According to a study from Verizon, 81% of data theft has occurred due to users having a weak password. This number could be much lower if more people knew about and used the two-factor authentication tool or 2FA. Currently, only 26% of companies have implemented it despite its very good results.
The effectiveness of this tool is backed up with data from Google and Microsoft. For example, Google revealed that users who adopted 2FA blocked 100% of automated bot attacks and 99% of phishing attempts. On the other hand, Microsoft revealed that 99.9% of users with 2FA blocked all automated bot attacks they received.
What is 2FA and how does it work?
As we could see with the previous stats, the two-factor authentication is one of the most important security tools in the digital world. As its name explains, this system offers one more layer of security than the one-factor system, which is usually the most widely used and consists only of a password.
With the 2FA system, the user will have to use a password and a second factor, which usually is a security token. However, this second factor could also be a biometric system such as a fingerprint or a face scan.
Currently, several companies have adopted this technology due to the very good results that its application has caused. For example, Gmail, banking platforms, and digital platforms like bitfoliex already have this system for their users. 2FA success has been so big that even video games like Fortnite have already implemented it on their platform.
Many people don’t know or don’t use this system, making them more vulnerable to being victims of phishing. With these types of scams, their data is stolen and hackers can easily obtain their passwords. On average, 47% of phishing attempts are successful.
How does this type of scam work? Hackers have created fake web sites that look identical as official sites, so they can easily confuse people. Once users fall for these traps and enter their username and password on the fake site, hackers obtain that information and gain access to the account.
However, if you have 2FA activated, it will be impossible for them to enter your account even if hackers obtain your email password. Why? Because if they cannot access the physical device with the 2FA key, they will not be able to access your account.
Using 2FA is free and simple. Using it can also save you from information theft. At bitfoliex, we recommend using this system to protect your digital assets!