DMM Bitcoin adds biometric authentication to further bolster cyber security

Maria Nikolova

Clients of the virtual currency exchange can use biometric authentication on their Android devices.

DMM Bitcoin, the virtual currency business of Japanese Internet giant DMM.com, is seeking to bolster cyber security via the introduction of biometric authentication for its customers.

In a notice on its website, the company explains that the biometrics authentication, which is available via the Polarify app for Android devices, will enable customers to login using their voice, face, or fingerprints. The company has already implemented 2-factor authentication, along with SMS and e-mail authentication methods.

With regard to the introduction of two-factor authentication using the biometrics for iOS devices, the company said it was actively preparing itself for the introduction of such a solution.

Online security is important to DMM Bitcoin. Earlier this month, the company said it would end support for older Transport Layer Security (TLS) protocols, effective August 29, 2018.

In a notice to its clients, DMM Bitcoin said it will invalidate the Internet communication encryption method “TLS 1.0 and 1.1”. After August 29, 2018, the company’s web service and trading system will be unavailable on PCs, smartphones, tablets, browsers, etc. that do not support “TLS 1.2”. Let’s note that the security strength of TLS 1.2 is higher than that of TLS 1.0 and TLS 1.1.

Customers are asked to check their devices’ settings in order to make sure that they can continue to use the company’s services.

The cryptocurrency industry has seen frequent reports about hacks, so it is not surprising that DMM Bitcoin is paying so much attention to cyber security. In January this year, Coincheck suffered an “incident” that saw the theft of JPY 58 billion worth of NEM digital money from the exchange.

About a week later, the Japanese authorities issued a business improvement order to Coincheck. The Financial Services Agency (FSA) ordered the company to determine the facts and causes of this case and to issue proper response to customers. In addition, Coincheck was instructed to strengthen the management control of its risk management system and to clarify who bears the responsibility for the theft. The company will also have to formulate measures to prevent recurrence of the incident.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎

Interviews

Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.

Interviews

FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.

<