2FA is now compulsory on Kraken Exchange’s users account
United States-based cryptocurrency exchange Kraken makes
two-factor authentication (2FA) compulsory in the accounts of exchange’s users reported in their official blog post on 26 March 2019.
Two-factor authentication or 2FA is an extra step to your basic log-in procedure of username and password. With 2FA, you have to enter 2FA code after verifying your username and password, and then you’re done.
By making 2FA mandatory Kraken Exchange wanted to enhanced their security as there are large number of hacking attacks happened time to time on exchanges.
The New-Zealand cryptocurrency exchange Cryptopia got hacked on 14 January 2019. Security is the biggest opportunity for crypto exchanges nowadays.
Kraken’s Chief Security Officer – Nick Percoco said:
” Today, we are enhancing the client security experience by requiring the use of Two Factor Authentication (2FA). We’ve had 2FA available to our clients since our launch in September of 2013, but starting today, clients will be asked to enable it upon their next login. Currently, the prompted options for 2FA are Google Authenticator and YubiKey. “
Kraken provides two types of two-factor authentication options, one is Google Authenticator and second is Yubikey.
Google Authenticator is a mobile app that generates a dynamic one-time password.
As google 2FA code is changed in every 30 seconds which makes impossible to hack accounts for attackers.
Yubikey is a hardware device that generates a one-time password when touched.
The biggest exchange of Canada the QuadrigaCX cryptocurrency exchange lost funds in millions after death of CEO.
Also Read : Cryptopia Update: Trading is Live, Losses are Still Counting
