Cryptocurrency and Encrypted Phones Don’t Mix
At first glance, it makes sense to protect your finances with the same device that safeguards your information. After all, if a device is reliable and secure enough to keep identity thieves out, why not use it to protect you from other scammers?
Actually, encrypted phones are not just an all-purpose security tool. They do an excellent job keeping the phone’s contents from leaking, but that doesn’t mean they’re designed to store and protect just any type of information.
It might make more sense to think of an encrypted cell phone as a device that lets people communicate securely in different ways, but it is not meant to be used with a wide assortment of apps. It may seem counterintuitive, but a phone above all meant for secure talking, texting, and emailing is not a safe place to conduct financial transactions with cryptocurrency.
What Protects Communication May Put Money at Risk
Communications and financial data have very different natures and, accordingly, need to be treated differently. Sometimes, the methods of protection required are not just different but completely opposite.
For example, there are times where ChatMail devices protect communications by totally erasing them. Whether it’s a remote wipe or a self-destructing message, sensitive data may be safest after it’s eliminated.
Imagine if you used finance apps or managed cryptocurrencies on an encrypted phone and, without you knowing, your managing company tried to protect your communications by doing a remote wipe. You could lose important financial records or even the money itself!
What happens if you’re using a ChatMail device to manage finances, and your expiry runs out? There needs to be alignment between how you use a device and what it was designed to do.
It’s essential to understand what smartphone security is designed to safeguard and what it isn’t and not to exceed this limit. Use technology the way it was meant to be used, rather than hear the word “encryption” and think it offers universal protection for anything valuable.
Security Must Be the Focus
Vulnerabilities may arise when a platform or device tries to be too many things for too many people. Executives and managers need industry-leading communication security, but financial protection is a distinct requirement warranting a different mode of protection.
Even many modern communication tools fail this test. Especially given recent security failures concerning WhatsApp and other free platforms, it’s crucial for anyone to understand the real cost of free apps to their security.
If a platform is free for anyone to use, security is not the focus! Facebook owns WhatsApp, and other similar platforms offering “end-to-end encryption” have conflicts between their business model and the level of security they offer. Usually, when there’s a fight between privacy and profit, profit wins out.
As soon as third parties like advertisers enter the picture, privacy rights become less and less of a focus. It’s vital to consider how third-party applications pose security risks when you’re protecting the information on your phone.
You wouldn’t want to use a platform that is only semi-committed to security or has split allegiances. Put another way: if you count on a free app for your communication security, you will get what you pay for.
ChatMail Devices Facilitate Staying Connected Securely, Not Payments
Once, devices with encryption sophisticated enough to offer real protection were too clunky or specialized for everyday users. ChatMail devices are designed to facilitate various forms of communication.
From emails, texts, voice conversations, group chats, and anonymous group chats, our phones keep people connected securely in whatever way they prefer. We’re proud to offer a platform that works in multiple languages, like English, Russian, French, German, Dutch, Swedish, and Portuguese, with more coming out periodically.
The world shrinks as technology improves, and the journalists, activists, politicians, people in business and others who rely on our products have contacts across the globe. ChatMail devices let people keep in touch in a way that feels natural and requires no specialized technical knowledge.
For example, the ChatMail technology ensures every individual text message remains encrypted, even on the back-end, and it works automatically. However, this couldn’t possibly be transferred to be useful in the context of protecting financial data or cryptocurrencies.
Our proprietary design that cuts email server storage out of the equation is a game-changer for phone communications because it means there’s no side door from which a hacker or identity thief can obtain your sensitive information.
However, it has no applicable use for safeguarding third-party apps. Indeed, this is deliberate because introducing data liabilities to a ChatMail product is the last thing we want users to do.
Blockchains Are Getting Hacked
It’s understandable why someone involved in Blockchains would turn to military-grade encryption — Blockchains are getting hacked in ways people never thought possible. In one case, a hacker rewrote Ethereum Classic’s transaction history so they could spend the same cryptocurrency more than once, known as a “double-spend.”
Coinbase, the trading platform on which Ethereum Classic runs, caught what would have been a $1.1 million breach in time, but not everyone is so lucky. However, concepts like “end-to-end encryption” or even the Diffie-Hellman key exchange have no bearing in protecting financial platforms.
The data inside an improperly guarded phone can be hacked, and, despite what headlines proclaimed, Blockchains can be too. But not in the same way. It’s great to be tech-forward, and Blockchains are an exciting space where people can make real money. However, don’t get your digital security streams crossed.
Nothing could be more natural than wanting to protect what’s valuable. Everyone has witnessed the devastation that happens to companies that suffer a data breach, but if anything is warranting a similar level of protection, it’s your actual money.
Along the same lines, when something is extremely valuable, it needs custom protection designed. You wouldn’t use a bank vault to guard your text messages or emails, so don’t guard your money with an encryption platform designed to protect your phone’s content.