Recent tests conducted by app security specialists Promon has shown that the five biggest Bitcoin exchange apps, designed for buying/selling Bitcoin & alternative currencies, can be hacked through straightforward infiltration methods.
The test, a screencast video of which can be viewed here, demonstrates how easily the apps can be compromised through the use of widely available hacking tools, such as Keyloggers, a Spyware that can be secretly installed on your mobile device and then track personal and sensitive information, such as passwords and usernames, as you type them into the keyboard.
This should serve as a wake-up call for all Bitcoin users and for app providers in general, who should all look towards ramping up their app security to keep sensitive data safe.
Tom Lysemose Hansen, founder and CTO of Promon, said: “Our test was devised as a simple way of showing how Malware and hackers can make a rapid and significant impact on an app which does not employ proactive security measures. In the case of these Bitcoin exchanges, sensitive user data is at risk and presents an open goal to cybercriminals.”
To make sure important customer data is not compromised, Hansen believes that coin exchanges should conduct in-depth assessments of their app’s security and take proactive steps to plug any holes, given the rapidly evolving threat landscape.
Hansen added: “It’s not just investors and digital-currency enthusiasts who are excited by the current surge of interest in cryptocurrencies – criminals are also eyeing up businesses that hold bitcoins and its sister currencies. This research underscores the importance of taking proactive steps to enhance app security from the inside out. These Bitcoin app’s vulnerabilities should be a wake-up call to all app developers: find any flaws as a matter of urgency, and eliminate them before they become the cause of a major problem.”
Lars Lunde Birkeland
Tel: +47 97765827