Generally stating, the provision of technology and the financial ease that allows generating cryptocurrencies, as well as mining and the vast availability of online commerce, have exponentially increased the interest of unauthorized users in this new market.
Hence, attempts to unlawfully access e-wallets in which these digital coins are deposited are becoming increasingly frequent.
Moreover, the inviolability and robustness of blockchain systems have geared to create the inaccurate myth that e-wallets are also robust! However, access to these virtual wallets through smartphones and computers, which were initially not designed to provide high standards of security and privacy, has thus brought about a concerning vulnerability by hackers.
Today, people are well-aware of the need of accessing a series of permissions, some of which are plainly pointless, in order to download a mobile application from a store. On the other hand, through this, we are also losing the ability to actually understand how and when our personal data for instance: email, name or phone number is being used by the application that we have just downloaded.
Thus, to address this problem and provide greater security to all users, vital and renowned software companies have already developed widespread messaging applications such as WhatsApp, which introduces end-to-end encryption. Unfortunately, this is not enough as even though the application is protected, the system is still open to attacks through malware which has been downloaded by us unknowingly. This also generates the possibility of recording our telephone conversations, all keyboard inputs or snap “screenshots” of our screen, without our slightest consent.
Security is not a luxury, it is essential. It is a basic need.
Stay tuned as we get into the depth of this article in Part 2!
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