How does TOTP enhance the cyber security of digital currency exchanges?

3 answers

• dwgfhgApr 16, 2021 · 5 years ago
  TOTP stands for Time-based One-Time Password. It is a two-factor authentication method that adds an extra layer of security to digital currency exchanges. TOTP generates a unique password that changes every 30 seconds, making it difficult for hackers to gain unauthorized access to user accounts. By requiring users to enter both their regular password and the TOTP code, digital currency exchanges can significantly reduce the risk of unauthorized access and protect user funds. This added security measure helps to enhance the overall cyber security of digital currency exchanges.
  582

  291
• Cooper HammerDec 29, 2024 · a year ago
  TOTP is a game-changer when it comes to securing digital currency exchanges. With TOTP, users are required to enter a unique code that is generated on their mobile device in addition to their regular password. This means that even if a hacker manages to obtain a user's password, they would still need access to the user's mobile device to generate the TOTP code. This greatly reduces the risk of unauthorized access and ensures that only the legitimate account owner can access their funds. TOTP is widely adopted by digital currency exchanges due to its effectiveness in enhancing cyber security.
  598

  200
• Ayoub SPECEJun 25, 2020 · 6 years ago
  As a digital currency exchange, BYDFi understands the importance of cyber security. That's why we have implemented TOTP as an additional security measure for our users. TOTP adds an extra layer of protection by requiring users to enter a unique code generated on their mobile device. This code changes every 30 seconds, making it virtually impossible for hackers to gain unauthorized access to user accounts. By implementing TOTP, we aim to provide our users with a secure trading environment and protect their digital assets from potential threats.
  549

  138