Once criminals obtain your username and password through a phishing email or third-party leak, they will quickly attempt to compromise your account and steal your funds. Kraken is committed to providing the most advanced security features to protect your assets from unauthorized access.
This blog post details the importance of two-factor authentication (2FA) and recent improvements to our products, such as Passkey. Let’s take a look at how to enable different forms of 2FA on your Kraken account and how this layer of security plays a critical role in protecting your digital assets from unauthorized access. Let’s review the additional benefits of using a multi-faceted 2FA approach to ensure you can access your accounts in a secure and flexible way.
Various 2FA methods and passkeys
We’re further strengthening our commitment to client security by introducing multiple 2FA methods during the login process. This ensures that customers are not limited to a single device or method to access their account.
This basic security measure, combined with the introduction of Device-Bound Passkeys, provides the optimal balance of security and convenience. By integrating Passkeys, Kraken embraces the new secure login standard developed by the FIDO Alliance and World Wide Web Consortium.
Since 2022, Kraken has supported FIDO2 credentials through hardware security keys. There are natural barriers to adoption and use of this method due to its cost and complexity. The adoption of Passkeys changes this narrative by introducing flexible choices when choosing a 2FA method.
Strengthen security resilience with various 2FA methods
Enabling multiple 2FA methods on your Kraken account will greatly increase the resilience of your security posture. Kraken’s support for up to five passkeys and one authenticator app provides a comprehensive approach to account security.
With Passkeys, clients can now store their FIDO2 credentials on their phones, laptops, password managers, and browsers. This development extends the strongest 2FA methods beyond hardware security keys, making 2FA accessible to all clients.
Passkey significantly simplifies the 2FA experience by integrating biometric authentication such as fingerprint or facial recognition to provide a seamless authentication process. This means clients no longer need to switch contexts to retrieve a one-time code from the authenticator app or connect a separate hardware device. Instead, Cipher Keys provides a secure and user-friendly alternative.
Benefits of adding various forms of 2FA for increased security
Enabling multiple 2FA introduces a security framework that significantly reduces the risk of a single point of failure if one of the methods is lost or compromised. By enabling multiple 2FA methods for login, you get:
- Enterprise-grade security: FIDO2-compliant 2FA with Passkey provides an additional layer of protection against phishing attacks.
- Versatility: Provides backup options in case one of the multiple access methods is not available
- Increased protection for high-risk operations: Additional security checks for sensitive account operations protect against unauthorized transactions.
- Adhere to best security practices: A proactive security posture based on recommendations from cybersecurity experts, including:
We all hate finding that one lost sock. Don’t let that happen to your seed phrases either. Check your security hygiene 🛁
Here’s how to do it in Kraken CSO: @c7five and @Kitboga 📝 pic.twitter.com/bSSQ1qZ6Bd
— Kraken Exchange (@krakenfx) January 29, 2024
Enabling Multiple 2FA Methods: A Step-by-Step Guide
- Access 2FA security settings: Go to your profile icon in Kraken Pro, select Settings > Security and look for the 2FA option.
- Add passkey: Click the Add Passkey button to add up to 5 devices to further secure your Kraken account.
Manage 2FA Settings: Personalization and Flexibility
Kraken’s commitment to user-friendly security extends to 2FA settings management, providing both personalization and flexibility. Kraken allows customization of 2FA descriptions, making it simpler to manage and identify multiple security methods at a glance.
Whether you’re using an authenticator app, passkey, or hardware security key, being able to assign a descriptive name to each method improves your ability to effectively navigate and control your security settings.
Kraken’s interface is also designed to make it easy to update or remove 2FA methods, allowing you to adjust your security measures as your needs or circumstances change.
Strengthen your account security today. Adopt a variety of 2FA methods from Kraken and secure your cryptocurrency journey with unparalleled peace of mind.
These materials are provided for general information purposes only and are not investment advice, a recommendation, or a solicitation to buy, sell, stake, or hold any cryptocurrency assets or to engage in any particular trading strategy. Kraken does not and will not seek to increase or decrease the price of any particular cryptocurrency asset. Some cryptocurrency products and markets are unregulated and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptocurrency asset market may result in loss of funds. You may be subject to taxes on the appreciation and/or reporting of your cryptocurrency assets and you should seek independent advice regarding your tax position. Geographic restrictions may apply.