Crypto owners use the 2FA (2-factor authentication) as an essential measure to safeguard the accounts on the exchange from hackers.
The most popular and vastly used 2-factor authentication is the Google Authenticator. As such most crypto owners are very familiar with it.
According to an announcement on April 24, Google has released version 4.0 for Android and iOS.
This latest version brings cloud syncing with it. As a result, the users can now sync Authenticator-generated verification codes through every Google device and account.
They can also recover verification codes whenever the device gets lost. The 1-time codes are kept in an owner’s Google account, and they are no more device-dependent.
This process is a way to make signing in with Google Authenticator very easy.
Over the past years, major feedback from users indicates that dealing with stolen or lost devices with an installed Google Authenticator seems complex.
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New Google Authenticator Benefits
If you use a crypto exchange, the 2-factor authentication is vital to protect your account.
The primary reason for this process in cryptocurrency is that many exchanges don’t have fraud protection. Unlike traditional banks, some don’t have a process to recover stolen funds.
Google Authenticator adds more protection to your crypto and Bitcoin accounts by including a 2-verification step when you want to log in.
As a result, when users put in their password, they will still need to put in a 6-digit code created by the Google Authenticator application on their phone.
Risks Posed by the New Google Authenticator
When a crypto user loses a device, it means that the user has lost the ability to log in to any service protected by 2-factor authentication.
You can only use a backup code developed at the installation of the app to restore every login code to the new Google Authenticator application operating on a new device.
However, with the introduction of the latest 4.0 update, Google has delivered a more simple solution to the underlying problem.
The latest update will ensure that 1-time codes last longer by keeping them in the Google user’s accounts.
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As a result, users are now more protected from lockout. Also, the services can depend on owners retaining access to increase security and convenience.
But a blockchain company, SlowMist, has disclosed that this latest Google update poses a higher risk even though it is very easy to handle.
According to the SlowMist Twitter post, if an owner loses access to their client’s email because of a scam, every other access protected by Google Authenticator is no longer safe.
Thus, every crypto user should be careful before using the latest Google Authenticator. You may continue with the former backup solution.
