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Utulu Hope
April 14, 2021
In today's online world, Cybercriminals are becoming more sophisticated and daring. There is a need for more secure authentication systems to safeguard users' online accounts. The Multi-factor authentication (MFA) system provides a high level of data security and is vital for all to adopt.
Introduction to Crypto Security
A massive chunk of our day to day lives passes through gadgets such as laptops, smartphones etc. These devices ultimately end up containing valuable digital information about us. It is therefore not surprising how our online accounts have become attractive to criminals. Presently, cyber attacks against the government, companies, and even individuals are rampant because these criminals need access to private/personal information for their nefarious activities. From the look of things, these criminals will not relent any time soon.
However, it is very easy for individuals and organizations to improve the security of their private information using multi-factor authentication, commonly called MFA.
What Is Multi-Factor Authentication?
MFA is a security system that needs several authentication methods from independent categories of credentials to verify a user's identity for a login or any form of transaction. The technique combines at least two of these types of credentials: the user's knowledge (password), the user's possession (security token), and who the user is (biometric verification).
MFA aims at creating multiple layers of defence against any form of attack. It means that multi-factor authentication will make it hard for any unauthorised person to access a valid user's data like location, device, network, or database. With the MFA, when the attacker bypasses one layer, he/she still has other layers of defence to breach before obtaining full access to the user's asset. One popular form of MFA is "two-factor authentication", also known as 2FA. Let us now describe it in detail.
2FA Explained
Two-factor authentication, also called 2FA, adds an extra layer of security to verify whether a person who tries to access an online account is the rightful owner. The aim is to complicate access for a cyber-criminal. Any person who wants to gain access must provide another piece of information: the second factor. The information can be any of the following,
- A user's knowledge: This may be in the form of a PIN (Personal identification number), a password, an answer(s) to secret question(s), or a drafted pattern.
- A user's possession: This is something only the user has. It can be a credit card, a small hardware token, or a smartphone.
- Who a user is: This involves more advanced forms such as a fingerprint's biometric pattern, voice print, or even an iris scan.
2FA is a form of insurance for a user in the sense that if the user's phone is faulty, gets stolen, or the user's password is compromised, another party's chances of knowing the second-factor information are slim.
What Are The Common Types Of 2FA?
Any website that doesn't offer 2FA has the tendency to be hacked easily. In other words, there is no insurance for your account once someone else knows your password. Some websites, however, offer different kinds of 2FA; some may be complex, others easy to understand by the user. The bottom line is, they offer protection other than just passwords. The following are common types of 2FA,
- Hardware Tokens
This is the oldest form of 2FA. They are small hardware devices that generate a temporary numeric code every 30 seconds. When users want to access their accounts, they glimpse their device and enter the numeric code into the website or application.
One major disadvantage of this is the cost. Businesses, for example, find it costly to provide a large number of employees with hardware tokens. The small size of the device makes it prone to easy misplacement. It is also worthy to note that hardware tokens are not entirely safe from getting hacked.
Text-Message And Voice Verification
This type works directly with a user's mobile device. Upon the successful input of the username and password, a user gets a one-time password (OTP) in the form of a text message. When the user receives the OTP, s/he inputs it into the website or application.
Voice verification works similarly: the user's number is automatically dialled, and the password disclosed verbally. Voice verification is uncommon. It is mainly used in countries with poor cell service or where smartphones are expensive.
It is unwise to use this security form on a website that stores your personal information because it is the lowest security form. Private information like bank account details, email accounts, etc., need a more secure form of authentication. Therefore, this type of 2FA is predominantly for low-risk online activities.
Software Tokens
This is the most widely used type of 2FA. For many, it is a better alternative to text message and voice verification. It makes use of a software-generated, time-based one-time password, commonly referred to as TOTP, or soft token.
To use this method, users have to download and install a free 2FA application on their mobile or PC. The application can be used on any website that supports this authentication type. When users log onto the website with their respective username and password, they receive a code on the application and subsequently input it. Similar to the hardware tokens, software tokens are temporary and last for less than a minute.
What makes software tokens less susceptible to attacks is because the code is generated on the same device, unlike the text message and voice verification — There is every tendency that a user's registered number may be on another device. Most importantly, the 2FA applications are available for mobile, wearables, or PCs and can work offline. Therefore, it is possible to use them anywhere.
Push Notification
This type of authentication doesn't need a 2FA token. All the user needs to do is to verify that a login attempt is about to take place. Whenever an attempt is made to log into an account, the website will send a notification to the account owner's smartphone, and with just a single touch, the account owner can approve or deny access.
This method eradicates any form of attack from a third party. The direct relationship between the user and the website ensures that the user receives a notification upon any login attempt. However, it can only work on an internet-connected device. Hence, it may be difficult to use in an area with a poor network.
Other Forms Of MFA
- Swiping a card and entering a PIN.
- Using a VPN with a valid digital certificate to access a network.
- Scanning a fingerprint and answering security questions before gaining access to a website.
What Does The Future Hold For MFA?
