Friend.tech Introduces Login Method Updates Post SIM-Swap Breaches and Preps Two-Factor Authentication
Summary:
Blockchain-based social media platform, Friend.tech, announced a new feature letting users alter their login methods after some SIM-swap incidents. It's preparing updates to implement two-factor authentication, amid user complaints about security. Some users claimed they were locked out of their accounts or their sessions on other devices weren't logged out after method change. Friend.tech experienced several security breaches in the previous week that resulted in a loss of over 100 (ETH).
The popular blockchain-based social network, Friend.tech, recently issued a statement on social media unveiling a new feature that users can use to modify their account login methods. This development comes as a response to SIM-swap incidents recently reported. According to the declaration made by Friend.tech on Oct. 4, these settings will be accessible via the app by tapping on the user's wallet.
The social media platform further elaborated that several users had queried about the lack of two-factor authentication. The platform responded saying that initiating such a feature in its current form might result in users accidentally getting locked out of their accounts. To mitigate these user experience issues, Friend.tech has proposed certain updates to Privy, the provider of its privacy features.
"Privy's team is tirelessly working towards implementing this, and once completed, we will incorporate the feature,” it added.
There were also complaints from Friend.tech's user base on Oct 2, regarding some users not being asked to verify their passcodes. When these passcodes were entered incorrectly, neither Privy nor Friend.tech could reset it. Reactions to these updates have been mixed, with a number of users claiming to be locked out of their accounts.
Several users claimed to still face security issues. Even after replacing their phone number with a different access method, sessions on other devices were not automatically logged out, which potentially leaves an opening for hackers.
Friend.tech's updates were introduced amidst reports of security breaches on Oct. 4, where users reported unauthorized access to their accounts through SIM swaps. As per these reports, over 100 (ETH) were depleted within a week. Further, the hackers continued to exploit this and managed to gather at least $385,000 in (ETH) by Oct. 5.
Despite these incidents, Friend.tech has demonstrated sustained revenue growth with jumps reaching 10,663 (ETH), and a total value locked (TVL) surpassing 30,000 (ETH).
Published At
10/5/2023 2:02:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.