Phones on mobile wallet becoming riskier

[_BlackStar]

I installed electrum on my phone but it doesn't have much balance. Of course, there are many risks that lurk including robbery, theft, or damage. There are several other options that can be done besides having a custom ROM and in my opinion is to backup the private key or seed ^{[have several copies]} and uninstall it on android, keep it in a safe place if someone wants to store large amounts of bitcoin in electrum.

Of course that's my personal opinion although actually I wouldn't keep all bitcoin in one wallet including electrum or HW. Also I don't think a person should carry a wallet that has hundreds of thousands of dollars in his cell phone everywhere he goes. Just have a customized copy of PK or Seed and he will be able to access his wallet easily even if he has uninstalled it from his phone.

[1714870993]

1714870993

[Findingnemo]

Smartphones are prone to malware and spyware attacks more than PC but still PC can be infected with malicious links especially if we use pirated softwares even the OS especially for the windows users. So having basic knowledge about how to safe ourselves from sich attacks can save our money as well as our private contents. Especially when someone want to store bigger amount they can go for hardware wallets.

[DdmrDdmr]

<…> Mobile wallets are still more secure than desktops. <…>

Smartphones are prone to malware and spyware attacks more than PC but still <…>

So which is it? 

As people have already hinted on this thread, the user himself makes one or the other true, based on his security awareness, and how zealous he is on the matter. Nevertheless, carrying around a phone with substantial amounts seems more risky per se than using a laptop at home, due to the mobility factor, having perhaps greater chances of being coerced to opening the device/wallet (no data to back this though).

[Welsh]

As people have already hinted on this thread, the user himself makes one or the other true, based on his security awareness, and how zealous he is on the matter. Nevertheless, carrying around a phone with substantial amounts seems more risky per se than using a laptop at home, due to the mobility factor, having perhaps greater chances of being coerced to opening the device/wallet (no data to back this though).

There's also a few other things that a lot of users might not even consider. For example, and I believe you might want to get your tin foil hat out for this, but what about unlocking your wallet in public spaces? There's the chance that prying eyes could see what password you're using, but also security cameras. They could technically be recording you entering your password, increasing the chance of being able to use that to successfully get into your wallet, especially compared to just looking over the shoulder or what not.

I've see it where people are entering their passwords or pin numbers right over a security camera. I'm not saying that the security camera owner would even look, but for me it's a glaring security issue that you wouldn't get with your computer, since it's very likely you're using your computer in your own home.

So, as you hinted. Even if a mobile phone isn't inherently insecure itself, the fact that it is mobile basically enlarges its attack surface.

[cheezcarls]

When I was hacked $12k worth of assets in my 3 Metamask/Trust Wallet accounts combined, I just realized that it’s time for me to consider storing them seriously in my Ledger Nano S. So from now on, my assets should be stored in the Ledger Nano S.

It is not safe anymore to store them in mobile wallets, especially if you have exchange apps like Binance, KuCoin, etc. In the future, if muggers would definitely going to take advantage of it, they would really force us not only to hand over our phones, but also to unlock it with finger print or facial recognition. In case our exchange apps have extra layers of verification, they would also force us to do that before handing it over to them to steal our assets.

My advice is that if we don’t need to withdraw or transact our assets while going outside, better not bring our phones where we have installed Binance, Trust Wallet, etc. Always have a burner phone where you can just simply bring it for communication purposes only and not having crypto apps there. Just my two cents.

The wider the adoption, these kinds of crimes would also increase too. That’s the sad reality though.

[Mpamaegbu]

This is one thing I don't fancy about those who go on live video cast to talk about how much they invest and what ROI they expect or make from such an investment. It makes them vulnerable to attacks.

Naaah, what makes you think that a desktop PC is safe from malware?

PCs have become like mobile phones in developed countries where almost everyone owns and carries one around. It's in underdeveloped countries that PCs are seen as an exclusive acquisition of the rich and only a few carry it.

What is most risky that I do not like about phone is that people are using fingerprint for everything they want to access, making the risks of this kind of coin theft to be high

How so, please explain I urge thee. I would think a fingerprint feature on a phone or any other device is tough to break. I use it on my phone and it's seamless to use.

[Lucius]

How so, please explain I urge thee. I would think a fingerprint feature on a phone or any other device is tough to break. I use it on my phone and it's seamless to use.

In case someone forces you to unlock your smartphone that way, you won't have too many choices - either you'll do it voluntarily, or you risk losing your finger (or your whole hand). Furthermore, if you are sleeping or in a state where you are not fully aware (drugs/alcohol), someone can use it and unlock your device.

As for classic hacking, various methods have existed for years, and here you can read about one that is relatively simple and cheap -> Hacking Fingerprints Is Actually Pretty Easy—and Cheap

[Mpamaegbu]

~

In case someone forces you to unlock your smartphone that way, you won't have too many choices - either you'll do it voluntarily, or you risk losing your finger (or your whole hand).

