Morgan Creek Digital’s Anthony Pompliano aka Pomp, recently branded Bitcoin a “safe haven,” leading to an array of discussion on the same. While some backed Pomp and claimed that the world’s largest cryptocurrency is indeed a safe haven, others refuted it.
On the latest episode of Pompliano’s Off the Chain podcast, Pomp interviewed Brandon Arvanaghi, a security engineer at Gemini. The episode focused on common security issues and a prospective three-layer solution to the same.
Arvanaghi said that the use of the same password on several websites was the root cause of most security breaches. The only way to overcome security violations through passwords is by using password managers, he added.
Gemini’s security engineer further went on to speak about two-factor authentication and how it poses a threat to the security of users. Two-factor authentication via text requires users to enter the code they receive from the platform. The problem however, lies in sharing the phone number as “phone numbers are fickle,” he said.
Arvanaghi added that phone numbers should not be used for authentication purposes as potential hackers could use the “recover account” feature to access the account with just the phone number, and not the password. People can avoid two-factor authentication via text with the help of authenticator apps, as they generate codes to the users’ physical device, and not the phone number.
Arvanaghi also warned viewers that SIM swap could allow potential hackers to access one’s phone number, stressing on the $24 million lawsuit against AT&T for the same.
He concluded the segment by suggesting that the most efficient way of securing one’s account on crypto and other platforms, is by using security keys. These keys, such as Yubikey, would give only physical access to the various accounts of the user.