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The first "factor" is your usual password that is standard for any account. The second "factor" is a verification code retrieved from an app on a mobile device or computer. 2FA is conceptually similar to a security token device that banks in some countries require for online banking.
Sign in to the AOL Account Security page. Scroll to the bottom of the page. Click Add email or Add phone number. Follow the on-screen prompts to enter and verify your new recovery info.