Turning on two-factor authentication is often safer if you have a financial app like Grey. This is because fraudsters often target financial apps, especially when you deal with foreign transactions. 

So you want to ensure you’ve tightened your security as much as possible. It’s why we added 2FA across the web, iOS, and Grey Android app. 

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, and How Does it Work?

Two-factor authentication, also known as 2FA, is an additional form of security that ensures that only the actual owner of the account gains access to it.

To log in to an app, you must enter a password and a username. 2FA comes after this stage.

So you can either enter a PIN, or a code on your hardware token, use your fingerprint, Iris scan, Face ID, or something else. 

Two-factor authentication ensures that if you ever lose your phone, it won’t be easy to unlock your account.

Aside from unlikely having both your password and authentication if you activate 2FA codes, they are disposable and time-based.

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. 

Once someone knows your username and password, they can easily access your account. They aren’t very secure compared to other verification methods because they are just one layer of security.

Many people even go as far as setting up very complex passwords. But after forgetting what it is and resetting it countless times, they still resort to using weak passwords.

And if you’ve used the same password across multiple accounts, it becomes easier to hack into your app.

With 2FA, you get a code sent to a trusted device physically present with you. So if you don’t use them within a few seconds, you’d have to generate a new one. 

This is why two-factor authentication is referred to as an extra layer of security. Because they come after entering a correct password and are generally harder to crack.

Types of Two-Factor Authentication on Grey

At the moment, there are two authentication methods you can use to protect your Grey account. These include;

1. 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

2. Security App: This uses a security app like Duo Mobile, Twilo, or Google Authenticator to generate a disposable code for you. You can then enter this verification code and carry on with your transaction.

How Do I Activate my 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 left side of your screen, tap on ‘Profile’
• Under the profile section, click on ‘Security’
• Toggle the switch just beside the two-factor authentication section

• From the pop-up, choose your preferred method and complete the setup.

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 unauthorized 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.