter the account name and the key which you are provided from BitcoinFundi, and then you will be authorized to the account.
- After this step you will be into the account. But from the next time you log into the Bitcoin account, you will be providing a code that shows up on the Google authenticator app on your mobile phone.
5. Advantages Of using the Google Authenticator App instead of SMS.
- Google authenticator app is more reliable, where SMS delivery is not always guaranteed
- Google authenticator allows you to still get your verification codes if you are traveling outside the country and not roaming or not sure you will have access to SMS.
- Google Authenticator uses the TOTP (Time Based One Time Password) algorithm and gives a new code every 60 seconds, so each code expires in just 60 seconds which makes it a secure option to generate codes for 2-step verification than having backup files of codes on your PC.
- It works without Internet and Network coverage. This is because the App mechanism is built using TOTP Algorithm.
- It is easy to use. With Google Authenticator, the codes are ready to be used and most importantly it works even in Airplane mode.
We hope this article was helpful. If you feel there is something we missed or have any questions feel free to send us an email and we’ll get back to you with a response.