I was pretty shocked when I read the article below today…
Being an techie obsessed with seeing what went wrong coupled with a desire to see how things such as this can be fixed, I immediately thought of two things security and blockchain.
It could be argued that if this individual had to breach a second factor of authentication (2FA) coupled with a secure blockchain level of security to access these accounts that this would never have happened.
With 2FA the person accessing an account has to input a second factor of authentication which consists of a code sent to a phone or generated by an app such as Google authenticator or Authy. The great thing about Authy is that it can be used across multiple devices and will work offline.
With blockchain you have the second line of defence as every account has a public and private key. The private key is unique to the user and is used to sign a transaction.
With this no funds go anywhere. For the ultimate in security this private key can be stored on a separate devices such as a USB stick and kept off-line.
Food for thought or time to up our game when it comes to protecting members hard earned funds?