What Is Two-Factor Authentication & Why Is 2 FA Important to Activate?
Hackers, lost devices and missed placed bits of paper with your passwords and passphrases on them… There is a huge potential for all of us to get hacked at one time or another in our life.
So what can we do to minimise the risk of our crypto assets getting hacked or stolen?
One way is to use two-factor authentication aka 2FA. 2FA is an extra layer of security we can use to make sure that anybody trying to gain access to our account is actually who they say they are.
At Yanda, we take security seriously. That’s why we don’t hold your crypto assets, we are a non-custodial platform meaning that your cryptocurrency funds will stay safe in the wallet of your linked crypto exchange. As we use API Keys to link your Yanda account to your crypto exchange we advise that when you generate an API Key you do so with ‘NO WITHDRAWAL PERMISSIONS’ this also give another level of security.
In this blog post we are going to talk about 2FA, however, if you would like to know more about
API Keys you can find out what is an API Key in this blog post.
So why should you use two-factor authentication?
When you activate 2FA, a user will first enter their username and a password as we all use to. Then, instead of immediately gaining access, the user will be required to provide another piece of information to complete authentication. This second factor can come from the following:
- It could be something you know: This could be a personal identification number such as a PIN code, a password, answers to secret questions or a keystroke pattern.
- It could be something you have: With this option, a person trying to access that account would have something in their possession, this could be a credit card, a smartphone, or a hardware token.
- It could be something you are: This category is more advanced and could include biometrics such as fingerprint, an iris scan, or a voiceprint. A littel like Face Recognition on your smartphones today.
Using 2fa will considerably increase the level of security to your accounts. As most websites nowadays that asks for personal data now has 2FA in place, so when promoted, just do it! Yes, it may take an extra few seconds to log into your account but you will be kicking your self if you had the choice but didn’t take it and then lost your cryptocurrency from a waller.
We also recommend that you activate 2FA with on your Yanda account. To do this, login to your account, click on the menu, then setting and then activate 2FA. You have two options.
Emial or to use the Google Authenticator App. (this is my personal preference)
If you have any concerns about your account security please get in contact, our support team with be able to assist you. firstname.lastname@example.org