Traders from all walks of life know that storing cryptocurrencies in a mobile wallet is bad, bad, bad. There are hundreds of reasons one should refrain from hot wallets in general but mobile wallets and easily the most vulnerable of them all.
It’s not only that there are copycat applications that impersonate legitimate apps. The problem is that even “legitimate” apps sometimes do get compromised. And when that happens, oh boy… You can only hope you are fast enough to relocate your tokens. Indeed, hackers manage to corrupt mobile application much more often than you think.
This is the reason why Google has revamped their Apps Policy. In a blog post published on Monday, the tech giant clarifies that apart from shutting down its social media Google+ it will also give more power to decide what data they share with third-party apps. This puts the power back in users’ hands. From now on, when you install an app you can specifically choose what you share with it and what you don’t. This means that you can restrict camera, photos, docs, and calls access.
What does it mean for crypto geeks?
It means that in case you still want to store some tokens in a mobile wallet, they are a just a little better protected now. The new app update doesn’t prevent future hacks but it still levels up security. You should be careful how you handle your sensitive data such as passwords, PINs, 2FA, etc. The good news is that even if the bad guys sneak into your phone through an (supposedly compromised) app, they would not be able to access your docs, notes, etc. if you have explicitly restricted the app in question from using them.
“Only an app that you’ve selected as your default app for making calls or text messages will be able to make these requests. (There are some exceptions—e.g., voicemail and backup apps.).”
Yeah, not necessarily a problem solver but still better than the previous data policy we would say. You never know when the bandits are coming for you, so you’d better go for a cold wallet instead.