First published: 03/25/2021
Last updated: 08/20/2025
There are many sophisticated scamming methods. It is therefore important to secure every account, site, or database through which your data will transit. One of the first relatively simple protective measures you can put in place is two-factor authentication.
What Is a 2FA System?
A "two-factor authentication" (2FA) system is a tool that maximizes your account security. It is a method for confirming a user's identity in a more effective way than merely using a username and a password. It creates an additional layer of protection, where the user must provide supplementary information to access the service or account.
The common authentication method for identifying oneself on a website or a digital service relies on a single factor of knowledge, something you know, a password. A 2FA method, as its name indicates, is based on two authentication factors. When you log in, after entering your password, you will be asked for an additional piece of information:
- Another data of knowledge: for example, a personal answer to a secret question.
- A possessed data: for example, an ID card or a unique, temporary code generated by a smartphone application.
- An intrinsic data (biometric authentication): for example, a fingerprint, an iris scan, or a voiceprint.
Google Authenticator and Authy
Authy and Google Authenticator are two examples of 2FA software available on both computers and phones. Both operate on the basis of authentication via possessed data: a six-digit code is generated and renewed every 30 seconds.
The short lifespan of the information makes the authentication far more secure and difficult to attack.
To configure a 2FA on Paymium, go to the FAQ page, and the entire process is explained in the "Security and 2FA" section.
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FAQ
What is two-factor authentication (2FA) and how does it work?
Two-factor authentication is a security method that adds an extra layer of protection to your account beyond a simple password. After entering your usual credentials, the system requires you to provide a second proof of identity to validate the connection. This second factor can be a piece of information you possess, such as a unique, temporary code generated in real time on your smartphone by a dedicated application.
Why is the 2FA system indispensable for securing a cryptocurrency account?
Cyberattacks and data theft attempts are becoming increasingly sophisticated, and a traditional password is no longer enough to guarantee optimal security. If a hacker manages to steal your credentials, the 2FA system blocks access to your account because the cybercriminal does not possess your physical device to generate the second validation code. This tool maximizes the protection of your capital and personal information.
What are the recommended applications and how do they generate these codes?
The most reliable and common applications are Google Authenticator and Authy, both available for free on computers and smartphones. They operate on the principle of possessed data: they generate a unique six-digit code that automatically renews every 30 seconds. This extremely short lifespan renders the code obsolete almost instantly, making interception and account hacking technically very difficult for fraudsters.
