• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Sensei Inu Logo

Two Canadian Banks Hacked, Cryptocurrency is the Better Store of Value

newsbtc by newsbtc
5 years ago
in Opinion
Reading Time: 2 mins read

A recent hack on two Canadian banks that compromised almost a million customers is yet another reason everyone should be using cryptocurrency.

Two Canadian Banks Hacked on the Same Day

CIBC owned Simplii Financial was the first to announce on Monday that hackers had accessed and stolen the personal information of 40,000 customers.  Later the same day the Bank of Montreal announced it also had had its security breached by hackers who had gotten the personal information of 50,000 customers. In both cases, it seems that the hackers were also the tipsters that let the banks know about the crime. In each tip, proof of the hack was given in the form of names with account numbers plus dates of birth and SIN numbers.

The motivation, in this case, was blackmail as the hackers wanted a million dollars worth of the digital currency XRP. Country manager for Canada at cyber defence firm Darktrace David Masson said that the blackhats responsible were probably the same in both cases. He suspects the hackers used what is known as a “spear phising” attack.

Netizens on Twitter responded to the news by Tweeting that Canadian banks are weak on security, requiring only 5 digit pins with no special characters and not offering two-layer authentication. As the use of digital currency becomes more prevalent all around the world instances of hackers and cybercriminals targeting week security points will continue to grow.

Users of digital money may be more security conscious due to the technology involved in trading but there has been an estimated $1.2 billion stolen in cryptocurrency since 2017.

As was demonstrated by the Coincheck hack in January when around a half a billion dollars worth of XEM tokens were stolen from the exchange financial institutions do not have the best security.

Digital Wallets Provide High-Level Security

There is no reason today to trust outside security systems as digital wallets that provide both “hot and cold” storage can be an integrated part of any smartphone. Digital wallets use authentication, monitoring, and data encryption to secure personal information and are considered by security experts even safer than online banking because a phones OS uses “sandboxing architecture” to isolate apps from malware.

Just as importantly using a digital wallet allows the user to create their own security protocols. By using smartphone’s built-in security functions like fingerprint authentification or pattern solving and adding two-factor authentification a phones cold wallet function can be more secure than an exchange where human error is always a factor. Adding common sense practices like never using public wifi for financial transactions and always protecting personal information online may help make the wallet hack proof.

As for the Canadian hackers, since they revealed the stolen information, both banks were able to recognize all the compromised accounts and shut them down leaving the cyber thieves with nothing left to leverage.

Tags: CIBCCoincheckcryptocurrencycryptocurrency investmentcryptocurrency wallet
Tweet123Share196ShareSend
newsbtc

newsbtc

Related Posts

Back To BlockShine ☀️

Back To BlockShine ☀️

3 days ago
The Edge and Beyond

The Edge and Beyond

6 months ago
NFT Artist of the Year

NFT Artist of the Year

6 months ago
DAOs

What DAOs Can Do: Exciting Or Worrying? Rethinking 2021 – Pt. 2

2 years ago
Crypto

What DAOs Can Do: Social Movement Or Playground? Rethinking 2021 – Pt. I

2 years ago
Hoskinson Tweets Birds Again: Is a Cardano Announcement Coming Soon?

Hoskinson Tweets Birds Again: Is a Cardano Announcement Coming Soon?

2 years ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Investing in Trading 212: Is the Risk Worth the Reward?

    22 hours ago
  • Bitcoin Spark: Cross-Chain with Polygon, BSC, and Cosmos

    2 days ago
  • Explosive Surge: Curve DAO and Everlodge on a Wild Pumping...

    2 days ago
  • The DeFi Big Three: Solana (SOL), Chainlink (LINK), and...

    2 days ago
  • Plus 500 Reviews Get Moderate Risk Rating From Trading...

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.