Litebit, 3 years ago

2FA: Boost your security

You might have already noticed that at Litebit, 2FA is mandatory. What is this security feature, and why do we insist on using it? With this article, we will show you the benefits and explain the basics.

The second factor

We have 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 where 2FA comes into play.

The abbreviation stands for two-factor authentication and means that there is a second secret involved to get access to an account. One common method is a software-generated time-based, one-time passcode (TOTP).

Using a smartphone app, you’ll generate a random soft token that needs to be entered before logging into your LiteBit account. If you should lose your 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 a 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 ensure 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 to recover access 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 this article for information.

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