August 8, 2018

Blockchain Hack! Securing your Crypto Exchange account with 2FA Keys

Coindirect two factor authentication 2fa

It is important to have different passwords for each online platform you use, however, extra digital safety precautions are always a good idea! For example, two-factor authentication (2FA) – a definite must-have.

Two-factor authentication has been gaining much traction since its noticeable success in securing accounts on digital apps and platforms. However, recent security breaches on large cryptocurrency exchanges, like the Binance hack, has made platform users slightly wary about retaining their account despite having activated two-factor authentication. We take through how to secure your online accounts using 2FA.

A Bit About
Two-Factor Authentication

Using a username and password together with a backup 2FA code makes it harder for hackers to gain access to your account.

Two-factor authentication is an additional backup code generated by an Authy or Google Authenticator app, known only to yourself. This means that you receive an extra layer of security on your digital account in case of data breaches, which can include your account username and password.

A Few Ways of Implementing 2FA

2FA essentially requires users to confirm their login details using a “trusted” device. Though, there are a few ways to go about doing so.

  1. SMS

By going the mobile SMS route, you’ll need to have a mobile network connection. An SMS containing a verification code will, generally, be sent to the user when making a login request. This code must then be inserted into the login interface in order to access your account.

However, beware of sim-swap fraud! So, be sure to keep your account up-to-date with your active mobile network and number.

  1. Google Authenticator or Authy

This is an app-based authentication which relies on smartphones. Rather than an SMS containing a verification code, you will receive a QR code and one-time key from the platform which must be scanned into the authentication app. The app will then release constant 2FA codes for a quick login.

  1. USB Key

USB keys – a compliant two-factor authentication of the Universal 2nd Factor (U2F) standard from the FIDO alliance – are physical hardware keys, in the form of a USB connection, used to lock and unlock online accounts.

A quick hack to restrict access to your devices and authy include setting a password, biometric such a face or fingerprint scan, or an access lock. Along with activating 2FA, enabling automated push notifications or phone callbacks will instantly inform you if someone is trying to hack into your accounts.

Keeping your 2FA Keys Secure

Backing up your 2FA keys are just as important as securing your accounts with it. All 2FA keys provide the same level of protection. But, if you’re not scanning QR codes using your smartphone camera, then you need to safely store your verification code or one-time key somewhere. In this way, if you lose your phone you’ll still have the key to insert into the authy app on your new device.

Crypto Exchanges are the New Hot Spot for Hackers

Cryptocurrency exchanges are getting hacked every other month. However, this is mainly due to the exchange integrating weak two-factor authentication software or none.

Coindirect ensures that your account is 100% secure with its well-fortified 2FA software. Here’s how to secure your crypto account using the Coindirect 2FA key.

  • Enabling two-factor authentication:

Head on over to our security settings page to activate two-factor authentication. We recommend you use mobile and paper-based authentication. When activating two-factor authentication, it is very important that you write down the backup code and keep it in a safe place, preferably on paper.

  • Unable to sign-in with your 2FA?

Perhaps the clock on your phone is incorrect. This can typically be rectified by following these simple steps:

1) On Android devices, enable Automatic date & time option on the system by navigating to Settings > Date & time > Automatic date & time.  You can also try to set the time zone automatically.

2) On Apple devices, change time and date to Set automatically by navigating to
Settings > General > Date & time > Set Automatically

  • Resetting your 2FA in 4 quick and easy steps:

1) Send an email to requesting a 2FA reset.

2) One of our agents will ask you some security questions based on the transactions and information recorded in your Coindirect account.

3) If correctly answered, the agent will log an escalation to have your two-factor authentication reset by our risk team.

4) Once reset, we will send you an email confirming that you can once again install the app and set up two-factor authentication on your account. It’s important to also note that resetting two-factor authentication may place temporary additional limits and restrictions on your Coindirect account.

Two-factor authentication can and should be enabled on all accounts associated with Coindirect’s end-to-end offerings:

  1. Cryptocurrency wallet – supports Bitcoin and over 40 altcoins, including ERC-20 coins.
  2. Peer-to-peer marketplace – buy and sell directly to and from local buyers and sellers in 25 different countries across the globe.
  3. Cryptocurrency exchange – 15 USDT, BTC, ETH, XRP, LTC and BCH trading pairs available.

Access our integrated platform and #OwnTheFuture with Coindirect.