Introducing multi-factor authentication for Bitcoin withdrawals

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The security of our users’ assets is our team’s number one priority. We’re always looking at ways to roll out further security features that will give our users the peace of mind they deserve. Today, we’re introducing multi-factor authentication for Bitcoin withdrawals, which will provide an extra layer of authentication to the already existing SCA (Strong Customer Authentication) measures we have in place in order to prevent mistakes and unauthorised transactions.

Bitcoin transactions are irreversible so it’s very important that there are multiple steps to verify a transaction. As of today, we already have biometric authentication set up for when a user wants to withdraw Bitcoin into an external wallet. Users are asked to authorise the transaction via FaceID or TouchID (depending on the phone model), or if the user has it disabled, by entering their Mode passcode. 

We highly recommend users set up FaceID or TouchID on their phones as it leverages the leading security and privacy infrastructure of iOS (and Android soon), a technology that makes it next to impossible to copy or hack user access.

Adding to our existing security features, we’re rolling out an extra layer of security: two-factor authentication for Bitcoin withdrawals. Once you have initiated a Bitcoin withdrawal, you will receive a verification code via email. Once the withdrawal is validated via the code (and the existing security measures), your withdrawal will be processed.

Ultimately, the main reason for creating multiple layers for Bitcoin withdrawal verification is to stop any unauthorised access at its roots, before funds are extracted. This will help to further secure users’ Mode accounts and demonstrate that their Bitcoin holdings are safe and secure with us. 

The launch of today’s new feature marks another step in our continuous effort to improve the experience for our current and future users. 

Should you have any questions or concerns about your account security, please feel free to reach out to our customer support team via the in-app chat who will be happy to help. 

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