Protecting Your Exchange with 2FA

Don’t Let Hackers Profit!

You may be just starting out in your matched betting journey, or it’s possible you have thousands of pounds running through your exchange every month; either way, we want to make sure that money is safe.

Whilst I’m sure Betfair and Smarkets would do everything in their power to assist should our accounts become compromised through nefarious means, the hassle and heartache we’d have to endure while it’s under investigation and funds are yet to return means that we should take every precaution we can to minimise the risk of our accounts falling into the wrong hands.

What is Two-Factor Authentication?

Normally your accounts are protected by a username or email address plus a password. Hopefully it’s a complex password and you don’t use the same one for any two different websites! This is usually fine as no one can access your account without both authentication details.

However, if a person or group of people have obtained your login details—by installing spyware on your machine or hacking into a web server using two examples—this can make your account vulnerable to attack.

Two-Factor Authentication (also known as TFA or 2FA) is a method of account hardening that gives an extra layer of protection by requiring anyone who has your username and password but is accessing it from a previously unknown location or device to enter in a code which is usually either sent to your email address or generated by an app installed on your smart phone.

This means that not only does this prevent a large majority of unauthorised logins, it also alerts you to the fact that someone has attempted this, so you can change your password to prevent it happening again.

Enabling 2FA in Smarkets
  1. Go to Settings under the Account icon:

2. Under the Login tab, choose Enable Two-Factor Authentication:

3. Install one of the authenticator apps it suggests on the next screen. We recommend Google Authenticator as it works with most smart phones

4. Open the authenticator app and scan the QR code shown on the screen

5. Enter the six-digit code shown in your authenticator app into Smarkets and click on Enable Two-Factor Authentication:

Your Smarkets account is now protected. Please note, you will have to complete a similar process for every new device or location you log in from—make sure you tick Remember me on this device when you log in to avoid having to enter an authenticator code each time!

WARNING! At the time of publication, Smarkets don’t provide any backup code facilities, so if you lose or must restore your phone for any reason, you won’t be able to access your account.

To regain access, send a copy of your photo ID and account username to [email protected] and they will temporarily remove 2FA from your account, enabling you to log back in.

Enabling 2FA in Betfair
  1. Go to the My Account section at the top of the page and select My Betfair Account:

2. Go to My Details, Security Settings:

3. Go to 2-Step Security and click Edit:

4. Install Google Authenticator on your smart phone from the relevant app store

5. Open the authenticator app and scan the QR code shown on the screen

6. Enter the six-digit code from Google Authenticator into Betfair’s website and press Save:

Your Betfair account is now protected.

Please note, you will have to complete a similar process for every new device or location you log in from—make sure you tick Remember me when you log in to avoid having to enter an authenticator code each time!

WARNING! If you lose or must restore your phone, you will lose access to your Google Authenticator code generator, which isn’t ideal! Betfair provide a one-time-use backup code facility.

  1. Go back to My Details, Security Settings
  2. Under 2 Step Security, Backup Login options you will see 10 printable backup verification codes:

3. Print these codes out but keep them safe! Remember, if someone has both access to one of these codes and your login details, they can access your account.

4. Alternatively, you can request a code to be sent to you via SMS during login. Make sure the phone number in the relevant field is correct!

As of this article’s publication, two-factor authentication is not available on the Matchbook platform.

Enabling 2FA on OddsMonkey

You can also protect your OddsMonkey account in a similar fashion:

  1. Go to Tools, Settings, General Settings:

2. Change Enable Two-Factor Authentication to Enabled and Select authentication option to Google Authenticator:

Your OddsMonkey account is now protected! It will then ask you to confirm your email address. Remember to select Keep me logged in when you log in to avoid having to enter an authenticator code each time!

Got Questions?

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