What is two-factor authentication?

Two-factor authentication (2FA) is a security process that requires two different forms of identification to verify a user's identity when accessing an account or system. Typically, this involves something the user knows, such as a password, and something the user has, like a mobile device or hardware token that generates a time-sensitive code. This additional layer of security helps to protect sensitive information and reduces the risk of unauthorized access. In many markets, 2FA is widely implemented in online banking, trading platforms, and other sensitive applications to enhance account security and protect against phishing attacks and other cyber threats.