Please note that this is an outdated version of this article. You can find the updated article here.
What is Two-Factor Authentication?
Two-factor authentication (also known as 2FA or 2-Step Verification) is a technology that provides identification of users through the combination of two different components. With Two-Factor Authentication on Poloniex, you'll protect your account with something you know (your password) and something you have (your phone).
Why is it important to enable Two-Factor Authentication (2FA)?
Passwords are easy to steal. Have you ever done any of the following?
- Use the same password on more than one site.
- Download software from the Internet.
- Click on links or download attachments in email messages.
These common habits put you at risk of having your password stolen by criminals who dedicate day and night trying to break into your accounts, assume your identity, and grab whatever they can when you least expect it: personal information, photos, money, etc.
Two-Factor Authentication can help reduce your risk of exposure, even if your password is stolen or your email account is compromised.
How does Two-Factor Authentication (2FA) increase account security?
With Two-Factor Authentication, you'll protect your account with two layers of information: 1) your password; and 2) your phone (with 2FA-generated codes for single use).
Most people only rely on a single layer of protection (their password) because it appears to be convenient which also makes it easier for criminals to get into your account. With Two-Factor Authentication, if someone cracks your password layer, your phone is still needed to access your account. 2FA codes are uniquely generated for your account. They are meant for one-time use and expire after roughly 30 seconds. It's highly unlikely that you'll use the same code to access an account more than once.