What Is Two-Factor Authentication (2FA)?
When it comes to managing cryptocurrencies your account security is always the highest priority. Account passwords can be strong and unique but they still face one problem, that the password never changes. 2FA (two-factor authentication) adds a new layer of account authentication that acts as a dynamic password.
What Are The Most Common Types Of 2FA
There are two commonly used forms of 2FA, Google authenticator and SMS verification. Multi uses only Google Authenticator because it is more secure than SMS verification.
Why Is SMS Verification Less Secure?
SMS verification are targets of online hackers that conduct “sim port-swap” hacks.
The attack works by the hackers impersonating you and contacting your mobile service provider to change the device that SMS are delivered to. This in effect ends up making SMS verification vulnerable to online hacks.
Another drawback for SMS verification is that international travelers will change phone numbers frequently and or original text messages will not be delivered when traveling abroad.
Multi has decided that for the best security of our user accounts SMS verification will not be used as a Two-Factor authentication option.
How is Google Authenticator More Secure?
Google Authenticator works differently than SMS verification and requires no mobile service on the device or even an internet connection after 2FA has been setup. A new code is generated every 30 seconds on the device and is unique to only that device that you have a physical possession of. This effectively removes the chances of an online hacker having access to your 2FA code.
How is 2FA Authentication Used in Multi?
Multi exchange platform uses 2FA authentication to perform all actions that are security sensitive and therefore require additional authorization. This includes all login request, wallet withdrawals, and lending functions.
Can I use Google Authenticator Alternatives?
Yes there are alternatives to Google Authenticator that you can use if you trust the app developers and are already using them as an alternative to manage your other online accounts.