Could 3FA Help Enhance Crypto Security?

Kemarit

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Quote from: crwth on May 22, 2019, 08:29:19 PM

This is the first time I heard of the 3FA authentication, well it's just an additional step towards authenticating who you are. I think there's no problem with having 2FA or 3FA, and it's going to be extra work for the hackers that they can bypass again. We all know that 2FA has incredibly increased the protection of accounts, but in general, as long as something is working, someone is working on getting through it.

I only heard it after the Binance hack, and others have been speculating as to what 3FA is all about, there have been reports that DNA profile is a good step, but I'm not agreeing with that.

I wonder though this comment on the article:

Quote

“To access the network, exchange employees should be required to use an authentication app on their phone, a certificate on their computer to access the corporate VPN, and a password. That way, if criminals phish an exchange worker’s password or break it with brute force they’re still not getting in.”

I don't understand why it is referred to as exchange employees/exchange worker, does it mean that that hackers was able to access Binance employer's account, that why initially it was reported as an inside job?

crwth

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This is the first time I heard of the 3FA authentication, well it's just an additional step towards authenticating who you are. I think there's no problem with having 2FA or 3FA, and it's going to be extra work for the hackers that they can bypass again. We all know that 2FA has incredibly increased the protection of accounts, but in general, as long as something is working, someone is working on getting through it.

It would just take more work for the hackers if 3FA is activated, but for us people, security is a good thing to be on our mind.

DreamStage

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Surely will help enchanging crypto security sectors. If it improves security stronger then 2FA then why not?
As long security keeps improving and evolving we will be safer from Cryptocurrency hackers.
Such examples happen with our daily lives Antivirus softwares. As long it gets updated to new hack capabilities (viruses, keylogers and such) you will feel safer.

AjithBtc

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2Fa breach has happened already, but this is entirely new to the cryptocurrency network, such hacks have taken place in other industries, particularly this takes place in the data sharing and on privacy breach stealing personal contents. Now only we've encountered with exchanges, whenever some issue is faced, we learn and start to overcome with advancement and as a we've now got 3FA.

ralle14

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If Binance and other sites plans to have 3FA in the future it'll increase the security of their users but it won't stop the hackers from making better hack attempts.

Quote from: Fabienne_ayy on May 22, 2019, 03:35:45 AM

3FA? I've never tried it before, and I thought that 2FA is strong enough to protect accounts, I should consider enabling 3FA then dude

It is enough, that's why most website don't have 3FA.

Quote from: Vaskiy on May 22, 2019, 04:41:51 AM

None could've tried this earlier, till date 2FA was much secure and with the hack of Binance everything made a big change in every users mind about security. Soon we can expect majority of the service renders establish with 3FA for to keep the system more secure.

This isn't the first time hackers succeed in hacking 2fa accounts. Before this hacking news with Binance happened it's already possible.

Nhor1011

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Having additional security is good to avoid hackers and for extra security of everyone wallet and funds. 2fa is already safe and if there is 3fa will be much better and safer from hacker and losing our crypto assets.

Nanagyasi

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Definitely, 3FA will better provide security than 2FA and it wouldn't be a bad idea for exchanges to begin using it. It wouldn't be much comfortable on the part of the users though especially if you travel a lot.

Naster

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Quote from: rmilly on May 21, 2019, 05:26:22 PM

The recent hack of Binance has left many wondering about the security of exchanges. Anti-phishing working group Ciphertrace mentioned that the cause is likely a phishing attack is what triggered the hack. They also mention that 2FA is no longer strong enough and that we should consider 3FA for extra security.

3FA is explained a bit better in this article: https://bitcoinexchangeguide.com/could-the-implementation-of-3fa-reduce-hack-attacks-to-crypto-exchanges/

The issue isn't about 2FA or 3FA or even 5FA.
These systems are used by human beings, who are susceptible to mistakes and of course these mistakes can always lead to such hack.
Education and Awareness are the key.

creeps

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Quote from: vennali on May 22, 2019, 06:06:23 PM

Good article that I read today that enforces the importance of security required for protecting online identity and accounts:
https://medium.com/coinmonks/the-most-expensive-lesson-of-my-life-details-of-sim-port-hack-35de11517124

That’s a good one coming from a victim of a hackers, and we really have to increase the security. We need to do everything and try new development, we can’t be sure that 3FA can bring good security but we have to adopt it in order for us to have peace of mind with regards to protecting our money, i would rather try it than to cry later.

vennali

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Good article that I read today that enforces the importance of security required for protecting online identity and accounts:
https://medium.com/coinmonks/the-most-expensive-lesson-of-my-life-details-of-sim-port-hack-35de11517124

Mrengage

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Quote from: coinnumber on May 22, 2019, 05:38:37 PM

This is a nice move to enhance security in the cryptosystem but the truth is that the more technologies advance the more hackers also learn how to break into the advance securities. To be on a safer side saving your digital currencies in any exchange should be avoided. Save your coins in a ledger 📒 to ensure full security or of you can't afford that make use of wallet you own the private keys only and keep in a safe place where it can't been stolen.

