The 2FA has imposed itself for several years as an essential step to increase the security of its accounts, whether in the "traditional" world (Google, bank, Discord, ...) but also and especially in the CeFi in general. Indeed, this is necessary for these custodial products that are easily vulnerable to identity theft. Without the 2FA, it would be straightforward for a hacker to access the victim's account once they have access to his email address and password for example.
In 2021, more than 3B assets were stolen: around 30% of it was through the theft of private keys. (according the the 2022 chainanalysis report).
The 2FA prevents those losses and allows the addition of a second layer of authentication, making the task more difficult for the hacker, and limiting the impact of a phishing attack.
Nowadays, most consumer wallets are authenticated by only one factor while institutions have been using Multi-Party computation standards for a long time. Consumers should also be able to get multi factors authentification methods. Otherwise, Consumers will be highly exposed to phishing attacks that only require a unique authentification key.
Currently, people are using:
Pastel de Meta is a decentralized 2FA system to get a higher level of security when interacting with the Ethereum space through Metamask.
We integrate a Safe multi-sig in Metamask and the decentralized 2FA acts like an owner of the Safe and is stored and executed in a decentralized iExec app.