Your security is of utmost importance to us. Therefore, in order to improve your security and better safeguard your transactions, we have incorporated a mandatory Multi-factor Authentication (MFA). Here is a brief explanation of what MFA is and why it is required.
What is MFA?
MFA is a method of authentication where you are asked to provide two independent credentials in order to verify your identity. For example, when you authenticate with your password, you are also required to provide the six-digit code that is generated by an authenticator app or sent to your mobile device via SMS.
Why do you need MFA?
Login credentials are more valuable than ever and are increasingly easy to compromise. Over 90% of breaches today involve compromised usernames and passwords. MFA enhances the security of your account by using a secondary device to verify your identity. This prevents anyone but you from accessing your account, even if they know your password.
MFA is an effective way to enhance security. Traditional usernames and passwords can be stolen, and they have become increasingly more vulnerable to malicious activities.
MFA creates an additional layer of security to help increase the level of confidence that the user requesting access is actually who they claim to be.
Reports show that applications and identities are the initial targets in most breaches, so it has become a necessity to protect them using a second layer of security.
MFA will help ensure your assets are better protected.
How to enable MFA?
To enable the MFA, also called 2FA (two-factor authentication), please follow the steps below:
1️⃣ Once you choose to set up the 2FA you will see the below screen. At this point, please download one of our recommended apps (Google Authenticator, Duo) which will generate the code needed to login to your NAGA account. Then, please click continue.
In order to pair your account, the authenticator app will require either a QR code or a (long) code to type, as provided below.
2️⃣ Enter the code generated by your authenticator app (either directly in the app or received via SMS) and click continue.
Please note that a different code is generated every few seconds, so please make sure you type it before it expires.
3️⃣ The 2FA setup has been completed. You can now click the 'Back to sign in' and login to your trading account using the code generated by your app.
Please make sure to back up your Recovery Codes. You will need them in case you have any issue with your code:
Reset the MFA
Despite the security benefits of MFA, would you like to disable it? Please request it by email to our Customer Support team.
Should you require any further assistance, please do not hesitate to contact us.