Volatility is not the biggest threat to your cryptocurrency investment, but security of your invested funds is. Many of us still keep our funds on exchanges although, large part of fast learners have shifted to hardware wallets like Ledger Nano.

As it’s next to impossible to set up your own individual wallets, the most suitable option is as above, though it is definitely not one of the best practices.

The biggest threat here compared to shutting down these top cryptocurrencies exchanges is getting hacked as a result of bad security systems and personal negligence.

Cyber criminals have conducted stealing of more than $225 million worth of Etherum in 2017 only by the use of Website Phishing according to Chainanlysis. This spoof website looks similar to the original website.

There’s a 1 in 10 chance that you’ll end up being the victim of the above kind of theft while being involved in ICOs ,according to Bloomberg’s stunning revelation.

So it’s very important that we all are very attentive and careful while we are investing in crypto and cybersecurity should be made our first priority.

One of the most powerful ways in cybersecurity is 2FA(Two Factor Authentication) which we have all been negligent of, should be carried out.

Significance and uses of 2FA and ways to set it up

2FA enhances the security level of your trading account. It scares us all to know how easy it is for the cyber criminals to get to know your account’s User ID and password with the wide use of standard security methods used all around the internet. By 2FA authentication, the cybercriminals are unable to log into your account, although they may have access to your account’s credentials.

How is it possible ? Let’s see in the below listed factors, usually used along with your credentials. It might be a mix of passwords, security questions and answers, pin code, smart card, a pass , physical hardware or an email code. It may also involve biometrics, namely your fingerprints, voice or heart beat etc.

Example of 2FA

Different types of white label cryptocurrency exchanges implement 2FA in different ways. Explanation will be done on how exactly to use 2FA in your crypto set up, to make your account on these exchanges very secure, safe and less prone to hijaking.

Traditional example of 2FA is as follows

A combination of two keys are needed: one customer’s and one the bank’s in which you hold a security locker to keep all your valuables safe. This is called 2FA-Two Factor Authentication. Your debit card and ATM pin number are also examples of 2FA: As you cannot withdraw money just by the use of one factor.

Working of 2FA factor

2FA and your existing login procedure are related to each other, the only difference being, an additional piece of information in tandem. Your User ID and password are also to be entered. With the use of One time password (OTP) sent on mobile number, or in the form of an app just like Google Authenticator or Authy, this additional piece of information can be disclosed or stated to you which you need to enter with your credentials during the website’s login.

It’s easier for the hacker to hack the email or to get a duplicate copy of the sim card by the use of social engineering and thus, for the authentication purpose, the use of your email or SMS (Phone number) is not recommended.

So when we’re using a mobile device to create this token, you’re in full security charge. In fact, if you haven’t already used 2FA, you should use it from now on. It’s simple and it makes protection for your account much more advanced.

You only gain access to the website after you have entered this extra piece of code.

Two-factor Authentication Advantages (2FA)

Below are a few common reasons why you should automatically trigger 2FA on your trading account! Let us take a look at this

Advanced Security

2FA provides a much needed second protection layer to your trading account. This translates into the fact that although there might be a data breach at your trading firm, which happens more frequently than one would know, the hackers won’t be able to login your account even though they get your ID and password.

As the hacker is unlikely to have access to your phone or email Address, this feature is what makes 2FA incredibly lucrative for users looking to improve their account security.

It is a fact even in the case of an attack by Brute Force where a sophisticated program is used to breach the security and know the login credentials of the account.

This holds true even in the case of a Brute Force attack, where a sophisticated software breaches the security and acquires the account’s login credentials.

Improved Accessibility and Productivity

For an enhanced sense of security, to access confidential data, staff and managers don’t need to be in a safe office environment. With two-factor authentication serving as the shield of mobile technology, it can now be reached on the go.

Employees can now access enterprise data, documents, presentations, worksheets, and more through virtually any computer or remotely. All this is now achieved by keeping it safe at all times without jeopardizing the quality of the confidential data.

For example, if an employee uses his/her personal tablet and login to the company database, no other family member can access the information when using the tablet later, since 2FA makes it difficult to log in even though the ID and password are stored in the browser.

Lower Cost of Security Management

Cybersecurity at corporate level is at its height today, due to increasing threats of organized global cyber attacks. It has encouraged companies to objectively approach matters and follow the virtual world’s best security practices.

But sometimes, the costs of these activities are high.

2FA provides organizations with a quick, convenient, and secure way to handle their security concerns. This is especially important for small and medium-businesses which are often searching for cost-.

Efficient Customer Query Management

Many businesses are faced with the problem of managing customer questions related to authentication problems. It normally takes a lot of precious help-desk or account manager time unless it is automated.

Two-factor authentication will eliminate this inefficiency by allowing the users to reset their own passwords in a safe manner by using a combination of their email and the authentication factor they choose.

And what else? It also prevents hackers from misusing the’ Delete Password ‘ feature to gain fraudulent access to your account.

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