Two-factor authentication (2FA) is an increasingly popular – and necessary – approach to securing digital assets. It requires two different forms of identification from a user in order to access their account or complete a sensitive transaction.
An account holder may, for example, be asked to follow the entry of their password (the first factor) with a biometric scan or a time-sensitive code delivered to their mobile phone (the second factor). The combination of different factors of authentication in a short time frame makes this a highly effective means of preventing account takeover attacks and fraud exploiting stolen login credentials or interception of digital communications through malware.
2FA is important for customers of BVNK because it adds an extra layer of security to protect your sensitive financial information. It helps to prevent unauthorised access to your account, fraudulent activities, and data breaches.