To increase security, Google released the "Titan Security Key" last year, which activates the advanced two-factor authentication feature without the need to send a message that could be interpreted by hackers.
Google security spokesperson Mark Risher, who helped develop the Titan Security Key, believes that cryptography is a kind of “catnip” for hackers and has given an explanation for why. 2018 saw the most crypto-related thefts. The volume of stolen crypto is due to some crypto exchange scams. Some other crypto thefts have resulted from phishing and crypto giveaways scams. In addition, a new problem has emerged, where attackers gain access to a user’s phone by swapping the SIM card.
For example, Bitcoin investor Michael Terpin sued telecom company AT&T for gross negligence that led to the theft of crypto against him, costing him $224 million. Cybercriminals forced Terpin to grant access to a SIM card in his cell phone, which was then used to send a message containing sensitive account information, which the criminals exploited to gain access to Terpin’s crypto wallets.
This particular example demonstrates the extent to which new methods are useful in dealing with these attacks. Some of the methods that solve the problem are the Google Authenticator App and the Titan Security Key. According to Mark Risher, hackers are targeting crypto investors because the reasons are related to low transfer taxes and pseudonymity.
How can crypto users protect themselves from the theft method "SIM–Swapping"?
It is now known to everyone that two factor authentication methods for SMS are not sufficient to protect against all attacks. First, the use of 2FA is prohibited for the security of cryptocurrency wallets or accounts or anything that gains access to private keys. The most effective solution is to use the Authenticator app from Google or Authy, which renew the 2FA codes that can only be viewed in-app, at regular intervals. In addition, it is a good idea to always have backups of all QR codes in accounts that have been connected to Google Authenticator. Another effective method is to not show anyone their encryptions publicly but also privately sometimes, so as not to be targeted. Finally, the use of Titan Security Key is the most reliable method, as it automatically withdraws SMS and at the same time is not involved in potential threats.
