Bitcoin Exchange Introduces Biometric Authentication To Further Improve Security
DDM Bitcoin has added Biometric authentication for Android as part of the company’s efforts to strengthen account security.
Clients can now use this additional verification method to enhance their protection against cyber threats.
The virtual currency exchange already employs 2-factor authentication (2FA) methods. These methods include SMS authentication, email authentication, and one-time code used in application authentication for Smartphones.
However, DMM.com, the parent company for DDM Bitcoin, believes the addition of biometric authentication is a crucial step towards giving their customers the best security against cyber attacks.
The company informed its customers about the new security measure via a notice posted on its website. The notification states that the biometrics authentication will utilize the Polarify app that allows customers to use their face, voice, or fingerprints to log in to their accounts.
The biometrics authentication method will initially be available for use on Android devices only. However, the firm has indicated that it is working on the possibility of introducing the same functionality on iOS devices.
DDM also informed users that the full functionality of the biometrics system will depend on the type of terminal available on the smartphone. Thus, some phones may not support the system, while different terminals may require different biometrics.
Cybersecurity is a very vital part of any online company’s business endeavors, and DMM Bitcoin states that security is a priority for them. Personal computers and Smartphones have become increasingly vulnerable to hacking.
According to information on its website, the possibility of customers being exposed to attacks informed their decision to add biometric authentication to the two-factor authentication methods that were already available.
A demonstration of the company’s seriousness when it comes to security occurred earlier this month. The virtual currency exchange informed all parties that it would be ending support for the Transport Layer Security (TLS), older protocols that helped in securing the company’s system.
In another notice published earlier this month, DDM Bitcoin informed all its clients that it would invalidate the TLS 1.0 and TLS 1.1. These versions of encrypting internet communication would cease to work as from August 29, 2018.
Effective this date, the company’s trading system and web service will not work on all devices that do not support the new TLS v 1.2. Unsupported devices that will not work include PCs, tablets, Smartphones, and web browsers.
As a result, the Japan-based firm has reminded its customers to ensure their device’s settings are properly configured so as to continue utilizing the company’s services. DDM’s website provides a step by step guide on how to properly configure a device.
Cybersecurity measures have increased over the years, especially in Japan after January’s cyber hack of Coincheck saw the exchange lose over $500 worth of NEM coins. The incident served to heighten the sense of security within the industry.
The Japanese Financial Services Agency (JFSA) has since tightened regulatory oversight against crypto exchanges and related businesses. It is such concerns that see companies like DDM work towards improving security for its customers.
DDM Bitcoin has a popular app that recently exceeded 600,000 downloads on Google Play Store. With such numbers in play, security becomes a top priority.