Friend.tech Bolsters Security with 2FA Amid Rising SIM-Swap Attacks
Summary:
Friend.tech, a decentralized social network, has introduced a new security feature that allows users to create a second factor authentication (2FA) password, offering extra protection against SIM-swap attacks. This comes after numerous users fell victim to such scams, with estimated thefts totaling in hundreds of thousands. The platform also faced criticism for not implementing these security measures sooner. Despite this, some users see the 2FA system as a significant step toward elevating the platform to new heights. The overall value locked on Friend.tech is currently estimated at $43.9 million.
The developers of the decentralized social network Friend.tech have integrated an extra security mechanism to combat numerous SIM-swap assaults against its user base. The updated feature permits users to enhance their account safety on Friend.tech through the creation of a second factor authentication (2FA) password, counteracting the risk of compromised cellphone service or email. The users would need this password when accessing their accounts from new devices. This password is irrevocable by either Friend.tech or Privy teams, urging cautious utilization.
Following the introduction of this new feature, several cases of SIM swap fraud impacting Friend.tech's users occurred. Notably, a user named froggie.eth was amongst the initial victims of these attacks on September 30th and cautioned others to remain alert. In the weeks following, more victim accounts surfaced, showing an estimated theft of 109 Ether (ETH), equivalent to about $172,000, from four users in a span of seven days. Four other users were scammed across a 24-hour window subsequently, leading to an additional $385,000 in Ether plundered.
On October 4, Friend.tech had attempted to heighten security by granting users the control to add or remove login options to limit the likelihood of SIM-swap attacks. Nevertheless, the platform faced scrutiny as some observers pointed out that these corrective measures should've been installed earlier.
In contrast, a notable content creator on Friend.tech, going by the handle 0xCaptainLevi, expressed optimism about the formulation of the 2FA system, highlighting its significance in propelling the platform to unprecedented levels. On October 8, the Blockworks founder, Jason Yanowitz, unravelled one method of executing SIM-swap attacks via a tweet thread.
As per the present estimates by DefiLlama, the total value secured on Friend.tech stands at $43.9 million, a 15.5% drop from its highest mark of $52 million registered on October 2. At the time of reporting, Friend.tech hadn’t responded to Cointelegraph's request for comments.
Published At
10/10/2023 4:23:11 AM
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