Since identity authentication through passwords started to be a thing back in 2013, authentication had come a long way and evolved into a complicated structure of access security, especially when trading platforms entered the virtual phase with the emergence of mobile applications.

But as these features grow with user-techs, so make several approaches to breaching what these security features protect. In the onslaught of hyper-sophisticated attacks done online, several enterprises took the initiative to take two steps ahead from being passive to being proactive in addressing potential concerns.

Zooming in on the threats that need to be addressed, cyberattacks and breaches make hacking a lucrative business. In the first quarter of 2022, India recorded over 18 million breaches and cyber-attacks, and this was done in just three months, according to the US-based security firm NORTON.

The same firm also cited that India in that quarter endured 200,000 threats on a daily average. While on a global scale, of the said quarter, the whole world recorded 1 billion cyber attacks and breaches, citing cryptocurrency-related crimes and frauds as the largest in the list of attacks recorded.

The amount of securities moving through multiple platforms daily is a mouth-watering temptation for hackers and similar culprits. The scenario in the cryptocurrency market is not far from this picture in the context of security and multi-factor authentication. Right now, there are between 10 and 2 million active investors in the crypto space in India.

It is about 11 or 12% of the total 60 million active traders or retail investors in the securities market, regularly pushing margins and weathering the risks.

With these figures in mind, the risks are high as most of these retail trades are done over their mobile interfaces. Students, professionals, and anyone who can trade are exposed to security risks that can be addressed by prevention or being a step ahead of the criminals. Cryptocurrency exchange platforms have been using 2 Factor Authentication or 2FA to secure their user’s accounts.

In this article, we will understand what 2FA is and how it works.  

What is a 2 – Factor Authentication?

2-factor authentication (2FA) is the equilibrium between keeping the integrity of information safe and intact and the user’s convenience.

2-factor authentication is composed of 2 steps in authenticating valid access. It simply adds another step after making the 1st proper attempt to log in to an account.

The measures could be but are not limited to a code sent to the user’s email and an SMS sent to their phone. The two steps allow the users to add a more personal item they can always carry as the final authenticator.

This makes them aware that whenever an attempt to access their account is made, the user gets the 2nd step in their phone via SMS or email asking them if they are the person accessing the account being attempted to be accessed.

Some applications require a code sent through SMS or email, or the user has to approve the access through their mobile account. 2FA, or 2 Factor Authentication, really helps put an added layer of security, especially if the user has quite a number of applications with different complex passwords.

It helps build convenience, security, and also fast. Cryptoforce exchange gives users a high level of security by using 2-factor authentication with an SMS option.  

How Does 2-factor authentication work?

1. SMS or text messages: A login code is sent to a mobile registered with the account. For this to work, a phone and a connection to a wireless network are required. Cryptoforce app uses SMS as 2FA to authenticate transactions.
2. Authentication through application: A mobile app is used to create an authentication code in the 2FA authentication app. After which, the user must enter the authentication code to access the account.
3. Two-factor biometric authentication: You must have come across biometric authentications in the form of fingerprint impressions or retina scans. To access the account, a user must show either the retina or fingerprint, whichever they choose for themselves.

How can Cryptoforce users enable 2FA?

Step 1: The user clicks on my account on the menu bar and selects security from the drop-down menu.

Step 2: The user’s QR Scanner and 2FA activation link may be found in the Two Factor Authentication section.

Step 3: To acquire the 2FA Activation Code on the 2FA authenticator, the user will then open the authenticator and enter the Cryptoforce 2FA link or scan the QR Code.

Step 4: The user clicks enable after entering 2FA Code from the website’s authenticator.

Cryptoforce exchange KYC procedure

Cryptoforce exchange is under a legal obligation to conduct identity verifications check in accordance with KYC requirements. It enables the exchange to provide users with a simple and secure platform for trading cryptocurrencies.

Verifying users’ credentials is of utmost importance to limit the establishment and use of fraudulent accounts. The verification process is straightforward, and a user gets KYC approval in under 2 minutes.

Additionally, the Cryptoforce exchange focuses on customer security. Hence, the security system software used is as same as used for the cold wallets.  

Conclusion

Today, 2-factor authentication adds that needed layer of security that keeps the user from trading with anxiety.

Being a strategic trader means being strategic also in protecting your information and the assets that you trade.

With the growing number of traders in India with a large appetite for margins and wins, multi-factor authentication will always be of paramount value.

Cryptoforce exchange keeps in mind the privacy of its users and tries to provide them seamless crypto trading experience.

To know more, follow us at: https://www.cryptoforce.in/.

Disclaimer: Please note that the information provided in this article is for informational purposes only and should not be construed as investment advice. Investing in financial markets involves risk, and individuals should carefully consider their own financial situation and consult with a professional advisor before making any investment decisions. The author and the publisher of this article do not accept any liability for any loss or damage caused by reliance on the information provided herein.