Two-Factor Authentication (2FA) is a security process requiring two distinct methods of identity verification to grant access to an account or system. This significantly enhances security beyond a single password. In crypto, 2FA is critical for protecting digital asset holdings.
Mechanism
This combines two different categories of credentials: something the user knows (e.g., a password), something the user possesses (e.g., a mobile device, hardware token), or something the user is (e.g., a biometric scan). Successful authentication requires presenting both factors to verify identity.
Methodology
Crypto exchanges and wallet providers widely implement 2FA to safeguard user accounts against unauthorized access. Common methods include SMS codes, authenticator apps like Google Authenticator, or hardware security keys. This multi-layered approach adds a critical barrier against phishing and credential stuffing attacks, thereby protecting user funds.
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