I want to share a warning to everyone that is using 2 factor verification for exchanges, finance and permanent accounts.
A friend of mine has recently invested in some KCS from the kucoin exchange with the intent to invest. Exchange websites flaunt their 2 factor verification feature and people assume its more secure when you have it so they go for it.
What happened to my friend is he wiped his phone and for 4 months has been unable to get access to his account on the exchange again, the support crew can not help him they say its googles problem, and you can guess the extent and limits that the google support staff can provide on the issue, since they consider it third party software.
We're talking someones life savings that is now probably lost forever.
My friend has cried, dealt with it, moved on and while he's still pursuing gaining access, he has accepted that he will probably never see that money again.
Its a very severe consequence to following the recommended steps!
so beware, two factor verification might expose you to the following risks.
- if you reset your phone, chances are you will permanently lose all accounts with 2 factor verification
- if your phone gets lost you will likely suffer the same consequence
- if your phone is stolen, the funds you then need to replace it may be unavailable due to this
- if your phone breaks, same story
- if anybody knows you have two factor verification, they can sabotage your life by destroying or otherwise hiding your phone.
We live in new environment today where crypto currency is a permanent fixture of our societies, please beware of this phenomenon and try to keep your funds out of exchange accounts except for transfers, beware of two factor authentication and the pitfalls associated with it, perhaps create dummy accounts, wipe the phone and fix the authentication before you store much money in a site you are interested in, so that you know for sure your funds are safe from damage and sabotage.
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