Presently, the United States has adopted the use of MFA. The Federal Financial Institutions Examination Council (FFIEC) has issued a directive that the MFA should be used for internet banking operations. With the world's largest economic and financial superpower declaring its interest in multifactor authentication, there is no doubt it will be used worldwide shortly.
Closing Thoughts on MFA
Reports indicate that stolen, misplaced, and weak passwords are the primary cause of security infringements. Before now, passwords were the only way to keep one's account safe from cybercrime. Thankfully, MFA came on board when the rate of cybercrime was growing fast. With MFA, many companies and individuals can now increase their security level. MFA is vital to keep one's account safe and necessary for everyone in this digital age.
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!
For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2000. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2000. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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January 28, 2022
Socios.com Sues Argentine Football Federation Over Binance Deal
Web3 crypto competitors have finally come head-to-head after a year long expansion into worldwide sports.
Socios Sues AFA
As Binance announced its partnership with the Argentinian FA in the past week, the news was not met with plaudits by Socios. Socios has filed a complaint against the footballing organization.
Judge María José Gigy Traynor of the Argentinian National Commercial Court ordered the AFA to honor three contracts previously agreed with Socios. The contracts in question were acquired and reported on by Coindesk’s Andrés Engler on January 27. In a statement to CoinDesk, the AFA had recognized the injunction but underlined its intention to appeal.
The AFA then began picking up on its own frustrations claiming:
- The Argentina token was not sufficiently promoted
- Several issues in the use of images of the national team and league
Socios has refuted these claims, notifying CoinDesk that they have made all outstanding payments to the AFA and have no obligations for further payment. A likely instigator for the payment squabble may come from the broad market drawback which has also seen the AFA token plummet by over 50% since the summer, according to CoinMarketCap.
Many speculate that what has precipitated the recent partnership between the AFA and Binance is potentially a higher offer that was otherwise not matched by Socios. The AFA has refuted this assumption, but Binance will do well to let this dispute play out while they remain in the background.
Whether these speculations will be confirmed is another matter, as the courts proceed to examine contractual obligations and seek to determine who is in the wrong.
BSC News will be following closely as the story develops.
What is Socios.com
Socios.com is the official crypto wallet and trading platform for some of the biggest sports teams in the world. The site is an innovative fan engagement platform that was created for the Chiliz blockchain. The Socios platform provides the owners of the fan tokens with access to voting rights in polls, VIP rewards, exclusive club, and sponsor promotions, AR-enabled features, chat forums, games, and competitions. Socios.com aims to introduce millions of new fans from around the world to the benefits of Fan Tokens in 2022 with new innovations, features, and rewards to be added throughout the year.
Follow Socios:
January 28, 2022
Babylons NFT Teams with Jigen for Luxury Fashion NFTs
The partnership would see luxury fashion NFTs come to the Babylons NFT marketplace in the future.
Babylons Secures Partnership With Jigen
Leading game aggregator and Non-Fungible Token (NFT) marketplace on Binance Smart Chain (BSC), Babylons, has partnered with Jigen to bring luxury fashion NFTs to its users.
Jigen offers a multi-chain ecosystem, enabling Luxury NFTs interaction in secondary markets like Babylons. Both protocols would merge to build the hype of fashion and luxury in the NFT space. Babylons took to Twitter on January 27th to announce the partnership deal.
“Babylons new partnership with @jigenapp. Jigen is the first #NFT gateway for fashion and luxury items in the #Metaverse and #gaming ecosystem. Jigen is an all-in-one solution for brands to bridge their business into the #blockchain space,” Babylons tweeted.
With Jigen, NFT enthusiasts and business owners would display their fashion items to the metaverse and gaming ecosystem. The partnership would ensure that Jigen users display their wearables and trade them on the Babylons NFT marketplace. In addition, the Babylons community would have the license to purchase exclusive Luxury NFTs, adding more utility to the Babylons’ $BABI token.
What is Babylons?
Babylons is a community-governed NFT marketplace on Binance Smart Chain for creators, investors, users, and collectors. The platform has many unique features, including its low-cost minting, weekly rewards, and a Decentralized Autonomous Organization (DAO) governance that puts the power in the community’s hands.
Where to find Babylons:
Website | Twitter | Telegram | Medium
What is Jigen?
Jigen is an NFT gateway for Fashion and Luxury items in the metaverse and gaming ecosystem. The protocol focuses on a three-point plan to build its brand, offer exclusive NFT drops through its Launchpad, and create custom NFT works for companies and projects.
Learn more about Jigen through the following links:
What is Multi-Factor Authentication for Crypto Security
In today's online world, Cybercriminals are becoming more sophisticated and daring. There is a need for more secure authentication systems to safeguard users' online accounts. The Multi-factor authentication (MFA) system provides a high level of data security and is vital for all to adopt.
Introduction to Crypto Security
A massive chunk of our day to day lives passes through gadgets such as laptops, smartphones etc. These devices ultimately end up containing valuable digital information about us. It is therefore not surprising how our online accounts have become attractive to criminals. Presently, cyber attacks against the government, companies, and even individuals are rampant because these criminals need access to private/personal information for their nefarious activities. From the look of things, these criminals will not relent any time soon.
