Two Factor Authentication: Security System for Digital Assets

Two Factor Authentication: Security System for Digital Assets

Do you still rely only on the passwords for securing digital assets? If it’s yes, then you are making it extremely easier for the hackers to compromise your online accounts, confidential data and information. It is because even the strong passwords can be easily guessed by the hackers using advanced password-cracking techniques available today. The best solution, or you can say security system, that makes your valuable digital assets harder-to-hack for the online attackers is Two Factor Authentication. It adds a critical layer of security that keeps intruders out and makes sure your digital assets don’t get hacked.

A brief about this security system

Two Factor Authentication, also referred to as 2FA or Two Step Verification, is an additional layer of security that double checks identity of the user before granting him access rights or privileges for an account. 2FA requires at least any two out of the possible three authentication factors – knowledge (what you know), possession (what you have) and inherence (who you are) in the login procedure for verifying identity of the user. These three authentication factors act as the secure login credentials. More factors you use in the login process to protect your assets, higher is the security level.

For gaining access to a 2FA-enabled digital asset, you need password (something you know) and a verification code/token (something you have); the second factor. The verification code is sent to the registered mobile device or any other physical device of the user, and is valid only for a few seconds.

Cash withdrawal through an ATM is the common example of Two Factor Authentication security method. For withdrawing cash successfully, you need 4-digit PIN (something you know) and credit/debit card (something you have). If someone else steals your card, then he needs 4-digit PIN to withdraw cash, or vice versa. The same scenario exists with your digital assets too.

Conclusion

2FA (Two Factor Authentication) security system puts a smart lock on all your valuable digital assets. If a hacker manages to get your password, then he won’t be able to gain access, as a second factor; verification code/token, is required to complete the login process successfully. It’s the functionality of Two Factor Authentication security system.

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