What You Should Know About 2-Factor Authentication

In today’s world, we are more connected than ever before. We rely on technology to keep us connected with friends and family, to keep us up-to-date on the latest news, to help us stay productive at work, and to even make investment decisions. But as we all know, with great power comes great responsibility. And, as we become more reliant on technology, the risk of our data being compromised also increases. To protect our data, we need to use security measures such as two-factor authentication (2FA), which aims to prevent identity theft, fraud, and other malicious activity.


What is Two-Factor Authentication?


Two-factor authentication (2FA) is an additional layer of security that can be used to protect your data. It works by requiring two forms of authentication to access an account or system. The first form of authentication is typically something that the user knows, such as a password or the answer to a security question. The second form of authentication is usually something that the user has, such as a phone or a credit card. The second form can even be more complex, like a fingerprint used to unlock a phone.


Why is Two-Factor Authentication Important?


Two-factor authentication is important because it helps to protect our data by making it more difficult for hackers to gain access to our accounts. By requiring two forms of authentication, 2FA makes it much harder for hackers to guess or force their way into an account. In addition, even if a hacker can obtain one form of authentication, such as a password, they still would not be able to access the account without the second form of authentication. 2FA is also important when it comes to compliance–keeping accounts secure from fraudulent transactions minimizes the risk to companies raising capital with JOBS Act exemptions. 


How Does KoreID Help to Secure User Data?


2FA becomes incredibly important when dealing with sensitive data, like an investor’s financial information. With KoreID, trusted intermediaries like SEC-registered funding platforms or FINRA-registered broker-dealers can allow investors to use one set of login credentials to populate forms with the investor’s verified data. This enables investors to invest and reinvest more smoothly and 2FA helps to secure their sensitive information.


By using KoreID, investors can take advantage of the increased security that two-factor authentication provides. Two-factor authentication is an important tool that can be used to help protect your data. In today’s world, we need to do everything we can to protect our data and 2FA is one of the best ways to do that by making it more difficult for hackers to gain access to your accounts.