Two-factor authentication (2FA), sometimes referred to as two-step verification or dual-factor authentication, is a security process in which users provide two different authentication factors to verify themselves. It is a combination of two of the following:
Something you know (your password)
Something you have (such as a text with a code sent to your smartphone or other device, or a smartphone authenticator app)
Something you are (biometrics using your fingerprint, face, or retina)
2FA is implemented to better protect both a user's credentials and the resources the user can access. Two-factor authentication provides a higher level of security than authentication methods that depend on single-factor authentication (SFA), in which the user provides only one factor typically, a password or passcode. Two-factor authentication methods rely on a user providing a password as the first factor and a second, different factor usually either a security token or a biometric factor, such as a fingerprint or facial scan.
Two-factor authentication adds an additional layer of security to the authentication process by making it harder for attackers to gain access to a person's devices or online accounts because, even if the victim's password is hacked, a password alone is not enough to pass the authentication check.
How To Reset 2FA Authentication?
If you don’t have access to your original email and to your account’s Two-Factor Authentication (2FA), you need to first contact LYOTRADE customer support with your request.
The team will reply back with three security questions to verify your identity (Date of Birth/ Date of Account creation/ Wallet Balance).
Then, our Customer Support will ask you to submit a video to verify your request.
What should be included in the video?
● You need to sit in front of the camera and show your face clearly and hold your ID document in one hand and a hand-written paper with the necessary information of your request in your other hand.
● Users need to make a statement into the camera to verify their identity, such as Current Date, Date of Birth, Place of Birth, Registered Email Address, Account Opening Date, and Approx Balance Amount in your Wallet.
● The User needs to mention that hereby I confirm that I am contacting LYOTRADE Customer Support to reset my 2FA for LYOTRADE Account.
● Submit the video along with the device clicked picture of your National ID Card/Driving License/Valid Passport shown in the video and the hand-written paper. Please do not use any filters or edit your videos.
●Once we verify the full details we will reset the 2FA.