Security breaches in the cryptocurrency world have been widespread in the past several years, leading to millions of dollars in lost user funds. As an example, users protecting their accounts with Mobile SMS authentication continue to be popular targets. Hackers routinely pay off or trick employees of popular cellphone providers into switching the victim’s SIM card over to their own allowing them to compromise the account. At Oodlebit we got rid of SMS authentication and introduced more secure options to protect our users.
Though no security measures can be considered 100% failsafe, it is our responsibility to strive for optimal security at all times to protect our user's funds and information.
We routinely run security audits, and continuously improve our security infrastructures.
Users: 1. Users can protect their account with a Master Pin and Two-factor authentication (2FA) technology.
Master Pin: Users will choose a 6 digit pin when they create their account to protect important functions such as logging in, funds withdrawal, and more. The pin will be entered by pressing keys on our randomly encrypted pin pad to avoid keyloggers. Even with root access to the user’s computer a bad actor will find it nearly impossible to capture the user’s pin.
Two Factor Authentication (2FA): This is an extra layer of security requiring the user to
1. have something no one else does (their phone) and 2. know something no one else does (the pin number on their phone). Even if a hacker has the user’s password they will not have the 2FA device (the phone) or the randomly generated pin located on the device. This is an excellent form of protection along side the Master Pin and password.
2. Users are notified by email on login, withdrawal, and when they perform other vital actions. We include a link to quickly freeze their account if they suspect anything malicious.
3. Our systems detect IP/location changes on login and withdrawal.
4. Users can restrict access to their account based on IP and location.
5. Users can restrict withdrawals based on IP and location.
System: 1. We developed algorithms to detect unusual behaviors such as unusual trading patterns, unusual withdrawals, and other malicious activity.
2. Our systems are always up to date with the latest software and operating system security patches.
3. Automatic backups of all our data are performed daily and then sent to multiple locations for safe keeping.
4. Our live systems are protected by anti-DDoS services so that our users never experience any interruptions with our service.