Can Your Mobile Device Be Truly Safe When Using Crypto?

  • Can Your Mobile Device Be Truly Safe When Using Crypto?

    Ledger chief technical Officer, Charles Guillemet was recently interviewed by Cointelegraph in order to talk about the best practices for securing cryptocurrencies for average users.

    For those that don’t know, Ledger is a major producer of hardware wallets where Cryptocurrency seeds are stored on a dedicated device. The chief technical officer explains that hardware wallets protect against possible malware on a user's computer or mobile device.

    The CTO further went on to say that the manufacturers can use hardware in order to make crypto storage significantly safer. This can be done by using a technology called an integrated secure element. Guillemet further says:

    “In terms of storage, there is no debate. The seed is inside this secure element, and it is very comparable to the secure element that you can find in the [Ledger] Nano S.”

    Essentially, Guillemet is saying that smartphones won’t ever be fully safe when it comes to storing cryptocurrency. However, the proposition changes when the secure element must be or not to make a transaction and the problem is the display of the phone. A path to a attack on your phone can be opened up as Guillemet further says:

    “You would say, ‘Okay, I'm sending one Bitcoin to this specific person.’ [...] The thing is that you can add malware which will swap the address to which you want to make a transaction with another one, and display to you the address you think you’re about to send to.”

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