Is the Security of Transaction with Cryptocurrencies in Danger?

The topic of security in using cryptocurrencies has always been one of the most important critiques that are posed to them. Of course, some of the issues that are proposed about the security of cryptocurrencies are the problems that the critics themselves have not experienced. Better put, many of the critiques are not founded in reality. In any case, if we want to analyze the crypto world precisely, we need to consider all of its aspects and remember that it is obvious for any new technology to face problems and challenges.

Are Smartphones a Way to Steal Cryptocurrencies?

Since the 1980s, a technology called SS7 has been used to encrypt and transfer messages in cellphones. This technology can create a lot of problems in the digital world. Through hacking this system, there have been many criminal acts in different fields. By hacking this system, the emails, banks accounts, and digital wallets of many people have been stolen.
The bad news is that more than 800 telecommunication companies in the world use this technology to transfer users’ messages. The worse news is that tampering in this technology affects messaging services like Telegram and WhatsApp. Hackers can eavesdrop on the phone calls of users by hacking this technology.

What is the Method of Stealing Information and Properties via SS7 Text Message Technology?

The method of stealing information via the mentioned technology is that at first hackers gather information about the user and his email address. By having access to the victim’s email address and phone number in Google, they can find their text messages and decrypt their contact info and communications. In this way, hackers cannot be stopped. In this way, many hackers have so far stolen cryptocurrencies from users.
One of the methods through which such events can be prevented is not using the text message receiving method from authentication while creating different online accounts. Another method is not using the internet via a smartphone. Instead of using the internet of cellphone to gain access to the internet, use home modems and Wi-Fi to connect to the internet.

Do Digital Wallets Have Enough Security?

One of the ways through which online fraud can be prevented is the use of cryptocurrency digital wallet. However, these wallets are not one-hundred-percent trustworthy. For example, in transferring cryptocurrencies to another account, there is the possibility of making a mistake. If you send cryptocurrencies to the wrong address, nothing can be done to return them. In fact, a dangerous virus can change the receiving address for the cryptocurrencies to be sent. Unfortunately, at the time, digital wallets cannot deal with these types of attacks.
Perhaps in the near future, by increasing the levels required for sending and receiving cryptocurrencies, the security of the crypto world will increase as well. In any case, any new technology faces some problems. We should wait and see what combination do the advantages and disadvantages of it make together. Will the side of advantages be heavier than disadvantages?
 

Coins International Journal