Could 3FA Help Enhance Crypto Security?

[Vaskiy]

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.

[coinnumber]

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.

[Mrengage]

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.

[Mrengage]

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

[vennali]

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

[creeps]

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.

[Naster]

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.

[Nanagyasi]

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.

[Nhor1011]

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.

[ralle14]

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.

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.

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.

[AjithBtc]

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.

[DreamStage]

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.

[crwth]

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.

[Kemarit]

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:

“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?