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It seems like every other day there’s a new story about how someone got their account hacked and lost all of their crypto from a crypto wallet. It is now more important than ever to make sure your 2 factor authentication (2FA) is set up properly, as it can protect you from many of these incidents and keep the crypto in your wallet secure.
In this article we’re going to talk about one of the easiest and most important ways to keep your crypto wallet safe and that’s to set up two factor authentication (set up 2fa). We’ll cover the best options for both Apple and Android users.
What is Two Factor Authentication (2FA)?
As the name suggests, 2 factor authentication (or 2FA) is an extra layer of security that you can set up for your accounts. It requires two different forms of identification in order to gain access. For example, you can use your password and a code that’s sent to your phone via SMS or email in order to log into an account. 2FA will make it exponentially more difficult for hackers who manage to get their hands on one of these passwords (or “keys”). Or you can use an authenticator app, which we’ll discuss in more detail below.
Why Should You Use Two Factor Authentication?
There are many reasons why you should start using 2FA for all of your online accounts, and especially your crypto wallet accounts but here are just two:
1. If your email account is hacked, the hacker can easily gain access to all of your other accounts that are linked to it. They can simply say “Forgot Password” and then change the passwords on your accounts, and gain access.
2. If someone gets hold of one of your passwords, they can access all accounts that are linked to them / have the same password, since they only need 1 factor (a password) to get in.
Using An Authentication App
You should always enable 2 factor authentication and you should use an authentication app like Authy or Google Authenticator. You shouldn’t choose the option to receive a code via email or via SMS.
If a hacker has access to your email account and you choose to receive a code via email they can still get into your account and steal your crypto, so you need to use an authenticator app.
But what about receiving a code via SMS? Wouldn’t a hacker need access to your phone in the same way that they would need your phone to access an Authenticator app? Not exactly…
Hackers now ask for access to a SIM card from employees at phone companies. They only need a few seconds of access to receive the SMS from your SIM and then they can gain access to your crypto. In this case, the hacker colludes with employees at a cellphone company, and it’s another vulnerability you can avoid by just using an authenticator app like the Google Authenticator app or the Authy app.
Using The Google Authenticator App
Step 1: First you need to download Google Authenticator onto your phone from the Google Play store or the Apple Store.
Step 2: Second you need to open Google Authenticator on your phone.
Step 3: After you open Google Authenticator,
One of the most popular 2FA apps out there is called Google Authenticator. It’s a free app that can be used on both Android and iOS devices. Once you’ve downloaded the app, you’ll need to create a new account. Then, you’ll be given a unique QR code (like the one shown below).
This code needs to be scanned into the Google Authenticator app on your phone. You can then set up a list of accounts for this app to manage. When you log into one of these accounts, Google Authenticator will give you a code that needs to be entered in addition to your password.
Using The Authy App
Authy is another popular 2FA app that is very similar to Google Authenticator. It also has a free version that can be used on both Android and iOS devices. One of the main differences between Authy and Google Authenticator is that Authy can store your codes offline, which can come in handy if you’re traveling or don’t have an internet connection.
It also has a password management feature, so you can store all of your passwords in one place and avoid using the same ones over and over again. The app is much more secure than SMS or email codes because it uses something called encryption to protect these 2FA codes from being intercepted. Authy even allows you to add an additional layer of protection to your accounts called “lock out” , which will prevent anyone from accessing them if they enter the wrong code too many times.
People say that Authy is easier to use than Google Authenticator, as it doesn’t require you to scan a QR code. Instead, all you have to do is download the app and enter your phone number (or email address). Your account will then be automatically added for you. You can also set up Authy on multiple devices so that if one of them gets lost or stolen, no one will be able to access your accounts without your permission.
What are some other Two Factor Authentication Apps?
There are numerous other 2FA apps that you can use to secure your crypto wallet accounts, including Microsoft Authenticator and LastPass Authenticator. The main thing you want to look for is something that has a password management feature and stores your 2FA codes offline in case you are traveling or don’t have an internet connection.
The Microsoft Authenticator is similar to Google Authenticator, but it has the added bonus of allowing you to set up multiple accounts. It also allows you to lock your account with a PIN code in addition to 2FA.
The Last Pass Authenticator is an app that is specifically designed for LastPass users. It allows you to store all of your passwords in one place and quickly access them when you need them. You can also use it to log into other accounts that are protected by 2FA. It also has a built-in password generator, which can come in handy if you’re struggling to come up with a new one.
Conclusion: Two Factor Authentication Matters!
You should also choose one which uses encryption to protect these codes from being intercepted when they’re sent, as this will make it much more difficult for hackers to gain access to them. The bottom line is that 2FA is a must for anyone who wants to keep their crypto accounts safe and secure. Make sure to use one of the many available 2FA apps whether that’s Google Authenticator, the Authy App, or one of the other two factor authentication apps out there to ensure that your crypto is protected!