With various security measures readily available on Cowrywise, why do you need two-factor authentication (2FA)? Yes, no one can access your account without your password or PIN. Also, they cannot withdraw into account details that don’t match your BVN (which cannot be edited once added).
Regardless, our job is to continuously think ahead and prevent you from potential attacks. A potential attack that is usually ignored is from people close to us. It is easy for them to guess passwords, log in on a separate device and wreak havoc before we even notice.
Check this extensive guide on the operations of digital fraudsters.
To kill such attempts, we are excited to announce that you can now activate an extra layer of security on your Cowrywise account. With this layer, to initiate a bank withdrawal or Stash transfer, you’ll need a unique one-time code that can only be generated on your phone.
What is Two-Factor Authentication (2FA)?
Two-factor authentication (2FA) is an identification system that requires a combination of at least two of the following:
- What you know: a password, PIN
- What you have: your smartphone, hardware token, hardware keys
- What you are: biometrics – fingerprint scan, retina scan
Usually, for ease and flexibility, 2FA is implemented with a combination of what you know and what you have.
Isn’t SMS also used for 2FA?
While SMS can indeed be used as a means of 2FA, it’s a bad idea. SMS messages can be hacked and spoofed easily by spammers. They can be socially engineered to make the recipient provide the code sent to the phone using MITM (Man In The Middle) attack patterns.
Receiving codes via SMS also doesn’t exactly prove your ownership (what you have) of the device it is received on. SIM cards can be easily cloned or swapped, SMS messages can be easily read by a malicious app you’ve given permission to access your messages and so on. The same applies to emails.
Token-based authentication
This involves using an authenticator (an app installed on your phone) on your device for generating unique codes known as tokens. The app doesn’t need your device connected to the internet for generating these unique codes. The codes (usually 6 digits) are generated based on the current time for a short period, and you don’t always have to remember them.
In context, to access a withdrawal on Cowrywise, you’ll need two distinct forms of identification–your PIN and one-time access code in this case. After entering your PIN, we’ll request the code generated by an authenticator app. Only then can the withdrawal be approved.
How to setup Two-factor Authentication (2FA) for your account
The Cowrywise app makes use of a third-party service provider for verification–Google authenticator. Follow these steps to get started:
- Download the updated Cowrywise app ↗.
- From profile go to the security tab and switch on 2FA.
- Enter your PIN and set your security questions*.
- Proceed to connect your account to an authenticator app. We recommend Google Authenticator.
- Enter the OTP code–from the authenticator app–on the Cowrywise app to complete the connection.
After this, you will need an OTP from your authenticator app to complete transactions on your Cowrywise.
*Note: security questions cannot be changed and we don’t store them. Make sure to store answers somewhere secure for your use. Security questions can be used to reset your authenticator app when you switch devices and other security-related actions on Cowrywise.
Frequently Asked Questions on Two-Factor Authentication
What happens if I change or lose my device?
You can simply reset 2FA on your account with your security questions and then have it set up on a new device. Till the reset is done, you won’t be able to make transactions and here is where your security questions come in.
Is two-factor authentication necessary?
Without your password and PIN, no one can make a transfer out of your Cowrywise account. This would have been sufficient if people couldn’t hack your emails and reset your password or PIN. This provides an extra layer of security unique to your device alone.
How do I turn off two-factor (2FA) authentication?
Even though we do not advise this, you can. To do so, toggle the 2FA button to switch it off. Your security questions will be asked to approve this process. A good time to turn off 2FA is when your device is stolen or lost.
If you have any other questions, do let us know in the comments. We’ll respond swiftly.
thanks
This is so timely, Thanks
Thank you Ope
Thanks for this
Thank you for your great advice and guidance ?. It really helps ?
Please I want to know if my investment is done
If you don’t mind how is the investment work
Fantastic write up..you hit nail on the head.
Great
Great write-up!
Thank you so much for this Ope
You are welcome
Thank you very much; so instructive.
Africa, my Africa.
Thanks for this Ọpẹ́.
Many thanks
Nobody should underestimate the importance of this writeup. I somehow wished my Dad came across something like this years ago.
Thanks a lot, this is eye opening.
Thanks for reading, Dorcas
I wish I read this before now, thanks Ope
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Thanks for this eyes opener write up.
An eye opening writeup; Many thanks
It’s really an eye opener.
Thanks thats wonderful!
Thanks for this, really enlightening.
Thanks for this Ope its word of enlightenment indeed
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Great
The above writeup was made with enough garnish.
Thank you!
Ọpẹ, this write up came at the right time. Like it’s juju for me.
I just finished sending my mum money from my first salary and i panicked when i read this. I love what i did but you see that black tax ehh??. It’s to learn to say no very well. I have a weakness and that’s being agreeable. Women tend to be more agreeable than men, but if i want to fulfill my goal, i must do the needful.
Thanks for this juju write up. Like you read my mind. ??
This came in at the right time
Wow you guys are great,thank God for technology and apps like this,making life easier and convenient for us to do our savings.
Amazing! Quite right on time; Kudos to the brain(s) behind this!
This so amazing… Just what I needed right now ?
I recently signup/subscription and I must say, I enjoy reading your articles, good one.
Am sorry to ask how much can I withdraw every month cause I have invested 1k
I really enjoy and leaned from the advice, had it been I com across this life would not have been so turf as it is now cause I’ve wasted so much money but thank you ope for the advise thanks a lot keep it ?
good advice thanks OPE.
Moral of the lesson: Do not help others to your own detriment whether today or for your future needs
Truth be told, I have never heard of or even read about “the black tax” and “sandwich generation” in all these years.
This is not just enlightening but would also help me and many (I guess) in not just planning money but also time
Thanks a lot Ope.
Thanks so much Ope. It’s a great enlightenment
Thanks for the write up, Ope. This black tax has finished me… But Thank God for this app that came to my rescue
What about the relative that could start crying when you say no?
Nice one.
Cool
Very insightful and timely for me.
Thank you ope for sharing.
Great Lesson to balance finance for better living
Thank you so much for this. Learnt a couple of new things
Very wonderful advices and lectures. But it seems very difficult to when trying to get out of recession. While planning to stand on your feet back again with no regular income and a hand to mouth epileptic economy. More advice ma. Good morning. Thanks
Thank you Ope❤️
I always love it when I see “Ope from Cowrywise” dropped in my email… U never disappoint… Thanks for the education ☺️
Thanks
Wow, this is eyes opener!
Thanks for this ❤
Thanks
This explains a lot, thanks Ope
God knows this year has been a lot for due to this. I have neither savings nor money to due basic care. I’m doing better henceforth tho. Thank you, Ope.