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The use of 2FA radically increases the level of security. A person trying to break into a given system must not only know the login and password, but also have access to an additional device owned by the user.
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You've probably seen the "Sign in with Google" or "Sign in with Facebook" buttons. You may have used the OAuth authorisation standard if you've used a similar solution.
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TOTP (Time-Based One-Time Password) is an algorithm that generates one-time passwords based on the current time and a secret key.