![]() ![]() If you want a in depth article on crypto currency hacks then check this article. Recently a crypto currency exchange BitGrail claims to lost $170 million to its hackers. NiceHash, a crypto mining marketplace got hacked Bitcoins worth $60 million. The second biggest breach of a Bitcoin exchange platform, Bitfinex lost Bitcoins worth $72 million on August 2016. If you are into crypto frenzy for a long time then you might have heard several hack stories. Also we advise them not to store large amount of funds in crypto currency exchanges and trading websites. In each and every wallet setup guide we recommend our users not to use online wallets. Here we’ll see what is 2FA and why it’s important? This ensures that the hackers do not have a time advantage to breach accounts.This article is all about setting up Google 2 Factor Authentication which enhances security for your crypto currency exchange accounts. Google Authenticator ensures that the only person with access to the crypto assets must also hold access to a specific mobile device and quickly respond to the prompted code request. There have been several notable instances of large sums of cryptocurrency being stolen by hackers, so it’s important to minimize the risks as much as possible. Users are strongly recommended to set up 2FA on their banking accounts. Ensure that your setup key is stored safely somewhere you can access.Įnsuring the security of financial data and assets is crucial in both traditional and cryptocurrency markets.Binance may prompt you to enter a special six-digit code from the Google Authenticator app.Your Binance account will provide the QR code Tap the “+” symbol and select “Scan a QR code”. ![]() Add an account you want to secure, for example, the login credentials of your Binance digital wallet.The protected account can be accessed with a few easy steps: Google Authenticator was developed to reinforce the security of login details and put a tighter lock around the user data. Malware attacks and hacking can lead to sensitive information being stolen. While this login system is considered to be one of the most secure ways of protecting an account, it can be compromised and does not guarantee 100% security. Most online digital platforms rely on passwords to provide secure access to the services. The losses from such digital attacks can be valued at millions and even billions of dollars. There have been multiple instances of hackers claiming assets or personal information on online users because the login credentials were not appropriately secured. The security of private data is a significant topic in the digital world. Even if the SIM card of a mobile device is stolen, it does not contain the Google Authenticator codes, making it useless in the hacking process. Google Authenticator functions as two-factor authentication (2FA). If the hacker has the login details but doesn’t have access to the phone, they cannot break into the account. The code is time-sensitive and can only be accessed from a specific mobile device. When users try to log into an account, Google Authenticator sends a code to their mobile devices to ensure the account is secure from breaching attempts. It was developed as an additional layer of digital security. The system is used to verify the identity of the user and allow them to access websites or applications. Google Authenticator is a software-based verification system that generates unique, time-based, single-use authentication codes on mobile devices.
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