Kraken Makes 2FA Mandatory To End Fraudulent Activities
After several reports related to fraudulent activities in cryptocurrency exchanges, Kraken has decided to add 2-factor authentication and create Kraken Security Labs. The exchange will also have a new Chief Security Officer in order to avoid fraudulent activities to take place in the exchange.
Exchange Kraken Takes Anti Fraudulent Measures
Nick Percoco, Kraken’s Chief Security Officer, announced in a blog post that the intention is to improve the exchange security to protect users and clients. With the 2FA, an additional component will protect users’ accounts. Individuals will have to provide a one time password (OTP) that will be received via SMS or any 2FA implementations such as Google Authenticator.
The intention is to comply with their security features roadmap that spans “into 2020 and beyond.” Although the roadmap is not publicly available, the exchange will be announcing all the relevant information to users.
The Kraken Security Labs is a team that will be working in order to enhance the company’s products and environments. They will also be performing vulnerability research against third party products. If they find any issue or vulnerability they will be disclosing the issue and improve the security in the cryptocurrency space.
Percoco commented about their goal:
“My vision for Kraken is to expand upon the strong, industry-leading security foundation we already have in place, utilize advanced features and techniques often only found in advanced security products.”
A few weeks ago, Bitwise announced that there were several exchanges that had their trading volumes faked to attract new users. Moreover, virtual currency exchanges tend to be very unsafe for users to store their funds. Dozens of exchanges have already been hacked in the last few years resulting in the loss of billions of dollars in digital assets.