However, it is very easy for individuals and organizations to improve the security of their private information using multi-factor authentication, commonly called MFA.
What Is Multi-Factor Authentication?
MFA is a security system that needs several authentication methods from independent categories of credentials to verify a user's identity for a login or any form of transaction. The technique combines at least two of these types of credentials: the user's knowledge (password), the user's possession (security token), and who the user is (biometric verification).
MFA aims at creating multiple layers of defence against any form of attack. It means that multi-factor authentication will make it hard for any unauthorised person to access a valid user's data like location, device, network, or database. With the MFA, when the attacker bypasses one layer, he/she still has other layers of defence to breach before obtaining full access to the user's asset. One popular form of MFA is "two-factor authentication", also known as 2FA. Let us now describe it in detail.
2FA Explained
Two-factor authentication, also called 2FA, adds an extra layer of security to verify whether a person who tries to access an online account is the rightful owner. The aim is to complicate access for a cyber-criminal. Any person who wants to gain access must provide another piece of information: the second factor. The information can be any of the following,
- A user's knowledge: This may be in the form of a PIN (Personal identification number), a password, an answer(s) to secret question(s), or a drafted pattern.
- A user's possession: This is something only the user has. It can be a credit card, a small hardware token, or a smartphone.
- Who a user is: This involves more advanced forms such as a fingerprint's biometric pattern, voice print, or even an iris scan.
2FA is a form of insurance for a user in the sense that if the user's phone is faulty, gets stolen, or the user's password is compromised, another party's chances of knowing the second-factor information are slim.
What Are The Common Types Of 2FA?
Any website that doesn't offer 2FA has the tendency to be hacked easily. In other words, there is no insurance for your account once someone else knows your password. Some websites, however, offer different kinds of 2FA; some may be complex, others easy to understand by the user. The bottom line is, they offer protection other than just passwords. The following are common types of 2FA,
- Hardware Tokens
This is the oldest form of 2FA. They are small hardware devices that generate a temporary numeric code every 30 seconds. When users want to access their accounts, they glimpse their device and enter the numeric code into the website or application.
One major disadvantage of this is the cost. Businesses, for example, find it costly to provide a large number of employees with hardware tokens. The small size of the device makes it prone to easy misplacement. It is also worthy to note that hardware tokens are not entirely safe from getting hacked.
Text-Message And Voice Verification
This type works directly with a user's mobile device. Upon the successful input of the username and password, a user gets a one-time password (OTP) in the form of a text message. When the user receives the OTP, s/he inputs it into the website or application.
Voice verification works similarly: the user's number is automatically dialled, and the password disclosed verbally. Voice verification is uncommon. It is mainly used in countries with poor cell service or where smartphones are expensive.
It is unwise to use this security form on a website that stores your personal information because it is the lowest security form. Private information like bank account details, email accounts, etc., need a more secure form of authentication. Therefore, this type of 2FA is predominantly for low-risk online activities.
Software Tokens
This is the most widely used type of 2FA. For many, it is a better alternative to text message and voice verification. It makes use of a software-generated, time-based one-time password, commonly referred to as TOTP, or soft token.
To use this method, users have to download and install a free 2FA application on their mobile or PC. The application can be used on any website that supports this authentication type. When users log onto the website with their respective username and password, they receive a code on the application and subsequently input it. Similar to the hardware tokens, software tokens are temporary and last for less than a minute.
What makes software tokens less susceptible to attacks is because the code is generated on the same device, unlike the text message and voice verification — There is every tendency that a user's registered number may be on another device. Most importantly, the 2FA applications are available for mobile, wearables, or PCs and can work offline. Therefore, it is possible to use them anywhere.
Push Notification
This type of authentication doesn't need a 2FA token. All the user needs to do is to verify that a login attempt is about to take place. Whenever an attempt is made to log into an account, the website will send a notification to the account owner's smartphone, and with just a single touch, the account owner can approve or deny access.
This method eradicates any form of attack from a third party. The direct relationship between the user and the website ensures that the user receives a notification upon any login attempt. However, it can only work on an internet-connected device. Hence, it may be difficult to use in an area with a poor network.
Other Forms Of MFA
- Swiping a card and entering a PIN.
- Using a VPN with a valid digital certificate to access a network.
- Scanning a fingerprint and answering security questions before gaining access to a website.
What Does The Future Hold For MFA?
Presently, the United States has adopted the use of MFA. The Federal Financial Institutions Examination Council (FFIEC) has issued a directive that the MFA should be used for internet banking operations. With the world's largest economic and financial superpower declaring its interest in multifactor authentication, there is no doubt it will be used worldwide shortly.
Closing Thoughts on MFA
Reports indicate that stolen, misplaced, and weak passwords are the primary cause of security infringements. Before now, passwords were the only way to keep one's account safe from cybercrime. Thankfully, MFA came on board when the rate of cybercrime was growing fast. With MFA, many companies and individuals can now increase their security level. MFA is vital to keep one's account safe and necessary for everyone in this digital age.
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!
For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
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