Two-factor authentication (2FA) is an added layer of protection used to secure your online accounts beyond just a simple username or password. It involves two methods to enter into your account to verify your access and identity.
Caleb & Brown uses 2FA as a way to add an extra layer of security to your transactions. For example, when you request a withdrawal of your tokens from your broker, a test transaction will be sent to you first. When this test amount is sent, you will receive an email that requests you to verify that you have received this test amount. You can only proceed by clicking the prompt in the email to verify your confirmation; this is the first layer.
Following this, you will be sent an SMS with a code of several digits, and have access to a webpage that prompts you to enter this code. Entering this code is the second layer. Effectively, this has authenticated the following:
That you alone have accessed your email, and
That you alone have accessed your mobile number
This then confirms to your broker that this is a secure transaction and the full amount of your tokens can be sent to you.
There are many apps and devices that make use of 2FA procedures. Email accounts and phone service providers allow you to set up 2FA, which are usually one-time codes sent to your phone after attempting to access a service through your password.
A similar option is to use apps such as Google Authenticator, which can be connected and applied to all kinds of digital devices, email accounts, social media accounts, or cryptocurrency wallets. These apps connect to these services, and each time you log in to an account, access, move or withdraw funds, you will be asked to input the code generated by the app before proceeding.
2FA is one of the most simple and effective ways to add an extra layer of security to your assets and prevent hackers from accessing your accounts with a stolen password, especially from different devices. With 2FA set up, it is difficult for attackers to breach any accounts you own as they will not be able to access the 2FA code without having access to the actual device that the app is installed on.
If you are unsure of what 2FA options are available to you, be sure to directly ask your broker, service provider or someone close that you trust to provide advice on cybersecurity.