This one cuts across every security feature we put on our devices, not just on mobile phones. Be it password, pincode, facelock or fingerprint, people can be coerced into unlocking them at gun or weapon point. However, the best preventive method is not to carry such a device that holds out treasures around. I try not to take the smartphone phone  I've important stuff on along whenever I embark on long journey or during unsure movements. By unsure movement I meant in territories inhabited by touts and hoodlums or late night outings.

Furthermore, if you are sleeping or in a state where you are not fully aware (drugs/alcohol), someone can use it and unlock your device.

Now, that's scary. I've never thought in that direction, and you're right.

[Lucius]

Now, that's scary. I've never thought in that direction, and you're right.

When I bought the first smartphone that had this option, I also did not think too much about it, and then I accidentally read some advice from the manufacturer who warned about the possibility of such abuse. The advice is to use a fingerprint to unlock the device in a safe environment and while we are not sleeping, and to turn this option off when sleeping.

It's not just about data security on the device, but also about protecting our privacy - although jealous women (but also husbands) don't mind peeking into their partner's device from time to time.

[Mpamaegbu]

Now, that's scary. I've never thought in that direction, and you're right.

It's not just about data security on the device, but also about protecting our privacy - although jealous women (but also husbands) don't mind peeking into their partner's device from time to time.

You know, the smartphone I use has this feature that I can activate that makes my phone unlocks itself whenever I'm around a certain area. However, it scares me to activate and use that feature till date. It's because of incidence like you've described that hasn't made me come around to using it. Device manufacturers want to make life easier for their users and then thieves want to beat users to it. It's good to know and select what features we should activate on our devices so as to further strengthen our security and not the opposite. Once again, thanks for the insight.

[Bitcoins101]

If you're worried about mugging a mobile wallet is a million times better than a hardware wallet. As long as you aren't wearing a shirt with a big B with a line through it nobody will be the wiser. I always try to use multisig so an attacker (physical or digital) needs more than one of my devices to steal my coins.

[_act_]

Hiding apps on mobile devices is still not safe i just agree with hard ware wallets or paper wallet as safest except for urgent transactions a small fraction can be transferred across mobile wallets for immediate transaction.

This should be a proper way to use bitcoin wallet, it does not even matters you should get a hardware wallet, but if you have some extra dollars to spare or have a amount of bitcoin, you can buy one for convenience sake and use it, instead of online wallets. But paper wallet can be used too, not for making transaction everytime but for storage, the coins that want to be used daily for transaction can be moved to online wallet, but with privacy and security in place. For this later, someone may not have a computer and just need a mobile phone for it, but not advisable.

When it comes to malware, Spyware and the likes, desktops are more at a risk of catching this viruses than mobile phones, desktops can easily download documents, apps and all sort of files while you browse or have data connected, even without your knowledge.
Using desktop wallets,( without adequate and proper security softwares installed and running) is far more riskier than using mobile wallet.

I will say no. Both mobile and desktop wallet are online and they are both risky, but because people are taking phone around and to everywhere they are going makes it more prone to attack.

Malware are just in kilobytes, both desktop or phones can easily download it in less than a second.

If using any, you have to be careful of malware and avoid your device from downloading malware. Phones will also download malware even without the owner knowing.

I've see it where people are entering their passwords or pin numbers right over a security camera. I'm not saying that the security camera owner would even look, but for me it's a glaring security issue that you wouldn't get with your computer, since it's very likely you're using your computer in your own home.

If you take your wallet outside of your home, it is more prone to attacks in my opinion. I would rather prefer my home (personal) computer for little amount of bicoin for frequent transfer while I can only use mobile phone for the amount I can be able to lose because anything can happen because outside is riskier and the wallet is still an online wallet. But I do not make use of phone for wallet again.

You know, the smartphone I use has this feature that I can activate that makes my phone unlocks itself whenever I'm around a certain area. However, it scares me to activate and use that feature till date.

That is just it, I can never even do that. The easier the usage, the more the device is less secure just like everyone using fingerprint today to unlock both phone and the wallet on the phone which is an easy way to steal.

[Crypt0Gore]

Phone mobile wallet is prone to alot of risk, due to Lost of phone,Robbery attack ,phone hacking, easy access to phone by friends and close once all in the name of using your phone, phone damages and forgotten passwords,it also has it advantage for effective monitoring of your accounts and market rates ,for fast easy transactions anywhere.

A crypto investor who uses mobile phone to store coins shouldn't allow any one to access their phone, talking about close friends in this case is stupid, I use mobile wallets and I have never allowed my friends to operate my phone for any reasons, lost of phone is possible and robbery attack is a valid point but if you copy down your recovery seed at home in a safe location you can move your coins easily.

[suzanne5223]

Phone mobile wallet is prone to alot of risk, due to Lost of phone,Robbery attack ,phone hacking, easy access to phone by friends and close once all in the name of using your phone, phone damages and forgotten passwords,it also has it advantage for effective monitoring of your accounts and market rates ,for fast easy transactions anywhere.

