Two-Factor Authentication (2FA)

Understanding Two-Factor Authentication (2FA)

Two-Factor Authentication (2FA) adds an extra layer of security to your account by requiring a second verification method in addition to your password. On our platform, you can choose between two 2FA methods: using an Authenticator App or Email-Based 2FA. This section explains how 2FA works, why it’s important, and how to enable it on our platform.

2FA

What is Two-Factor Authentication (2FA)?

Two-Factor Authentication (2FA) is a security feature that requires users to provide two types of identification before accessing their account. This includes something you know (your password) and something you have (a one-time code sent via email or generated by an authenticator app). This extra layer ensures that even if someone steals your password, they would still need the second factor to log in.

How 2FA Works

Here’s how 2FA works on our platform:

Enter Your Credentials:

• First, you will enter your email and password as the first factor of authentication.

Provide the Second Factor:

After successfully entering your credentials, you will be prompted to enter the second factor, which could be:

• A one-time code sent to your email (for Email-Based 2FA).

• A one-time code generated by your authenticator app (for Authenticator App 2FA).

The one-time code is time-sensitive and expires after a short period (usually 30-60 seconds).

Access Granted:

• Once you provide the correct one-time code, you will gain access to your account. If the code is incorrect or expired, access will be denied, and you’ll need to request a new code or regenerate one through the authenticator app.

Why 2FA is Important

Two-Factor Authentication greatly enhances the security of your account by requiring two forms of identification. Here are the key benefits:

Protection Against Password Theft:

• Even if someone obtains your password through hacking, phishing, or brute-force attacks, they cannot access your account without the second authentication factor.

Defense Against Phishing Attacks:

• 2FA prevents hackers from using stolen login credentials. Even if they trick you into revealing your password, they won’t be able to log in without the one-time code from your email or authenticator app.

Enhanced Security for Financial Information:

• Since our platform handles sensitive financial data, 2FA adds an extra layer of protection to keep your account and personal information safe.

Types of Two-Factor Authentication (2FA) Methods on Our Platform

We support two types of 2FA methods:

Authenticator App:

An authenticator app, such as Google Authenticator, Microsoft Authenticator, or Authy, generates a time-based one-time password (TOTP) that refreshes every 30-60 seconds.

Pros: Authenticator apps are more secure than SMS or email since the code is generated locally on your device and doesn’t rely on external networks.

How to Use:

1. Install an authenticator app on your mobile device.

2. During 2FA setup, scan the provided QR code with the app.

3. The app will start generating one-time codes that you’ll need to enter each time you log in.

Email-Based 2FA:

With this method, a one-time code is sent to your registered email address. You will need to enter this code to complete the login process.

Pros: This method is easy to use, and you only need access to your email account.

How to Use:

1. During login, after entering your email and password, a one-time code will be sent to your registered email.

2. Enter the code on the platform’s 2FA screen to complete the login.

How to Enable 2FA on Your Account

Here’s how you can enable Two-Factor Authentication on your account:

Log In to Your Account:

Log in to your account with your email and password.

Navigate to Security Settings:

Go to the Account Settings section and look for the Security or Two-Factor Authentication option.

Choose Your 2FA Method:

Select either Authenticator App or Email-Based 2FA based on your preference:

• For Authenticator App, scan the QR code shown on the platform using your app.

• For Email-Based 2FA, verify your email address, and you will start receiving one-time codes at each login.

Complete Setup:

After selecting your 2FA method, you’ll be asked to enter a one-time code (either from the authenticator app or your email) to complete the setup and activate 2FA on your account.

How to Use 2FA for Everyday Logins

Once 2FA is set up, here’s how it works each time you log in:

Step 1: Enter Your Credentials:

• On the login page, enter your email and password.

Step 2: Provide the One-Time Code:

• If using an authenticator app, open the app and retrieve the current one-time code.

• If using email-based 2FA, check your inbox for the one-time code sent to your registered email.

Step 3: Complete the Login:

• Enter the one-time code in the platform’s 2FA prompt to complete the login process.

What to Do If You Lose Access to Your 2FA Method

In case you lose access to your email or the device with your authenticator app:

Use Backup Codes:

• If you have saved backup codes during the 2FA setup process, use one of these codes to log in. Backup codes act as a temporary replacement for your regular 2FA method.

Contact Support:

• If you don’t have backup codes, contact our support team for assistance. You will need to verify your identity before we can reset or disable 2FA for your account.

Best Practices for Using 2FA

Enable 2FA for Stronger Security:

• Enabling 2FA significantly reduces the risk of unauthorized access. We recommend enabling it as soon as you create your account.

Keep Your Authenticator App Secure:

• Ensure that the device with your authenticator app is password-protected and secure. If the device is lost or stolen, disable 2FA as soon as possible.

Store Backup Codes Safely:

• Keep your backup codes in a secure place. These codes will be essential if you lose access to your email or authenticator app.

By using Two-Factor Authentication, you add an essential layer of security to your account, protecting your sensitive information from unauthorized access.