Could 3FA Help Enhance Crypto Security?

[rmilly]

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/

[joinfree]

That's right the use of 3FA security check would really enhance the security systems of cryptocurrency exchanges so that they don't get hacked and the funds of users would always be safe.

[BQ]

No matter how many layers of security there is, people can in the end just withdraw it to the wrong address for example. It'd be more reasonable to teach people basic security instead, because at some point, these layers of security just become obscure.

[Cuk0ng_bitc0in]

after Binance was hacked.  I think Binance has used this security system.  each exchange must use this security system.  this will have a good influence on platform utilities.  but.  I will see a local exchange too.  I hope to use this system too.

[ccryptopark]

I like the idea of 3FA. Wouldn't they need both the password on mobile and a certification from their laptop? Seems a lot more difficult to obtain both within a certain time period

[minersday]

That's right the use of 3FA security check would really enhance the security systems of cryptocurrency exchanges so that they don't get hacked and the funds of users would always be safe.

I don't think introducing and using 3FA security will enhance the security nature of their platform. In as much that 3FA is an upgrade of the previous 2FA, hackers will not give up the attempt to penetrate this security check.

[pushups44]

As a general rule, the more layers of security you have the better. I suggest taking money out of exchanges as soon as possible, unless you're a trader, and putting your funds in a hardware wallet. Hardware wallets are largely immune to phishing attacks and trojans.

[Artemis3]

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.

Not really. A form of "3fa" was already in use, which is the authentication code sent by email/sms, in addition to the 2fa code and the password at login. Sure you could add some gadgets to the mix, but you are only going to make life miserable to your users while not necessarily stop the thieves, which are more focused in social engineering and exploiting bad user habits and their poor choice of software.

2fa was never "strong enough", people who though so were deluding themselves. They are only tools that attempt to slow down the thieves. You are not suddenly "safe" by using 2fa, or necessarily unsafe by not using it. If your password is strong and your software and habits are good, a good password will probably suffice.

You cannot, for example use a weak password with the excuse that 2fa is going to save you from using a strong (difficult) one. And now some people looking at the 3fa gadgets are probably thinking the same, well, no.

I think exchanges should use more their imagination. Perhaps look into muiti-sign addresses, for above certain amounts, so that even if the user "withdraws" the exchange will hold it until they can actually get in contact with the user to confirm that was his/her actual intention or not. Kinda like banks do.

[samcrypto]

That's right the use of 3FA security check would really enhance the security systems of cryptocurrency exchanges so that they don't get hacked and the funds of users would always be safe.

Binance have to increase their security now and of course all the exchanges must do that. The increase on 2FA security to 3FA security is a great move though I think the security is still not guaranteed so its better for every user to have their own security code, and stop putting big money on the exchanges. I believe hackers will have their new strategy, we have to keep safe always but I'm confident that good exchanges will have a good support on this security.

[gabbie2010]

Agreed 2fa is no longer secured enough in preventing hackers gaining access to wallets however introducing 3fa would make accessing wallet  more complicated and complex we have to consider many entrants or newbies into cryptos who might be discouraged because of the difficulties in securing the wallets who have an easier option of saving fiat in the bank without any hassle this are issues that needs to be addressed once.

[joniboini]

Introducing 3FA (which some exchanges already use now) or 10FA won't really solve anything if the user is careless. I agree with what has been said, education and awareness for your own security are more important than this. Not to mention that adding more security layer would be complex and make it harder for users if they forget or lose their key.

2FA is enough imo. You don't need complex layers if you only use the exchange to trade and withdraw as soon as you've finished your business there. It's more urgent to educate people that they should use an exchange as an exchange, and not a wallet. They should only store the money that you can lose there, not all of your crypto.

[Genemind]

I think after the Binance hacking incident, wallets should focus on adding security level because 2FA isn't working anymore.
What we need is ultimate security where we could only access our own wallets. It could keep away hackers since they would get trapped in multiple codes.

[Ailmand]

Even 10FA or 20FA if users aren't careful with their wallets and private keys. This security improvement would be a big help for both users and exchanges. However, hackers are smarter nowadays so I guess as the security measures improve they would also do something to dig deeper to access and steal our earnings so it still depends on how we handle our wallets.

[CryptoBry]

The fight is on as to who can give the next supposedly hack-free security system that exchanges like Binance and others can use. Actually, they should have been hiring hackers from North Korea as these people are genius in cracking the codes and stealing coins/tokens from many exchanges. The reality is that hackers are always ahead of the game and no matter how hack-proof the security protocol is they can find the way to breach it. Hacking is a big business with millions at stake. I am then thinking: Can we not integrate Artificial Intelligence into the mix and make it like a guard at the portal?

[Fabienne_ayy]

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

[Nadziratel]

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.

[The Cryptovator]

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.

[aad140386]

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.

[okala]

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.

[Carollzinha]

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