You might have already noticed that at LiteBit 2FA is mandatory. What is this security feature and why do we insist using it? With this article we are going to show you the benefits and explain the basics.
The second factor
We already described in this article how to generate and store secure passwords. But what if a password gets leaked? A stranger can walk right through the front door without anybody noticing it using your password. This is were 2FA comes into play.
The abbreviation stands for two-factor authentication and means that there is a second secret involved in order to get access to an account. One very common method is a software generated time based, one-time passcode (TOTP).
Using a smartphone app, you’ll generate a random soft-token that need to be entered before logging into your LiteBit account. If you should lose you phone you can restore the TOTP using a secret key that you preferably store in your password manager.
Things to keep in mind
Other methods require one-time codes via e-mail, SMS or a hardware dongle. LiteBit offers you to opt for SMS or TOTP for two-factor authentication. Using TOTP is more secure and flexible, but without your smartphone you won’t get access to your account. Here is a list of best practices using 2FA:
- If a service offers the option for 2FA,then go for it!
- Always store your 2FA secret in a password manager or write it down
- Get a second smartphone only as 2FA device. A cheap one will do the job.
If you should ever lose your 2FA device and you are not able to recover your TOTP from the 2FA secret, please contact our Customer Support. Please note that we need to make sure that we are dealing with the account owner.
It is safe to say that other services will do that as well. Therefore, always store your 2FA secrets securely so that you can recover access by simply using a different device. It will save you time to restore your accounts.
If you like to change your 2FA method with LiteBit, please read on to this article for information.