01. What is Two-Factor Authentication (2FA)?
2FA stands for two-factor authentication and is an added security feature to help protect your account over and above just using your username and password.
Once you log in to your account with your username and password, NDAX will then ask you for a 6-digit code to enter that is refreshed every 30 seconds to prevent unauthorized access to your account even if your password has been compromised. You’ll need to install Authy
According to Search Security:
- A knowledge factor. Something the user knows, such as a password, a PIN, or some other type of shared secret.
- A possession factor. Something the user has, such as an ID card, a security token, a smartphone, or other mobile devices.
- An inherence factor, more commonly called a biometric factor. Something inherent in the user’s physical self. These may be personal attributes mapped from physical characteristics, such as fingerprints authenticated through a fingerprint reader; other commonly-used inherence factors include facial and voice recognition. It also includes behavioural biometrics, such as keystroke dynamics, gait, or speech patterns.
- A location factor, usually denoted by the location from which an authentication attempt is being made, can be enforced by limiting authentication attempts to specific devices in a particular location, or more commonly by tracking the geographic source of an authentication attempt based on the source IP address or some other geolocation information derived from the user’s mobile phone or other device such as GPS data.
- A time factor restricts user authentication to a specific time window in which logging on is permitted and restricting access to the system outside of that window.
To learn more about 2FA, check out our blog:
Advanced Security Systems with 2FA
To learn how to setup 2FA, check out our blog:
How to set up 2FA on Crypto Exchanges