The importance of Two-factor Authentication (2FA)

Hello Deriv Community :star_struck:

Two-factor authentication (2FA) adds an extra security level when you log into a website, online bank account, credit card portal, or any other site. Almost any website with a system with users will have single-factor authentication with a username and a password. Sometimes, however, even the strongest of passwords are not enough to keep an important account secure.

Why the 2FA is important?
Passwords have been the mainstream form of authentication since the start of the digital revolution. But, this security measure is far from infallible.

Here are some worrying facts about this traditional security measure:

  • 90% of passwords can be cracked in less than six hours.
  • Two-thirds of people use the same password everywhere.
  • Sophisticated cyber attackers have the power to test billions of passwords every second.

The vulnerability of passwords is the main reason for requiring and using 2FA. Without a complex, unique password for each of your online accounts, a skilled hacker may be able to crack your passwords. Two-factor authentication might seem like a hassle. But without it, you could be leaving yourself vulnerable to cybercriminals who want to steal your identification, access your bank accounts, or hack into your online credit card portals.

Having two-factor authentication on your accounts is still not the end-all solution to protecting your online accounts. Along with 2FA, you should also have strong passwords for all your accounts and use different passwords for each one. For ease of use, we recommend using a password manager that will help you keep track of all of them.

We know you have surely heard this before, but we will stress the importance of this statement again: have your password be at least 12 characters long and include both uppercase & lowercase letters along with numbers and special characters (such as &, #, $, etc.); do not include any dictionary words or personal information within the passwords such as birthdate, name, etc.

Hope the above information is useful for everyone.

If you have any further queries, please do not hesitate to contact our Live Chat support for assistance.