What is Two-Factor Authentication (2FA)?Posted: April 4, 2019
At its core, Two-Factor Authentication of 2FA provides an extra layer of security to your online accounts. It ensures that only you can access your personal information, even if your password becomes compromised. Two-Factor Authentication requires that you provide two different authentication factors to verify your identity. Authentication factors can be anything from a password, a text message with a numeric code that you must input, or even a telephone call that confirms your personal information. You’re already familiar with Single-Factor Authentication (SFA). It’s the password that you must enter to access everything from your bank account to your email inbox. For years, Single-Factor Authentication was deemed sufficient to protect your sensitive personal information, but with the explosive increase in cybercrime, it is no longer enough. It is for this reason that Two-Factor Authentication was created.
Two-Factor Authentication comprises three categories of security. The first includes information that only you know. For example, you enter your password to login to your account and then are prompted to answer a “secret question.” The second category uses something you have in your possession. For example, you enter your password and immediately receive a text message on your smartphone with a numeric code that must also be entered. Finally, 2FA may make use of your physical body as an advanced security measure. This could be a biometric fingerprint scan, an iris scan, or a voice print recording.
Enabling Two-Factor Authentication on Your Smartphone or Desktop Computer
To set up 2FA on your smartphone, you will need to download one of these secure mobile apps. For Android, iOS, Windows and Blackberry phones, download the Google Authenticator app. You may also opt to use the Duo Mobile app for Android and iOS operating systems.
Next, login to your secure SolidTrust Pay e-wallet and got to Security > 2FA Settings. Click the Start Set Up button at the bottom of the page. You will receive a text message to the phone number linked to your account and we will proceed to guide you through the set up process. If you require more information, click HERE.
If you do not possess a smartphone, you can enable Two-Factor Authentication on your desktop computer using Authy and the Google Chrome web browser. Please be aware that you will need Chrome to use this service. Additional information can be found HERE.
Buying Bitcoin with Your SolidTrust Pay eWallet
Did you know that you can buy and sell Bitcoin using your secure SolidTrust Pay e-wallet. To buy Bitcoin with your STPay account, follow these simple steps:
- Sign up for your free online SolidTrust Pay e-wallet.
- Verify your account to the Standard Verified level. You will be required to submit a copy of a government issued photo ID and an address document. The address document must possess your name and current address.
- Set up two-factor authentication using your mobile device or desktop. For more information follow our step-by-step Guide.
- Create a Bitcoin Wallet of your choice and link it to your STP account. Go to Security > 2FA Settings to begin this process.
- Fund your e-wallet using a credit or debit card, bank account transfer or receive money from another STPay member.
- Go to the My Money > Withdraw Funds section of your STPay e-wallet and choose the Bitcoin option.
- Select how much money you would like to withdraw and it will be instantly converted to Bitcoin and deposited into your cryptocurrency wallet within 24 hours.
Selling Bitcoin with Your SolidTrust Pay eWallet
Alternatively, you may use your SolidTrust Pay e-wallet to sell Bitcoin. Login to your account and ensure that you have enabled Two-Factor Authentication. For more information, please follow our step-by-step Guide which will walk you through the entire process. Next, go to My Money > Deposit Funds and click on the Altcoins button. Your deposit will be instantly exchanged into U.S. dollars and added to your e-wallet. It’s that easy!