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Bitcoin crypto Google Authenticator

Your Crypto And Bitcoin Are At Risk With New Google Authenticator Update

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

2-factor authentication (2FA) is one of the most important measures Bitcoin and crypto owners can take to protect their exchange accounts and others from hackers. By far the most widely used 2FA method is Google Authenticator; hardly any crypto users are likely to be unfamiliar with the app.

Google Authenticator adds an extra layer of security to exchange accounts by adding a second verification step when logging in. This means that in addition to entering a password, users also have to enter a six-digit code generated by the Google Authenticator app on their phone.

New Google Authenticator Update Carries Big Risk For Crypto Users

In an announcement released yesterday, Google released version 4.0 for iOS and Android. The new version introduces cloud syncing.

This means that crypto users will be able to sync Authenticator-generated verification codes with all Google accounts and devices, and retrieve verification codes any time the device is lost. In other words, the one-time codes are stored in the user’s Google account and are no longer device-dependent.

Related Reading: Top 5 Crypto To Accumulate Ahead Of The Bull Market

This is supposed to make it easier to sign in with Google Authenticator, which was released back in 2012. As Google writes, a key feedback over the years from users was that there was too much complexity in dealing with lost or stolen devices that had Google Authenticator installed.

Losing a device meant crypto users initially lost their ability to log in to any services they had set up 2FA for with Authenticator. Only a backup code created when the app was installed could restore all login codes to a new Google Authenticator app running on a new device.

Related Reading: Messari Founder Weighs In On Crypto Exchanges Leaving US Shores

With the 4.0 update, Google introduces a more simplified solution to this problem: “With this update we’re rolling out a solution to this problem, making one time codes more durable by storing them safely in users’ Google Account. This change means users are better protected from lockout and that services can rely on users retaining access, increasing both convenience and security.”

However, blockchain security firm SlowMist points out in a tweet that this easier handling comes with greater risk. If users lose access to their email clients, for example, due to a hack, all access protected by Google Authenticator is at risk, SlowMist says:

If you use this backup method, the mailbox will be at risk. Once the mailbox permission is lost, the 2FA verification code may be stolen, which will bring huge risks. Please pay attention to the relevant risks.

Crypto owners should therefore think twice before activating the new feature or sticking with the old back-up solution.

At press time, the crypto market remained in its deep correction. Bitcoin traded at $27,431.

Bitcoin price crypto
BTC price, 4-hour chart | Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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