{"id":369014,"date":"2019-01-23T20:01:24","date_gmt":"2019-01-23T20:01:24","guid":{"rendered":"https:\/\/uniquehot.com\/?p=369014"},"modified":"2019-03-11T20:38:15","modified_gmt":"2019-03-11T20:38:15","slug":"google-security-crypto-cyber-criminals","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/google-security-crypto-cyber-criminals\/","title":{"rendered":"Google Security Expert: Crypto is Like Catnip for Cyber Criminals"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">In response to increasing security concerns around SMS-based <a href=\"https:\/\/uniquehot.com\/tag\/2fa\/\">two-factor authentication<\/a> (2FA) and the prominence of SIM-swapping schemes targeting crypto investors, <a href=\"https:\/\/uniquehot.com\/tag\/google\/\">Google<\/a> last year released the Titan Security Key. The Titan Security Key enables advanced 2FA without the need to send a text message that could be intercepted by cyber criminals.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Google\u2019s Head of Account Security Mark Risher, who helped develop the Titan Security Key, believes that <a href=\"https:\/\/uniquehot.com\/tag\/crypto\/\">crypto<\/a> is like \u201ccatnip\u201d for cyber criminals, and explains why the emerging asset class has become such a \u201chot target.\u201d<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Crypto Is a \u201cHot Target\u201d For Cyber Criminals, Says Google Head of Security<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">2018 smashed all previous records for <a href=\"https:\/\/uniquehot.com\/2018\/06\/07\/crypto-cybercrime-thefts-total-over-1-1-billion-in-first-six-months-of-2018\/\">crypto-related thefts<\/a>. While the bulk of the stolen cryptocurrencies are attributed to some prominent <a href=\"https:\/\/uniquehot.com\/2018\/02\/02\/japans-fsa-raids-coinchecks-offices-following-500-million-hack\/\">cryptocurrency exchange hacks<\/a>, the rest of the stolen crypto resulted from <a href=\"https:\/\/uniquehot.com\/2017\/09\/27\/shapeshift-phishing-site-advertisement-tops-google-search-results\/\">phishing schemes<\/a>, <a href=\"https:\/\/uniquehot.com\/2018\/11\/06\/twitter-crypto-scammers-steal-150k-by-posing-as-elon-musk\/\">crypto giveaways scams<\/a>, and a new issue involving attackers gaining access to a user\u2019s mobile phone through SIM-card swapping.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">One high-profile case involving early <a href=\"https:\/\/uniquehot.com\/tag\/bitcoin\/\">Bitcoin<\/a> investor Michael Terpin <a href=\"https:\/\/uniquehot.com\/2018\/08\/15\/us-investor-files-lawsuit-against-att-over-cryptocurrency-theft\/\">filing a lawsuit<\/a> against telecom company AT&amp;T for their gross negligence that led to $224 million in crypto being stolen from Terpin. Cyber criminals impersonated Terpin to gain access to a SIM-card tied to his phone number, which was then used to send a text-message containing sensitive account information that led to the criminals gaining access to Terpin\u2019s crypto wallets.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/2018\/09\/18\/pro-league-of-legends-gamer-robbed-of-200k-in-crypto-in-sim-hack\/\">Pro League of Legends Gamer Robbed of $200K in Crypto in Sim-Hack<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Terpin\u2019s example proves that new methods \u2013 such as Google\u2019s Authenticator App, Authy, or Google\u2019s new Titan Security Key \u2013 are necessary to fight the growing problem.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But why target crypto investors? Google\u2019s Head of Account Security Mark Risher, whose primary focus is around spam, phishing, and account security, says that \u201cthe instantaneous nature of it, the very, very low transaction fees, the frictionless nature of money moving around,\u201d and \u201cthe pseudonymity\u201d are key reasons that cyber criminals are targeting crypto investors in a big way.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cCryptocurrency is like catnip for these attackers,\u201d <a href=\"https:\/\/thenextweb.com\/hardfork\/2019\/01\/23\/google-cryptocurrency-sim-swappers\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risher added<\/a>. He continued, explaining that cryptocurrency\u2019s notorious price volatility could lead to its value doubling overnight, making investors in the new financial technology a \u201cvery hot target.\u201d<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-369016 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/01\/google-crypto-shutterstock_1182164713.jpg?resize=1000%2C750\" alt=\"\" width=\"1000\" height=\"750\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/01\/google-crypto-shutterstock_1182164713.jpg?w=1000 1000w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/01\/google-crypto-shutterstock_1182164713.jpg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/01\/google-crypto-shutterstock_1182164713.jpg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/01\/google-crypto-shutterstock_1182164713.jpg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/01\/google-crypto-shutterstock_1182164713.jpg?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<h2 class=\"p1\"><span class=\"s1\">How Can Crypto Users Protect Themselves From SIM-Swapping?<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">It has become increasingly clear that SMS-based 2FA solutions that protect most accounts are ineffective against preventing all attacks. And while as long as there is potential for human error, and no solutions will ever be 100% effective, cryptocurrency investors can take some key steps to protect themselves.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">For one, never use SMS-based 2FA for securing cryptocurrency wallets or exchange accounts, or anything that has access to private keys or assets. Instead, use Google\u2019s Authenticator app or Authy, which refreshes 2FA codes that can only be viewed in-app at regular intervals. Be sure to make backups of all of the QR codes to the accounts you have synced with <a href=\"https:\/\/uniquehot.com\/tag\/google\/\">Google<\/a> Authenticator or there is risk of being permanently locked out of your own accounts.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/2018\/11\/22\/silicon-valley-execs-targeted-in-sim-swap-hacking-1-million-in-crypto-stolen\/\">Silicon Valley Execs Targeted in \u2018SIM Swap\u2019 Hacking, $1 Million in Crypto Stolen<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Another commonly overlooked but highly recommended tip is to never publicly, or even privately, disclose your crypto holdings or that you are holding cryptocurrencies at all. Doing so could make you a target.