Two-Factor Authentication (2FA) for Withdrawals

Two-Factor Authentication (2FA) for Withdrawals
Two-Factor Authentication (2FA) for withdrawals on Obiex

What is Two-Factor Authentication (2FA)?

Two-factor authentication is a security process that requires users to provide two different types of information before gaining access to an online or in-app account or even a computer system. It is also known as dual-factor authentication or two-step verification.

2FA authentication is typically implemented to provide an additional layer of security to the regular single-factor (SFA) authentication, where the user only provides a password or passcode to access the given account.

Why you need 2FA Authentication

A lot of our sensitive information lives on the internet, which has made our online accounts a magnet for cybercriminals. A single password is no longer enough despite being the most common form of authentication and account protection.

This is where 2FA comes in to secure your accounts. Think of two factor authentication as the lock on a metal protector behind an already locked door. Once you open the door with one key, you need another key to open the protector to enter the building.

With 2FA, even if a hacker is able to get your password, they are less likely to succeed at stealing your information because of the extra layer of protection requesting for a passcode, fingerprint or facial recognition.

HOW TO GET 2FA

To get two-factor authentication, you can use any of the following:

Text message/SMS 2FA

After typing in your username and password, the site or app will send a one-time password (OTP) to your phone. Then, you will have to enter this unique OTP into the site or application to access your account.

Software tokens

This is the one Obiex currently uses. To use this form of authentication, download and install a free 2FA app like Google Authenticator, Authy 2FA, Microsoft Authenticator, Duo Mobile or LastPass Authenticator. Then, you can use the app with any sites or applications that support software token 2FA.

Just like with text message 2FA, once you sign in with your username and password, you have to input the token passcode shown by the app. This code is usually valid for less than a minute so ensure you enter it quickly so it doesn’t expire else you have to start again.

Hardware tokens

This is one of the oldest types of two-factor authentication.  A hardware token comes in form of a small device that can display a numeric code on its screen. Once you enter your username and password, a code shows on the device screen. All you have to do is type in the passcode into the app or site to access your account. Some tokens can automatically send the 2FA code to the site when plugged into your computer or laptop.

We use Software token 2FA to provide an extra layer of protection for your Obiex account to ensure you are the only one that carries out withdrawals on your account.

How to setup 2FA on Obiex?

You'll be required to enable 2FA to carry out withdrawals on your account.

To enable 2FA,

  1. Select Enable 2FA from your Obiex checklist on the home page
  2. Scan the code provided on Obiex using an authentication app (e.g. Google Authenticator, Authy etc.) OR use the secret code provided on the app.
  3. Enter Authentication code provided by the app.

N.B - The authentication code on your authentication app changes roughly every 30 seconds for maximum security

How to withdraw on Obiex with your 2FA

When withdrawing any crypto asset on Obiex, you'll be required to input your withdrawal pin as well as the 2FA code provided on the authentication app at that time.