There are a huge number of methods for hacking and circumventing password authentication, so two-factor authentication is essential to your account security.
2FA or two-factor authentication is when you protect your account with two factors or locks, creating an additional layer of security.
In this context, a factor is split into three different categories:
Users knowledge (Password)
Something the user owns (Phone)
Biometric traits (Fingerprint)
To be properly protected by 2FA your account must require 2 locks before granting access. The two main factors for Binance is a password as well as either an SMS or Google authentication code.
When creating an account, you provide your mobile phone number. Whenever you want to log in, the service sends you an SMS message with a verification code that expires after a certain period of time. You have to input that number in order to log in..
Convenient & Easy to use
Mobile phone numbers can be spoofed
Does not require an additional application
Requires cellular reception
After setting up Google Authentication, you are assigned a backup key (secret key). The App then generates one-time passwords (OTP) at regular intervals, using the secret key as a seed. Those one-time passwords are required to log in.
Losing your device means losing access to your account (unless you have a backup key)
Doesn’t require cellular reception or wifi
Requires installing additional applications
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