The inception of the Internet some 20 odd years ago brought along many possibilities that were once impossible but it also brought along many other problems such as security breaches, digital crime and internet fraud. Safeguarding your information becomes even more important.
81% of hacking-related breaches could be traced to a weak and/or reused password. Data security breaches and weak passwords go hand in hand, like BFFs, together forever. Even though the majority of people know reusing passwords is poor practice, more than half of us reuse our passwords — be it at home or at work.
Hacking activities are becoming more common by the day. Even prominent tech individuals such as Facebook’s Mark Zuckerberg is not spared. Zuckerberg had his social media accounts hacked not once, but thrice in the same year, and it was believed it was due to reused passwords. Reports of individuals taking to the Internet and other platforms to complain of how they got hacked despite having strong password combinations are not uncommon too.
This is where two-factor authentication (2FA) or multi-factor authentication (MFA) is needed.
Two-factor authentication (2FA) or multi-factor authentication (MFA) may be annoying but necessary in securing your cryptocurrency investments against would-be hackers attempting to steal what is yours.
2FA or MFA is an additional security layer — that helps address the weakness of a password-only approach and it is more common than you think.
You may not realize that when using the ATM or online banking requires 2FA. The ATM demands the PIN that you know and ATM card that you have. Online banking requires your username and password, and some sort of code that is sent either through text or through your bank-issued token where you can punch a button and get a code that is unique to you.
WOWX’s Smart Card: the answer to your security concerns
Security is always a concern when operating an exchange, especially when users are putting their value assets in a single location to be held.
WOWX’s Smart Card will provide our users with the highest level of security. The Smart Card is simple but sophisticated solution using a hardware technology that will give you a portable but secure storage for your private keys and coins. It will integrate multi-factor authentication functions — one-button authentication and transaction data signing authentication.
The one-button authentication provides users with unique one-time passwords (OTP) that will expire with time. Users will be required to key in the OTP generated by their Smart Card when logging into the platform. This OTP will also be used to authenticate withdrawals.
A transaction data signature works as a piece of information used to authenticate a message that is unique to each transaction by using information from taken from the transaction such as transaction amount and time stamp. Any changes made after a transaction has been electronically signed will be invalid. This helps ensure authenticity and maintain data integrity.
The WOWX Smart Card will also feature an E-Paper Display (EPD), an EVM chip, a power and option buttons to allow users to make selections. The Smart Card is equipped with its own rechargeable battery and charging terminal. Users will be able to view account balances and QR codes for wallet addresses for P2P transactions. PIN codes and addresses for verification and transfer purposes can be entered by the option button as well.
WOWX’s Smart Card is nothing like anything on the market. We solve all your security concerns through simple but unique ways.
