What are the benefits of using two-factor authentication?

This information comes directly from Nexo's help center


Two-factor authentication is an extra step added to the login process. It’s a mechanism to doble-check your identity is legitimate and prevent unauthorized access to your account. The first factor is something you know, like your credentials (username and password), and the second factor is something you have, such as your mobile phone.

When you want to sign into your Nexo account, and you are prompted to authenticate with username and a password – that’s the first verification level. Two-factor authentication works as an extra security layer that will re-confirm your identity. Its purpose is to make attacker’s life harder and to significantly reduce the risk of losing your assets by securing your Nexo account with an additional layer of authentication.

When should I use 2FA?

Enabling 2FA is a simple step that can massively reduce the likelihood you will be the next victim of cybercrime. You should use 2FA whenever possible, especially when it comes to your sensitive data.

Why should I enable 2FA?

Improved Security: Defend your account from cyber threats. Majority of the hacking attacks are successful due to weak or stolen passwords. 2FA makes sure even if your account gets compromised, the hacker must overcome another security layer before they can access your account.

  • Reduced Data/Funds theft: Adding the extra step to log-in process means attackers will struggle to access your account and perform unauthorized transactions.
  • Simplify the login process
  • Fraud prevention mechanism – One-time passwords reduce the fraud risk by sending random, time-sensitive and unique codes to your mobile phone.

Two-factor authentication is an essential defense layer. Switch it on to secure your Nexo account if still not activated.

Source: What are the benefits of using two-factor authentication?
August 23, 2022
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