What is Two-Factor Authentication (2FA)? Hodlnaut's 2FA Explained

Risks
October 14, 2021

The security of your funds is of utmost importance to us, which is why we have implemented various measures to ensure all assets are safe and secured. One way we do this is through two-factor authentication (2FA) to prevent any potential hacks and scams. 

To ensure a high level of security, users would have to undergo several steps associated with setting up 2FA to verify their identity. If you’re unsure of these steps, we're here to help.

In this guide, we will cover the following:

  • What is 2FA
  • Why is 2FA Important
  • A Step-by-Step Guide to Setting up 2FA on the iOS Mobile App
  • A Step-by-Step Guide to Setting up 2FA on the Website
  • Troubleshooting when 2FA is Invalid
  • Resetting 2FA

What is 2FA?

Two-factor authentication (2FA) is known to be one of the most commonly used methods of security to reduce any potential risks of users falling victim to an account takeover. 2FA is ideal as it complements many traditional forms of authentication like passwords to ensure accounts are protected.

As its name suggests, 2FA requires two different types of authentication for a user to be allowed access to their account.

Why is 2FA Important?

The fact is, having passwords alone is not enough of a security measure to protect your account. Reports have shown that 65% of individuals use the same passwords for multiple accounts. This would mean that if a hacker gets access to your password, he will gain access to all the accounts with the same password.

Having 2FA in place would add an additional layer of security. This would mean that even though a hacker does gain access to your password, it would not lead to an account takeover since the chances of having access to both factors are improbable. 

This is why Hodlnaut has put in place 2FA to ensure that users’ accounts are well secured and protected, preventing any potential hacks and account takeover. 

A Step-by-Step Guide to Setting up 2FA

If you’re unsure of how to set up 2FA on your Hodlnaut account, here’s a simple step-by-step guide to help you through the process.

On the iOS Mobile App

1. Log in to Your Hodlnaut Account and Click on Verify Profile 

Once you are logged in, click on Verify Profile at the top of the dashboard. You will then be redirected to a page to enable your 2FA.

2. Click on “Click Here to Copy Key”

Here, tap on the “Click here to copy key” button. 

3. Download the Google Authenticator Application to Retrieve Your Code

Once done, head over to Google Authenticator (or any other authenticator applications). If you do not have the application, you can download it from the Apple App Store, as seen in the image above. 

Though we only mentioned Google Authenticator here, other authenticator applications such as Authy can be used. It’s up to your preference!

4. Click on “Enter a Setup Key” on Google Authenticator

Once you have downloaded Google Authenticator, click on “Enter a setup key”.

5. Fill up Your Details on Google Authenticator 

Thereafter, fill up the Account tab as Hodlnaut and paste the copied key to “Key”. Once done, click on Add. 

6. Retrieve the Auto-Generated Code

A code will then be generated, and you would be required to copy the said code for Hodlnaut by tapping on it, as seen in the image above. Do note that the code is time-based and thus, will expire every 30 seconds. 

7. Paste the Code and You’re Done!

Head back to the Hodlnaut app and the pin will be pasted automatically. You will then be reverted to the screen as seen above and your 2FA is enabled!

After you have completed these steps, you can head over to Account & Security. You should see 2FA enabled. 

8. Check Your Inbox for an Email Confirmation

When you have successfully set up your 2FA, you will also receive a confirmation email, as seen in the image above, from Hodlnaut alerting you on this.

On the Website

1. Log in to Your Hodlnaut Account and Click on Enable 2FA

Once you click on Enable 2FA, you will receive a QR code as shown in the image above.

2. Download the Google Authenticator Application to Retrieve Your Code

Next, head over to Google Authenticator (or any other authenticator applications). If you do not have the application, you can download it from the Apple App Store as seen in the image above. 

Though we only mentioned Google Authenticator here, there are other authenticator applications such as Authy that can be used. It’s up to your preference!

3. Use Google Authenticator to Scan the QR Code

Once you have opened the Google Authenticator application, you will be reverted to this page. Tap on the “+” sign on the bottom right. 

Thereafter, click on “Scan a QR Code”.

4. Fill up Your Details on Google Authenticator 

After scanning the QR code, the details on the Account and Key tabs would be automatically filled up. Once done, click on Add. 

5. Retrieve the Auto-Generated Code

A code will then be generated and you would be required to copy the said code for Hodlnaut, as seen in the image above. Do note that the code is time-based and thus, will expire every 30 seconds.

6. Copy the Code and You’re Done!

After retrieving the code from Google Authenticator (or any authenticator app you’re using), return to your Hodlnaut account to input the code. Once done, your 2FA will be enabled!

7. Check Your Inbox for an Email Confirmation

When you have successfully set up your 2FA, you will also receive a confirmation email, as seen in the image above, from Hodlnaut alerting you on this.

Troubleshooting When 2FA is Invalid 

At times, your 2FA may be invalid as seen in the images above. This issue may occur due to the inaccurate generation of the 2FA code. To solve this, there are several options to consider.

Manual time settings and offline devices tend to slip out of sync, which will hinder the successful generation of correct 2FA codes. If your phone's time is out of sync, or if you have changed time zones, the best way to fix it is to change the time settings on your phone from "Manual" to "Automatic".

To Change Time Settings from 'Manual' to 'Automatic' (iOS):

  • Go to your phone’s Settings app
  • Select General
  • Select Date & Time
  • Enable Set Automatically

To Change Time Settings from 'Manual' to 'Automatic' (Android):

  • Go to your phone’s Settings app
  • Select General Management
  • Select Date & Time
  • Enable Automatic date and time

If your system time is already set to automatic, please disable and re-enable it.
However, if you are on Android and the first solution did not work for you, this might be because the time on your Google Authenticator app is not synced correctly.

When Your Google Authenticator Codes are not Working (Android):

To make sure that you have the correct time:

  • Go to the main menu on the Google Authenticator app
  • Tap on More and click on Settings
  • Tap on Time correction for codes
  • Tap on Sync now

On the next screen, the app will confirm that the time has been synced, and you should now be able to use your verification codes to sign in. The sync will only affect the internal time of your Google Authenticator app and will not change your device’s Date & Time settings.

Resetting of 2FA

If you have tried to troubleshoot, but the 2FA code is still invalid, you can reach us at accountservices@hodlnaut.com with the following identity verification:

  1. A photo of you holding your ID document/passport you used for identity verification to verify your account, together with
  2. A note, with “Hodlnaut Reset 2FA” and the date of request hand-written on it. 


This is how your photo should look like: 


Note:

  • Ensure that both the ID document/passport and note are within the frame. 
  • Ensure that your face, upper body, ID document/passport, and note are clearly visible. 
  • Ensure the environment is well lighted before taking the image.
  • We recommend users to use other devices (such as a mobile phone) instead of a webcam.
  • Avoid direct light on the identification to prevent reflection/glare.

Still unsure on what to do? Drop us an email at support@hodlnaut.com and we’ll reply you as soon as we can!

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