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Finally, one could consider Google\u2019s Titan Security Key. Risher says that having a Titan Key \u201cphysically present makes SMS a non-threat.\u201d <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">\u201cThere\u2019s no code that sends over the airwaves, nothing is sent to the telcos,\u201d he added. \u201cIf your phone number has changed, we won\u2019t even know as part of this flow, and if someone else has grabbed your phone number, they won\u2019t have any higher credibility than a complete stranger.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In response to increasing security concerns around SMS-based two-factor authentication (2FA) and the prominence of SIM-swapping schemes targeting crypto investors, Google last year released the Titan Security Key. The Titan Security Key enables advanced 2FA without the need to send a text message that could be intercepted by cyber criminals. Google\u2019s Head of Account Security Mark Risher, who helped develop the Titan Security Key, believes that crypto is like \u201ccatnip\u201d for cyber criminals, and explains why the emerging asset class has become such a \u201chot target.\u201d Crypto Is a \u201cHot Target\u201d For Cyber Criminals, Says Google Head of Security 2018 smashed all previous records for crypto-related thefts. While the bulk of the stolen cryptocurrencies are attributed to some prominent cryptocurrency exchange hacks, the rest of the stolen crypto resulted from phishing schemes, crypto giveaways scams, and a new issue involving attackers gaining access to a user\u2019s mobile phone through SIM-card swapping. One high-profile case involving early Bitcoin investor Michael Terpin filing a lawsuit against telecom company AT&amp;T for their gross negligence that led to $224 million in crypto being stolen from Terpin. Cyber criminals impersonated Terpin to gain access to a SIM-card tied to his phone number, which was then used to send a text-message containing sensitive account information that led to the criminals gaining access to Terpin\u2019s crypto wallets. Related Reading |\u00a0Pro League of Legends Gamer Robbed of $200K in Crypto in Sim-Hack Terpin\u2019s example proves that new methods \u2013 such as Google\u2019s Authenticator App, Authy, or Google\u2019s new Titan Security Key \u2013 are necessary to fight the growing problem. But why target crypto investors? Google\u2019s Head of Account Security Mark Risher, whose primary focus is around spam, phishing, and account security, says that \u201cthe instantaneous nature of it, the very, very low transaction fees, the frictionless nature of money moving around,\u201d and \u201cthe pseudonymity\u201d are key reasons that cyber criminals are targeting crypto investors in a big way. \u201cCryptocurrency is like catnip for these attackers,\u201d Risher added. He continued, explaining that cryptocurrency\u2019s notorious price volatility could lead to its value doubling overnight, making investors in the new financial technology a \u201cvery hot target.\u201d How Can Crypto Users Protect Themselves From SIM-Swapping? It has become increasingly clear that SMS-based 2FA solutions that protect most accounts are ineffective against preventing all attacks. And while as long as there is potential for human error, and no solutions will ever be 100% effective, cryptocurrency investors can take some key steps to protect themselves. For one, never use SMS-based 2FA for securing cryptocurrency wallets or exchange accounts, or anything that has access to private keys or assets. Instead, use Google\u2019s Authenticator app or Authy, which refreshes 2FA codes that can only be viewed in-app at regular intervals. Be sure to make backups of all of the QR codes to the accounts you have synced with Google Authenticator or there is risk of being permanently locked out of your own accounts. Related Reading |\u00a0Silicon Valley Execs Targeted in \u2018SIM Swap\u2019 Hacking, $1 Million in Crypto Stolen Another commonly overlooked but highly recommended tip is to never publicly, or even privately, disclose your crypto holdings or that you are holding cryptocurrencies at all. Doing so could make you a target. Finally, one could consider Google\u2019s Titan Security Key. Risher says that having a Titan Key \u201cphysically present makes SMS a non-threat.\u201d \u201cThere\u2019s no code that sends over the airwaves, nothing is sent to the telcos,\u201d he added. \u201cIf your phone number has changed, we won\u2019t even know as part of this flow, and if someone else has grabbed your phone number, they won\u2019t have any higher credibility than a complete stranger.\u201d<\/p>\n","protected":false},"author":517,"featured_media":369015,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[35,12998,6664,2219,15891,3425,3810,17053],"class_list":["post-369014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-2fa","tag-att","tag-crypto","tag-google","tag-michael-terpin","tag-phishing","tag-security","tag-sim-swapping"],"acf":[],"yoast_head":"\n<title>Google Security Expert: Crypto is Like Catnip for Cyber Criminals<\/title>\n<meta name=\"description\" content=\"Google\u2019s Head of Account Security Mark Risher believes that crypto is like \u201ccatnip\u201d for cyber criminals, and explains why crypto has become a \u201chot target.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/google-security-crypto-cyber-criminals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Google Security Expert: Crypto is Like Catnip for Cyber Criminals\" \/>\n<meta property=\"og:description\" content=\"Google\u2019s Head of Account Security Mark Risher believes that crypto is like \u201ccatnip\u201d for cyber criminals, and explains why crypto has become a \u201chot target.\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/google-security-crypto-cyber-criminals\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-23T20:01:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-11T20:38:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/01\/crypto-google-shutterstock_1076144270.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"668\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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