Research: 70 Percent of Crypto Exchanges Let Fair Passwords

Study: 70% of Crypto Exchanges Allow Weak PasswordsEach trade from the survey has been analyzed on five crucial password and account security standards and rated based on the factors it received. Only 10 platforms have fulfilled all five standards.

Two-Factor Authentication Is Critical

The analysis was conducted by March 12 — 19 this season. It’s the first attempt by the password manager to automatically rank cryptocurrency exchanges according to their password security procedures. Formerly, the company has analyzed and rated leading customer sites in accord with similar standards.

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Study: 70% of Crypto Exchanges Allow Weak PasswordsA few of the very popular crypto exchanges allow customers to use dangerously poor passwords, a new research has found. 43 percent of the platforms let users create passwords being chosen by accounts . Alphanumeric passwords are not required by 34 percent in any way, the analysis shows. Oftentimes testers were able to set up accounts using simple number combinations like “12345” and even words like “password”.

Released at Fri, 23 Mar 2018 15:30:36 +0000
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Experts advise consumers to create unique passwords using no less than 8 characters for each online account they start. Using numbers, case-sensitive letters, and unique symbols also improves security. Passwords comprising common phrases, places, or names should be avoided. Allowing two-factor authentication (2FA) is critical and shouldn’t be skipped even when you log in to the first time.

The fact that many exchanges allow their customers to make weak passwords should “serve as a wake-up call to the entire industry,” Dashlane CEO Emmanuel Schalit said, quoted in a media release. He also noted that signing up for a cryptocurrency market is similar to signing up to get a bank account. “With your bank account, charge cards, even bitcoin, along with other digital assets potentially stored on the market, it is essential your account is locked back on the security front,” Schalit mentioned.
Over 70 percent of the top cryptocurrency exchanges allow consumers to create accounts with weak passwords, a new analysis shows. This leaves them vulnerable because of unsafe practices, the writers state. Greater than half of the researched trading platforms Offer password strength assessment tools.    
Greater than 70% of the surveyed exchanges allow you to create passwords that are weak, according to the annual Cryptocurrency Exchange Password Power Rankings, introduced by Dashlane. The digital security company has analyzed 35 of the primary crypto trading programs in the world, examining their password and account security.
Researchers also assessed if exchanges provide password strength assessment tools, email signs or activation, along with two-factor authentication (2FA). They found that less than 50% of the exchanges provided account holders using resources like meters or even a color-coded bars. Unsafe practices leave customers’ accounts exposed to financial and hacking theft, ending the study’s authors.