What Is 2FA?
Two-factor authentication (2FA) is a specific type of multi-factor authentication (MFA) that adds an extra layer of security by requiring two methods (also referred to as authentication factors) to verify your identity.
2FA protects against phishing, social engineering, and password brute-force attacks and keeps your logins safe from hackers or stolen credentials.
Where 2FA helps?
2FA works for custodial platform Only. A custodial platform ( e.g Binance) Is an online-based place where your funds are accessible by the platform owners and works as an intermediate to facilitate your portfolio. A Custodial platform can add as many extra layer verification methods as they want to verify either real user trying to make transfer or a hacker. 2FA helps there.
Being said that, 2FA won’t be able to keep your noncustodial wallet ( Trust wallet, Atomic wallet, Metamask, Kelpr, Phantom) secure as they are not server based and encrypted with only blockchain recovery phrase. Seed phrase / recovery phrase / private key / mnemonic phrase doesn’t associate with 2FA. For example, you can import your metamask wallet 12 words seed phrase into Trust wallet without inputting the password you set on Metamask while opened the wallet.
Why do Some noncustodial wallet have it?
It is to let users feel safe with 2FA and ensure only the device owner could open the wallet. We have mandatory passcode in the app as alternative second layer security.
Conclusion, To keep wallets secure we urge everyone to store 12 words recovery phrase safe offline and always stay vigilant.