All you should know about two factor authentication
Two-factor authentication is widely used by banking institutions. Of course, this measure works better than a mere password but it’s not unbreakable. That’s why banking Trojan developers breach one-time SMS passwords with ease. Using two factor authentications is one of the best ways to keep your data safe and can add more security to your account.
What exactly is Two Factor Authentication?
Two- factor authentication is a feature that not only just asks for your username and password but a little more than that when you log in. It requires something that you know such as your password and plus something that you have like your mobile phone. It’s really important that along with the password you provide a code that you have received. If the correct information is not provided then your password remains locked. This is beneficial as even when someone obtains your password, still they’d be blocked from getting into the account when they are asked for the two step authentication. It adds a second level of authentication to an account log-in. It is also known as Strong authentication.
Once you have decided on the two factor authentication option that you want to use, enable it to your account settings. If you are on a computer where you login a lot, you can mark that computer as trusted. This shows that you don’t want to be asked to go through the two factor authentication step on that particular computer.
Here is how it works:
1. A user launches legitimate banking app on a smartphone.
2. A Trojan detects, which app is used, and overlays an exact copy like that. The fraudulent screen looks just like the real one.
3. The victim enters login and password in the fake app.
4. The Trojan sends user’s credentials to criminals. They use this data to login and use the user’s banking details.
6. Then the hackers request for a ransom to be paid.
Why Two Factor Authentication?
It is one of the best ways to protect you against cyber attacks such as viruses, online fraud, phishing attacks, spam mails and other attempts to acquire your sensitive information.
But if your phone will be protected with two-factor authentication then no one can acquire your information, or enter into your account without entering the code that you have received on your mobile phone. Two-factor authentication can reduce the chances of online identity theft, phishing and other online fraud, because stealing the victim’s password is not enough to give a hacker the access to their information. Two factor authentications are designated to provide additional security. By acquiring an additional level of protection, such as a secret code sent by SMS to your phone, you can reduce the risk of being impersonated.
None of these solutions can completely solve the problem of hackers impersonating you online, but using these kinds of safety measures can add a level of protection. To protect yourself against these kinds of online threats, go for a free trial of REVE Antivirus.