I personally welcome this opportunity, I can't risk my assets to thieves who weren't there when I got them. It will be very painful. I can't wait to be part of this development soon security is just the number thing we should talk about

Mrengage

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Quote from: rmilly on May 21, 2019, 05:26:22 PM

The recent hack of Binance has left many wondering about the security of exchanges. Anti-phishing working group Ciphertrace mentioned that the cause is likely a phishing attack is what triggered the hack. They also mention that 2FA is no longer strong enough and that we should consider 3FA for extra security.

3FA is explained a bit better in this article: https://bitcoinexchangeguide.com/could-the-implementation-of-3fa-reduce-hack-attacks-to-crypto-exchanges/

Even on this bitcointalk my account was bridge, which definitely got me a red trust, in this Crypto atmosphere we just need a higher means of security that won't have a loop hole for hackers to get in.

coinnumber

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This is a nice move to enhance security in the cryptosystem but the truth is that the more technologies advance the more hackers also learn how to break into the advance securities. To be on a safer side saving your digital currencies in any exchange should be avoided. Save your coins in a ledger 📒 to ensure full security or of you can't afford that make use of wallet you own the private keys only and keep in a safe place where it can't been stolen.

Vaskiy

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Quote from: Fabienne_ayy on May 22, 2019, 03:35:45 AM

Quote from: rmilly on May 21, 2019, 05:26:22 PM

The recent hack of Binance has left many wondering about the security of exchanges. Anti-phishing working group Ciphertrace mentioned that the cause is likely a phishing attack is what triggered the hack. They also mention that 2FA is no longer strong enough and that we should consider 3FA for extra security.

3FA is explained a bit better in this article: https://bitcoinexchangeguide.com/could-the-implementation-of-3fa-reduce-hack-attacks-to-crypto-exchanges/

3FA? I've never tried it before, and I thought that 2FA is strong enough to protect accounts, I should consider enabling 3FA then dude

None could've tried this earlier, till date 2FA was much secure and with the hack of Binance everything made a big change in every users mind about security. Soon we can expect majority of the service renders establish with 3FA for to keep the system more secure.

Carollzinha

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2FA was created to be secure, and in fact it is, but obviously there are some limits to it and the hackers are getting smarter every day. 3FA seems a lot more secure than 2FA but, again, we can't forget that hackers are getting smarter.
If you want to keep your cryptos really secure then a cold wallet would be a good start otherwise you will never be 100% secure at all doesn't matter how many layers of security you may use

okala

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3FA security can help in the current insecurity situations in the entire cryptocurrency community since it's the latest of the security level the 2FA in no longer strong enough to withstand hackers pishing activities. The recent hack of binance have left many wondering looking for safe security measures cause hackers are trying out every possible measures.

aad140386

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It would be great if the security of the exchanges would increase in such a way that it would be almost impossible to crack it. Unfortunately, the reality is that every system has vulnerabilities. There is no perfect system. And hackers do what they are looking for vulnerabilities. But exchanges need to spend more money on their security and hire qualified personnel in order to constantly improve protection and it was not profitable for hackers to spend so much time on hacking.

The Cryptovator

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Sound is somehow potential. Its bit clear that 3FA means three step security check. Yes, 3FA would reduce ratio of hacking crypto currency although can't prevent 100%. Extend extra security means there is one more wall for hacker and they have to break it if they like to hack. But don't forget, hackers are very smart from us really.

Nadziratel

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Quote from: rmilly on May 21, 2019, 05:26:22 PM

The recent hack of Binance has left many wondering about the security of exchanges. Anti-phishing working group Ciphertrace mentioned that the cause is likely a phishing attack is what triggered the hack. They also mention that 2FA is no longer strong enough and that we should consider 3FA for extra security.

3FA is explained a bit better in this article: https://bitcoinexchangeguide.com/could-the-implementation-of-3fa-reduce-hack-attacks-to-crypto-exchanges/

As far as I've seen in your article, you've always given the example of Binance's hacking! But I think it is because of the 2FA of the users that need to be examined firstly, is this problem related to Binance's system? I think the real issue was a security problem from Binance's system. I mean, it wasn't about what users were using. That's the result. If there is an opening in Binance's system 2FA or 3FA does not matter. The user cannot protect it. It's Binance's responsibility to protect it! As a result, they reported that BTCs were stolen from their cold wallets, not individual.

Fabienne_ayy

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Quote from: rmilly on May 21, 2019, 05:26:22 PM

The recent hack of Binance has left many wondering about the security of exchanges. Anti-phishing working group Ciphertrace mentioned that the cause is likely a phishing attack is what triggered the hack. They also mention that 2FA is no longer strong enough and that we should consider 3FA for extra security.

3FA is explained a bit better in this article: https://bitcoinexchangeguide.com/could-the-implementation-of-3fa-reduce-hack-attacks-to-crypto-exchanges/

3FA? I've never tried it before, and I thought that 2FA is strong enough to protect accounts, I should consider enabling 3FA then dude

Topic: Could 3FA Help Enhance Crypto Security? (Read 276 times)