According to Charles Guillemet, CTO of Ledger, expecting mobile devices to be fully secured against illegitimate access is a stretch. One key aspect of trading cryptocurrencies is that the device they are connected to never actually sees the crypto seed used. Ledger uses a special Secure Element tech that allows it to enhance its safety offer.
There have been some positive developments in enhancing safety for mobile users who want to carry out cryptocurrency transactions, too, though. Recently, Samsung added an additional safety technology to the brand’s blockchain-enabled phones which, while a step in the right direction, Guillemet still fears wouldn’t solve every problem.
He outlies problem with Android for example, where the OS doesn’t give guarantees that the data shown on the screen is in fact accurate. According to him, this could enable bad actors to launch a malware attack on anyone’s device and swap the address to which you want to make a transaction with another one.
Guillemet noted that presently SIM swapping attacks and phishing attempts were the most common type of attacks on mobile wallets. They are all cheap, somewhat low-tech and yet very efficient.
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While the security of mobile crypto wallets and crypto solution may still be work in progress, there are some very tempting casinos to try.