How to keep your crypto funds secure
With MilaCoins you can improve your digital security with 2 Factor Authentication
As crypto payments become increasingly popular, our MilaCoins security team is taking all possible measures to protect your crypto funds. Our blockchain-based payment platform is equipped with a next generation multi-layer security system that protects user’ data and digital assets. Websites, apps, and games are using multi-factor authentication to protect their accounts from takeovers.
While there are many ways to do MFA, we decided on 2FA SMS Authentication as the key method that guarantees our users’ funds security. MilaCoins is using 2FA authentication as a part of a multi-factor authentication system. We also believe that using SMS-based two-factor authentication (2FA) is better than using no 2FA at all. That said, we encourage our users to enable 2FA to ensure better safety of their accounts.
What is Two-Step Verification?
The two-step authentication process consists of using two authentication methods one after another to verify the identity of the person requesting access. As a 2-step-authentication process MilaCoins is using SMS-based 2FA that requires a one-time 2FA code to be sent to your device every time you login in besides a traditional email verification.
Just to summarize, using MilaCoins 2-Step Verification, you’ll sign in in two steps using:
- A 4-digit code that you get to your email address.
- A 4-digit code that you get to your phone in the form of SMS.
More about 2FA…
Generally, two-step verification is an authentication process in which the user enters their username and password, along with a verification code generated by the system. Different verification codes are sent both by email and phone.
Both the username and password are considered the knowledge factor. To pass the first verification stage, both pieces of information must be known by the user.
Secret codes are communicated to the user through emails and as SMS text messages. In order to gain access to the system, you as a user must enter the correct verification codes within the specified time (both email and SMS code). Failure to enter a valid code within the specified time will result in a failed authentication attempt.
By verifying your identity in two simple steps, you provide your business with an additional layer of security. We always encourage our users to enable the two-factor authentication system, which will make it easier for them to protect their digital funds and payment operations.
The value of 2-Step Verification
Two-Step Verification (also referred to as two-factor authentication) adds an additional layer of security to your account in case your password is compromised. With email 2FA, you can control the process of changing some private information. If you are changing some private info like your password for example, you will be asked to enter a 4 digit code. You will be sent the code directly to your email or via SMS to your phone number. You will need to enter both codes in order to log into your account.
How activate 2-Step Verification on MilaCoins
2FA feature can be enabled by clicking “SECURITY” in the upper right corner.
Steps to enable 2FA
To start using 2FA, you have to click “ON”.
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Then you will be asked to enter a valid phone number. After that, click the button “SEND CODE” and enter the received code in the field “SMS Verification Code”. Then click “SEND CODE” for the email verification and enter the code you get to your email in the “Email Verification Code” field. Finally, click “ENABLED SMS” to complete the activation of 2FA in your MilaCoins account.
Some things to know about
Two-factor authentication (2FA) is sometimes confused with two-step verification, which requires two steps. Contrary to 2FA processes, two-step verification methods can belong to the same category of authentication factors and need not be sequential.
Moreover, verification differs from authentication, and it is usually used to mark real-world processes that require verification, such as providing a driver’s license as proof of identity. Online and automated systems can be only protected by adapting authentication techniques.
However, many two-step verification services and products can also be considered two-factor authentication. MilaCoins uses a 2-Step Verification service that involves a password sent to your email address, and an SMS code sent to your phone number.
I forgot my password, what should I do?
Two-factor authentication or two-step verification usually begins with a password, which serves as the first authentication factor. For access to your account, you need a username and password. Like most companies, MilaCoins wants to protect your account from fraud while at the same time making password recovery as easy as possible for our customers.
If you forget your password, you need to follow our pre-defined procedure of password recovery. Just click on “Forgot your password” and you will be redirected to a special form that would ask your email address or phone number. Once you fill in this info MilaCoins system will automatically send your RESET CODE to your email address.
If you have lost access to your mail, a verification code will be sent to your alternate email address. This process requires a registered alternative recovery email address. If you have one, you can enter that code and gain access to your account. In case you have lost your phone the first step you need to take to secure all your accounts is to remove the lost phone from the trusted devices list. You can then add a new trusted device to replace the stolen/lost one.
Now let’s examine some of the advantages of two-step verification implemented by MilaCoins.
Benefits and Disadvantages of Two Step Verification
1.Remote working opportunity
Remote working has made it crucial that business systems are adequately protected. Cyber attacks may be more likely to affect employees working in open environments. Two-step verification adds another layer of security to your account, making it safer than using a traditional username and password combination alone to protect your account.
2. 2FA can Save Time
When the user uses two-step verification once, he can enroll the device and the location. Thereafter, he will not have to use two-step verification on the enrolled device/location. Consequently, the user doesn’t have to enter the second factor every time he logs in.
3. 2FA can Mitigate IT security risks & reduces related downtime
2FA helps to prevent credential-based cyber attacks and phishing scams. You can improve security by implementing two-step access verification for authorized users. Thus, two-step security can help you maintain your company’s productivity.
4. 2FA can Help You Protect Your Organization’s Reputation
Data breaches are no laughing matter. Making your users’ accounts more secure helps limit the risk of exposure, therefore helping to protect your business from any kind of data breach. The two-step verification process (along with the least privilege principle) can be an important first step towards building a more secure future, even though there is no bulletproof method of guaranteeing security.
Final Thoughts on Two Step Verification and How It Works
Because cybercriminals are always coming up with new ways to break into our systems, staying one step ahead of them is essential. Using two-step verification to verify someone’s identity is one way to make sure they are who they say they are. If you don’t protect what is yours as a business owner, you might become an easy target for the bad guys.
