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Glossary

Two-Factor Authentication (2FA)

November 21, 2023 - Around 2 mins mins to read

Understanding Two-Factor Authentication (2FA)

Two-Factor Authentication (2FA) is a security method that necessitates users to provide two distinct types of information to gain access to an online account or computer system. This feature is frequently found on cryptocurrency exchanges, where users can enhance the security of their account or hot wallet by adding an extra layer of protection in addition to a strong password.

In essence, 2FA functions by initially requesting users to enter their password, followed by an additional piece of information such as a security code. This code can be transmitted to the user via SMS, email, or through phone verification where a voice assistant reads out the code. Any method that surpasses a simple password to grant access to an account is considered two-factor authentication.

The first factor in 2FA is the password itself, while the second factor can be a code or even biometric data. Biometric authentication offers three common options: fingerprint scanning, facial recognition, and retina scanning. Many smartphones now come equipped with fingerprint sensors, making it a popular and convenient choice. Facial recognition, enabled by 3D cameras on modern smartphones, provides a higher level of security as it requires a full 3D model of the user’s face. Retina scanning is a more complex and less common form of biometric authentication.

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Coincu

Glossary

Two-Factor Authentication (2FA)

Understanding Two-Factor Authentication (2FA)

Two-Factor Authentication (2FA) is a security method that necessitates users to provide two distinct types of information to gain access to an online account or computer system. This feature is frequently found on cryptocurrency exchanges, where users can enhance the security of their account or hot wallet by adding an extra layer of protection in addition to a strong password.

In essence, 2FA functions by initially requesting users to enter their password, followed by an additional piece of information such as a security code. This code can be transmitted to the user via SMS, email, or through phone verification where a voice assistant reads out the code. Any method that surpasses a simple password to grant access to an account is considered two-factor authentication.

The first factor in 2FA is the password itself, while the second factor can be a code or even biometric data. Biometric authentication offers three common options: fingerprint scanning, facial recognition, and retina scanning. Many smartphones now come equipped with fingerprint sensors, making it a popular and convenient choice. Facial recognition, enabled by 3D cameras on modern smartphones, provides a higher level of security as it requires a full 3D model of the user’s face. Retina scanning is a more complex and less common form of biometric authentication.

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