At CoinJar customer account protection is our top priority. To enhance customer account protection, we provide Multi-Factor Authentication (MFA). When enabled, MFA requires that you authorise payments on at least one other device (such as your mobile phone) before a transaction can be processed. The following article describes MFA, and we have an associated knowledge base article to assist you in getting it all setup

What is Multi Factor Authentication?

Multi-factor authentication (MFA) means a website requires confirmation from more than one device before you can perform a particular action (e.g. to log in or process a transaction). Once set up correctly the system will send a code, via SMS or an authentication app (e.g. Google Authenticator), that you input into that website to authorise the transaction.

Let’s use sending bitcoin using CoinJar as an example. The first-factor authentication comes from logging in with your CoinJar username and password. The second factor is required when you go to send bitcoin or alter your account settings.

CoinJar will send a MFA code to your phone, which you will then input where requested. This tells CoinJar that the person who has requested the withdrawal also has access to your phone, thus confirming that the requester is most likely you. This helps protect your account from hackers in case they manage to gain access to your password.

This guide was previously a walkthrough of MFA activation; this information is now captured in our knowledge base. See the links below for more details.

Setting up SMS authentication

Follow the steps under the heading Setting up SMS Authentication in the knowledge base article, Keeping your CoinJar Secure with Multi Factor Authentication.

Setting up Application (TOTP) authentication

Follow the steps under the heading Setting up TOTP Authentication in the knowledge base article, Keeping your CoinJar Secure with Multi Factor Authentication.

Using MFA to send bitcoin

Follow the steps under the heading Sending Bitcoin in the knowledge base article, Sending Bitcoin.

MFA is becoming a standard across the board as hackers think of more and more complicated tricks to compromise internet based accounts. Using MFA requires at least two of your devices to be compromised so it greatly reduces the chance of your account being accessed.

If you have any questions about this article please take a look at the knowledge base and also feel free to contact our Support team.

Warning: Past performance is not a reliable guide to future performance. If you invest in this product, you may lose some, or all, of the money you invest. The above information is not to be read as investment, legal or tax advice and takes no account of particular personal or market circumstances; all readers should seek independent investment, legal and tax advice before investing in cryptocurrencies. There are no government or central bank guarantees in the event something goes wrong with your investment. This information is provided for general information and/or educational purposes only. No responsibility or liability is accepted for any errors of fact or omission expressed therein. CoinJar Europe Limited makes no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability, or completeness of any such information. CoinJar Europe Limited is authorised by the Central Bank of Ireland as a crypto-asset service provider (registration number C496731).