TOTP vs SMS: Which one is better for two-factor authentication (2FA)?

With the rise in data breaches and the inadequacy of passwords alone to secure accounts, multi-factor authentication (MFA) has become essential; however, choosing between SMS-based and TOTP-based two-factor authentication (2FA) methods involves a trade-off between security and user convenience. SMS-based 2FA, which sends one-time codes via text messages, is more user-friendly and widely adopted due to its integration with mobile devices' auto-fill capabilities, but it is vulnerable to phishing and SIM-swap attacks, making it less secure. In contrast, TOTP-based 2FA generates time-sensitive codes through an authenticator app on a user's device, offering superior security by being less susceptible to interception and spoofing but requiring users to install and set up an additional app. The effectiveness of TOTP is highlighted by data from Coinbase, indicating that a smaller percentage of successful account takeovers occur with TOTP-protected accounts compared to SMS, despite a larger proportion of funds being safeguarded by TOTP. Ultimately, the choice between the two methods should reflect the specific security needs and user adoption potential, with some organizations opting to offer both options while encouraging the more secure TOTP method.

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