Verification Procedures Getting Tougher On Cryptocurrency Exchanges

Verification Procedures Getting Tougher On Cryptocurrency Exchanges

In the past, it has always been users just having to enter a valid email address or a disposable mail address, and a secure password and users can access cryptocurrency related services and their wallets on exchanges.
Of recent, cryptocurrency related theft has made these platforms implement several measures to making it more difficult for hackers to get into the user’s account. Features such as the Google 2FA, puzzle, call and text verification, and other features have been implemented.
As much as we can talk about how stressful all these features have made life been, we cannot but emphasize the enormous advantages it has brought to the users of these exchange platforms.

How These Measures Have Been Helpful

Cybercriminals have in recent times used different methods to get access to accounts of cryptocurrency holders on various platforms. These methods included Ponzi Schemes, Fake Exchanges and Wallets Website, Fake Apps, Phishing Emails, and ICO Scams.
Though to some extent, users can avoid most of these scams by watching out for specific signs. Nevertheless, anyone could have fallen into the same traps as pointers are almost invincible, making users fall prey to giving out their details with ease. These details are in turn used to access owners accounts, and lots of cryptocurrencies are transferred out most times.
The measures that are in place by most exchanges have helped reduced scam activities drastically on account holders level. Because of applications such as the Google Authenticator, hackers, most times have had times in accessing users account on exchange platforms as a successful login can only be carried out after a code generated by the app is entered.
And since these cyber attackers do not have access to the device that generates relevant code, they end up having unsuccessful login attempts.

Other Security Features

We do not deny the fact that having to present identification on these platforms are safe, but sometimes, it’s needed to making sure that funds are transferred to the right person.
These exchanges aren’t going to stop at the present measures; they will continue to find new ways of making sure both platform users and also the exchange is safe enough for everyone.

The Solution

Decentralization seems to be the ultimate solution. Though the technology has brought about various issues, there have also been many individuals coming up with new technologies to solve challenges the which old projects have presented.