One of Vaultoro’s main goals: Be your own bank. Achieving the state of bank independence requires some actions from the users to make sure that both login credentials and private keys are 100% secured against theft and counterparty risks. #dropFiat
The following advice is not just for Vaultoro users but can help to improve online security in general.
The issue: Cyber hacking is a major crime
Nowadays most money is counterfeited exclusively digitally: Common methods of digital counterfeiting include the theft of credit card data. More effort is required to penetrate the banks’ accounting systems in order to change the account balances. This has already happened frequently and many cases remain undetected because a change to a non-redundant database (Single Point of Failure), as it can be used in such accounting systems, is difficult to verify.
Private keys are guarantees
The counterfeit protection of distributed ledger technologies is already superior to most banks’ accounting systems. The use of the freely accessible Bitcoin software promises an enormous savings potential for the development of reliable IT infrastructure.
Always use two-factor authentication (2FA) for maximum security
Be sure to set up two-factor authentication on Vaultoro. This will then require you to have your authentication app (i.e. a mobile phone) with you to access every function on the site.
We decided that we need to give our users more incentives to actively protect themselves from online theft. Vaultoro 2.0 will reward their users that use 2FA. It is to prepare and secure user accounts from phishing and hacking.
How can I set up 2FA?
We’ve prepared a Step-By-Step Video on setting up two-factor in your personal Vaultoro account. There you will find an explanation to integrate a third party app as a login-device.
Important: If you lose access to your 2FA app, you are locked out of your account. You can prevent this by writing down the backup code (see picture below). Write it on a piece of paper and keep it in a safe place (a screenshot on your hard drive is not a safe place).
We recommend that you use one of the following applications:
- Google Authenticator (iOS / Android)
- Authy (iOS / Android / Mac / PC)
- Last Pass (iOS / Android / Mac / Browser Plugin)
Always use the trusted channels
Identity theft is a serious problem as it enables criminals to create contracts and loan agreements in your name.
Please bookmark Vaultoro’s Login Page to make sure you are not logging in to a fake webpage.
When uploading sensitive data (e.g. verification documents) please only ever use the form provided. Do not use emails or support tickets as they are not as secure as our document submission platform.
This article was originally published in the Vaultoro Blog.
