A single layer of verification might suffice for sites like Neopets or Yelp, however it might not be sufficient if you are using the account for value transfer. Just recently, Adam Draper, CEO of Boost VC got USD 50,000 stolen after his e-mail got compromised.
Creating a sophisticated and secure password is crucial, but that will not stop the hungry hackers from stealing your information and manipulate you. Thus, we touch of 2FA importance for this article.
Just do a simple google search on yourself and you will see yourself standing naked in front of you. Not surprising, but most personal information can be extracted from the results. Hackers will then crack your password by utilising tools that are available online, together with these alpha-numeric data that’s sorted with proper permutation and combination.
“Treat your password like your toothbrush. Don’t let anybody else use it, and get a new one every six months.”
Besides following this quote religiously, one is strongly encouraged to activate 2-factor authentication as baseline practice.
What is 2-factor authentication (2FA) ?
2FA is an additional layer of authentication above the username and password, that only that user has on them. A common example in today’s world would be the online banking token. Traditionally, the first layer of authentication would be “what you know”, then comes the second layer which would be “what you have”. A hacker might have been able to guess someone’s password, but he would not have gotten access to his fingerprints, token or mobile phone that is with him.
What is the importance of 2FA?
Overall crime rate in Singapore increased by ~10% over the the last year – a rise largely due to cybercrime. This concern was highlighted in Parliament, and is now being followed up with the establishment of a new Cybercrime Command within the Criminal Investigation Department. Not to mention, we have also heard of Bitcoin related scams in Singapore, Malaysia, Hong Kong, China and other parts of Asia.
With the rise of cybercrime, the process of 2FA should be a must for all. Although we do not enforce 2FA on CoinHako, we prompt our users right at the start when they register an account. In Bitcoin’s paperless world, 2FA functions like an additional lock to our digital safe.
It’s been painted more clearly than ever before that the path of least secure resistance is going to be the path taken by hackers. The next time you are prompted for a 2FA for any of your digital accounts, opt in for it!
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