Study: cryptocurrency exchange users exposed to financial theft

Friday 23 March 2018 15:16 CET | News

Over 70% cryptocurrency exchanges leave their users’ accounts exposed to financial theft due to unsafe password practices, Dashlane’s study has revealed.

The digital security company has conducted an annual cryptocurrency password power ranking and has examined password and account security on 35 of the world’s most popular cryptocurrency exchanges. Despite the growing interest in cryptocurrencies, most of the exchanges fail to provide adequate password and account safeguards for their users.

43% of exchanges let users create accounts using passwords with seven or fewer characters, and 34% do not require alphanumeric passwords. Additionally, Dashlane found that less than 50% of exchanges provided users with password strength assessment tools during the account creation process.

When compared to results of Dashlane’s 2017 rankings of leading consumer websites, the cryptocurrency exchanges performed poorly. In the consumer rankings, which examined sites such as Apple, Facebook, and PayPal, only 36% received a failing score. That is in stark contrast to the 71% of cryptocurrency exchanges that failed Dashlane 2018’s examination.

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Keywords: cryptocurrency, study, weak passwords, financial theft, Dashlane, cryptocurrency exchanges, password manager
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3