Two-factor authentication (2FA) is a method of authentication that requires 2 factors (i.e. pieces of evidence) from the user, which are your transaction PIN (what you know) and a code from one of your devices (what you have).`
Two-factor authentication can be set up using an app like Google Authenticator or Authy, and once set up, will provide you with a 6-digit code that changes every 30 seconds.
This additional requirement during transactions helps to verify the authenticity of the user in case of a security breach of the user’s account. For example, even if someone else gets a hold of your login password and transaction PIN, without the 2FA device, they will not be able to transact on the app.