What is Two-Factor Authentication (2FA)

Overview 

Two-factor authentication (2FA) is a method for requiring users to have two different factors or forms of credentials to be given access to an account. When logging into a 2FA account, the first credential is usually a password, which the user can write down or memorize, and the second credential is a passcode, which can only be accessed if the user has physical access to the 2FA device. 

2FA is important because it acts as an extra layer of security if a user were to accidentally expose the email and password to their account. In this event, the malicious party would not be able to unlock the account with only the email and password due to not having physical access to the user’s 2FA device to unlock the account. To learn more about identifying and avoiding malicious parties, you can read more about scams here.

 

Using 2FA on The PIT 

PIT users enable 2FA using the Google Authenticator App. Note that 2FA is mandatory on the PIT before you deposit funds. After configuring the app on a mobile device, you will be able to generate a passcode that changes every 30 seconds. You will be required to enter this code every time you attempt to login to your account or want to make a withdrawal of funds to a bank account or cryptocurrency address. 

For directions on how to configure 2FA for your trading account using the Google Authenticator app, you can follow these instructions.

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