2FA is Now Available on Tokenomica: Protect your account with Google Authenticator

April 14, 2020

As a financial platform, we take the security of our users highly important. And today, we are delighted to announce one of the most requested features among our active users — two-factor authentication.

You probably now what 2FA is but we will go over it quickly, just in case.

Two-factor authentication (2FA), sometimes referred to as two-step verification or dual-factor authentication, is a security process in which users provide two different authentication factors to verify themselves. This process is done to protect both the user's credentials and the resources the user can access. Two-factor authentication provides a higher level of assurance than authentication methods that depend on single-factor authentication (SFA), in which the user provides only one factor -- typically, a password or passcode.

How it Works

For 2FA on Tokenomica, we have chosen the most popular solution on the market — Google Authenticator for Android or iOS.

It is a free app for your smartphone that generates a new code every 30 seconds. It works like this:

  1. When enabling 2FA, the application you’re securing generates a QR code that users scan with their phone camera to add the profile to their Google Authenticator app.
  2. Your user’s smartphone then generates a new code every 30 seconds to authorize the transaction.

How to Enable 2FA

  1. Open your profile settings:
  2. Go to the “Security” section;

3. Press “Set up Authenticator” button;
4. Download the Authenticator app (Google Authenticator for Android or iOS) and press “Next”

5. Scan the QR code using the Authenticator app and enter the 6-digit code that you see in the App.

What If I Lose Access to My Device?

If  you’ve lost access to the device connected to Tokenomica, you will have to complete a complicated procedure that includes our compliance and tech teams:

1. Create a request using our support portal.
This request must contain: Email, full name, Date of Birth, Photo of your Passport or ID, full residential address and ID number (passport or ID used for KYC);

2. You will need to schedule a Skype call with our compliance officer.
​Our compliance officer will contact you back after you will send us a refund request.

3. After the call, 2FA will be deactivated.

And that’s it! Protect your funds and enable 2FA for your Tokenomica account now.