Fraudsters often target financial services, particularly those handling foreign transactions. At Grey, we prioritise securing your account and funds from suspicious activities, however, you have a role to play as well.

To enhance your security, make sure to enable two-factor authentication on both your web and app platforms.

In this article, we’ll share what two-factor authentication means, how it differs from a password, and how to activate it on your Grey account.

What is two-factor authentication?

Two-factor authentication (2FA), is security process that requires two different forms of verification in order to access an account. It’s an extra layer of protection beyond just a password.

2FA ensures that even in situations where your device might be missing or stolen, your account will remain secure.

Some common types of 2FA include:

• Email or SMS codes
• Authenticator apps
• Biometrics i.e fingerprints, face or voice
• Location
• Hardware tokens

What’s the difference between a Password and 2FA?

You might wonder - isn’t my password a sort of authentication? Well, the answer is Yes. However, passwords are the first level of security and identity authentication.

If someone knows your username and password, they can easily access your account. Passwords alone aren’t very secure because they offer just one layer of protection. Also, once you’ve used the same password across multiple accounts, it becomes easier to hack into your app.

But with 2FA, you get a code sent to a trusted device physically present with you and these codes are typically time-bound.

Types of two-factor authentication on Grey

There are two 2FA methods you can use to protect your Grey account. These include:

• SMS: With this option, you’d get authentication codes via SMS to your registered phone number every time you want to perform a transaction on Grey
• Authenticator apps: Apps like Duo Mobile, Twilio, or Google Authenticator generate a disposable code when you want to make a transaction. We recommend using this 2FA method because it ensures you always have access to your account, even if your phone number changes.

How to activate 2FA on Grey?

Ready to add an extra layer of security to your Grey account and secure your funds? Here’s how to activate two-factor authentication on your Grey app:

On web

• Log in to your Grey web app
• On the right side of your screen, tap on ‘settings’ icon
• Next, choose your preferred 2FA method between SMS and a Security App. (We recommend using the authenticator app 2FA method for better security.)

On mobile

• Log in to the Grey mobile app.
• Tap on more - its the three horizontal dots on the bottom right of your screen
• Under ‘Security,’ tap on ‘Two-Factor Authentication’
• You’ll be redirected to a page.
• Tap on ‘Set up now’
• Next, choose your preferred 2FA method between SMS and a security app
• Follow the subsequent prompts to complete the setup

And that’s how to set up two-factor authentication on Grey.

Wrapping up

Remember, 2FAs are there to protect your funds on Grey. Enabling them helps you keep out unauthorised access to your account.

You can also track all login activity to your Grey account directly on the app just to be safe. So start protecting your finances by turning on your Grey 2FA here.