With Doctored Photos, Thieves Try to Steal Bitcoin

Some cryptocurrency exchanges mandate that customers use two-step verification. It requires a one-time passcode to be entered after someone logs in with a username and password. It’s a crucial security tool that deflects account takeover attempts if thieves have already obtained someone’s account credentials.

A one-time passcode may be sent over SMS, or the safer way is to use an authenticator app, such as Authy, Cisco’s Duo or Google Authenticator, to generate the code.

Two-step verification is the most common security tool to prevent account takeovers, and it’s kept many accounts secure against hostile takeover artists. But what happens if you lose your phone?

If users have not retained their set-up key or backup codes, they are locked out of their accounts. While some authenticator apps do allow syncing across devices, some don’t. Resetting it without that information can be a frustrating, days-long process involving the service provider.