In Today’s world of increased online fraud and cyber crime. Security of online accounts has gone for a toss. IT companies come up with ways to tackle this frauds or scams and only provide access to accounts after verifying the identity.
Now to verify the owner of a particular bank or trading account cannot be restricted to password only, passwords only can be hacked or may be leaked in some or other way through viruses or malicious software. It is imperative to have further verification of identity before allowing one access to his or her respective account. A simple user name and password had become easy for hackers to crack hence the 2FA or 2 factor authorization came in to existence.
How does it work?
Two Factor Authentication, also known as 2FA, two step verification or , is an extra layer of security that is known as “multi factor authentication” that requires not only a password and username but also something which only user knows.
User name and password combined with additional piece of information which only the the user knows, makes it difficult for hackers and intruders to crack your account details and reduces the changes of giving access to your account.
2FA isn’t a new invention however it has now gained popularity because of the digital age we live in.
If you ask a common man what is 2FA, he probably would not know it. However you actually use it every time you login in to your SAMCO Trading account
Some customers do not like the 2FA Process because it makes the logging in process slower and tedious however this system is designed for the security and safety of their own account
Below Image displays the 2FA verification which an user undergoes before providing access to his/her trading account
A User has to select the relevant questions and answers to those questions at the time of first sign in or when he changes his passwords and authentication. User has to remember answers to these questions and has to enter them before every login. In this way apart from the user ID and passwords there is another layer of authentication and security added to users account.