Definition ∞ Two-factor authentication is a security process that requires users to provide two distinct verification factors to gain access to an account or system. These factors typically fall into categories such as something the user knows (password), something the user has (phone or hardware token), or something the user is (biometrics). This layered approach significantly enhances account security.
Context ∞ Two-factor authentication is a standard recommendation and often a mandatory feature for securing cryptocurrency exchange accounts and digital wallets. News coverage frequently advises users to enable 2FA to protect against unauthorized access and asset theft. Discussions also address the relative strengths and weaknesses of different 2FA methods, such as SMS-based codes versus authenticator apps or hardware keys.
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