What Is Two-Factor Authentication (2FA)? How Counto Keeps Your Account Safe

In today’s digital age, security is paramount, especially for small businesses and entrepreneurs who handle sensitive financial information. One effective way to bolster security is through Two-Factor Authentication (2FA). In this blog post, we’ll explain what 2FA is, how it works, and how Counto uses it to protect your account.

Understanding Two-Factor Authentication (2FA)

Two-Factor Authentication (2FA) is a security measure that requires two types of information from the user to access an account, device, or secure location. This method strengthens security by ensuring that even if a password is compromised, unauthorised users cannot gain access without the second piece of information.

Common Types of 2FA:

• Something you know: This could be a password or a PIN.
• Something you have: This includes a code sent to your smartphone via SMS or WhatsApp, or a physical token.
• Something you are: This involves biometric data such as fingerprints or facial recognition.

Why Use Two-Factor Authentication?

Using only a password to secure an account can leave it vulnerable to unauthorised access. Passwords can be stolen through various means, including phishing attacks, malware, and social engineering. Moreover, using the same password across multiple sites increases the risk if one site is compromised.

2FA mitigates these risks by adding an extra layer of security. Even if a password is stolen, the attacker would still need the second factor—something they are less likely to have.

Coming Soon: 2FA Feature Rollout

How Counto Protects Your Account

Our Two-Factor Authentication feature will be rolled out in early July 2024. This enhancement will provide an additional layer of security for all Counto clients, 

1. Password Protection: The first layer of security is your password, which only you know.
2. SMS/WhatsApp Codes: The second layer is a code sent to your registered phone number via SMS or WhatsApp. This code is required to complete the login process.

By combining these two factors, Counto ensures that your account is secure, even if your password is compromised. Our 2FA setup process is straightforward:

1. Setup: When setting up your account, you’ll be prompted to enter your phone number.
2. Verification: You’ll receive a code on your phone to verify your number.
3. Secure Login: Each time you log in, you’ll need to enter both your password and the code sent to your phone.

✅ Counto’s accounting plans offer multicurrency accounting, unlimited transactions, GST submissions, and tax filing—at no extra charge. You’ll receive expert support from a dedicated team, including a bookkeeper, chartered accountant, tax specialist, and customer success manager. Explore our plans now.

Benefits of Using 2FA with Counto

• Enhanced Security: With 2FA, your account is much harder to breach.
• Peace of Mind: Knowing that your sensitive financial information is protected helps you focus on growing your business.
• Compliance: 2FA helps meet security standards and regulations, ensuring that your business remains compliant.

Summary

At Counto, we are dedicated to safeguarding your financial information with the best security practices. By using 2FA, we provide an extra layer of protection, giving you peace of mind and allowing you to focus on what you do best—running your business.

Experience the Counto advantage

Counto is the trusted provider of accounting, tax preparation and CFO services for startups and SMEs. Get accounting plans that combine bookkeeping with corporate tax filing to help you stay compliant at an affordable price. To learn more, speak to us directly on our chatbot, email us at [email protected], or contact us using this form.

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