A crypto investor who uses mobile phone to store coins shouldn't allow anyone to access their phone, talking about close friends in this case is stupid, I use mobile wallets and I have never allowed my friends to operate my phone for any reasons, lost of phone is possible and robbery attack is a valid point but if you copy down your recovery seed at home in a safe location you can move your coins easily.

It is good to physical copy down the recovery seeds of your wallet but not allowing anyone to the mobile phone you used to store crypto didn't safe you from attackers because mobile phone stores are always vulnerable to attack and thats why people are advised to only save the amount of crypto they can afford to lose on their mobile wallets.

Note: all crypto hot wallets are vulnerable to online attacks but web and mobile wallets are the most vulnerable.

[Rengga Jati]

I am still wondering if we become a target of thief or people to get our phone because of some certain condition:
1. The thief exactly know about crypto world and the way to get it even through hacking account, it menas that it's not a common thief, maybe because crypto has been very popular in the area 
2. From where they know that we have certain wallets or platform in our phone? If they target people who have it, it may be because they spot us holding phone and see some spotted wallets or application. That is why it is better not to out this kind of app on the first page spot.
3. They may be the people who know us and maybe from social media, that's why it is better that we don't spot or tell social media about what we have.

But, aside from whatever condition, saving assets on  mobile wallet application is less risks. Because we know that there may be some viruses or malware, phishing link, cracked phone or others. Moreover if we are using them for long term holding. It is absolutely not recommended

[Dunamisx]

[quote author=Israelgogo A crypto investor who uses mobile phone to store coins shouldn't allow any one to access their phone, talking about close friends in this case is stupid, I use mobile wallets and I have never allowed my friends to operate my phone for any reasons, lost of phone is possible and robbery attack is a valid point but if you copy down your recovery seed at home in a safe location you can move your coins easily.

just as one wouldn't want to risk his fiat bank account sensitive informations on a levity hand while handling it, same it is expected to conciously be mindful of our coins as we wouldn't lobe to loose them, scammers don't indicate their crevices on the fore head but it is our responsibility to be at alert against all related affairs that may renders us vulnerable for an attack, i see no reason why a friend should have access to one's mobile cell in the first place.

[_act_]

A crypto investor who uses mobile phone to store coins shouldn't allow any one to access their phone, talking about close friends in this case is stupid, I use mobile wallets and I have never allowed my friends to operate my phone for any reasons, lost of phone is possible and robbery attack is a valid point but if you copy down your recovery seed at home in a safe location you can move your coins easily.

Wallet on phone for an investor? Investor will have huge amount and phone is not good to be used, phone is very vulnerable, I can not have any amount I can not afford to lose on phone as a wallet, I can only use it for small amount of bitcoin or never use it at all. You can freely use paper wallet or buy a hardware wallet which are cold wallets.

[Lucius]

@_act_, you don't necessarily have to have a crypto wallet in which you keep a coin on your smartphone, but a smartphone can be a vector of attack on the crypto exchange you use while trading on the go. Whether it's getting a phishing link via text message or email, or someone will try a SIM swap to access your crypto exchange account.

In short, it is not recommended to trade via smartphones and various official apps or use SMS 2FA - there are many cases where it turned out to be a fatal mistake. How easy was (or at least it was 2020) to make a SIM swap in the US -> https://www.usenix.org/system/files/soups2020-lee.pdf

[PrivacyG]

There are many ways how malware or spyware can land on your PC, smartphones aren't like this.

I disagree.  Smart phones are not safer than a PC is.  Generally, the approximately same conditions apply if you do not want to be the victim of a theft.  Do not download unknown APK's, do not browse random websites, do not install random Google Play software.

With Google Play, malware and spyware is even easier to install.  It is easy to create a developer account and publish a fake Bitcoin Wallet on the store.  Check out Free Wallet.  They have been scamming for years and they are still up and running.

Moreover.  If spyware is a thing you are afraid of.  It is worth noting an iOS or Android phone will have so much more spyware than a PC with Linux on it would.  And with computers you have the freedom of choosing your preferred Operating System.  When you buy an Android or an iOS phone, you just know there is no way you can change your Operating System to one that is less filled up with spyware and bloatware.

-
Regards,
PrivacyG

[dansus021]

yea you know that mobile wallet is easy to use have better User Interface and there so much more but also the the other side is that lack of security and usually people got hacked or fall to scam. i mean yes we can still using mobile wallet but for daily transaction only

just little bit advice if you hodl lot amount of coin store to Hardware wallet cold/cold wallet

if you like farming and staking made new wallet save the private key and make sure that you are trust with the site also you can disable deposit permission after deposit on https://app.unrekt.net/

then made new regular wallet for trying new dapp receive bounty or airdrop everyday swap

and dont fall to scammer hahah