What is Two Factor Authentication or 2FA?

Two Factor Authentification or 2FA adds a second method of identity verification to secure your accounts. It provides a second layer of security when logging into your account to ensure you are who you say you are.

Since we are putting more and more of our personal data online (especially financial data), usernames and passwords lack the security we need to protect that data. It’s not difficult for phishing schemes and hackers to steal our passwords and gain access to our accounts. This is where 2FA comes into play.

2FA requires the use of something you personal have in your possession. This is usually your mobile phone but an email account can work as well. When you login into your account with your username or password, you will be required to enter an additional code. Depending on the settings you have, this code can be sent to you in several ways:

• Authentication app – Apps like Google Authenticator generate a unique code that expires within a certain amount of time. After you’ve successfully enter that code when logging in, you gain access since you’ve proven you are holding your phone.
• Text message – You receive a one time code via text message every time you try to log in. After entering that code during login, you gain access to your account.
• Push notifications – You receive a push notification on your phone that an attempt to login to your account is being made. In order to grant access to the account, you must enter a PIN or password on your phone.

Each of these methods cannot be faked by a hacker since it requires possession of your mobile phone. So a hacker may have your username and password, but they can never access your account since they can’t pass the two factor authentication.