Search Inside Bitcoins

Financial Data Privacy is Under Attack

Tik-Tok collects information from your clipboard, scammers hack Twitter, is your data really safe?

On July 20, Lumi Wallet’s CEO Diana Furman, Global Data Privacy & Protection Expert Debbie Reynolds, and Brady Dale a CoinDesk Reporter discussed the latest scandals relative to data security.

The exposition that the TikTok app is snooping on its users and storing the data from their clipboards shows a huge data security problem, and it is more than just invading privacy, it’s about the potential risk to the security of users’ financial data.

Diana Furman, CEO of Lumi Wallet, highlighted the importance of clipboard data security for the cryptocurrency market and wallets in particular. She mentioned that there is a huge problem for those who are newcomers to the crypto market because they don’t know how essential it is to not share mnemonics…and many users don’t understand that when they copy their mnemonics or private keys, it can be read by a different application.

This can lead to one day somebody hacking the data store center of such apps, like what happened with Twitter last week. And all mnemonics can be easily found by such scammers, so they could steal all your funds and it would be impossible to get it back. As Debbie Reynolds suggested, one of the solutions to this problem could be separate data storage for personal and financial issues.

The full version of the broadcast can be viewed here.

About Lumi Wallet

Lumi Wallet was released in 2017 and has been constantly evolving ever since. It is a non-custodial, open-source, private wallet that has Android, iOS and web versions. Lumi supports BTC, BCH, ETH, EOS, Tether USDT, Binance USD, Paxos Standard Token, Celsius, Dai, and more than 1200 ERC20 tokens. It allows customers to buy, exchange, and withdraw cryptocurrencies to a credit card.

The wallet’s team is active on Twitter and Telegram, also Lumi has a lively blog. If you have some suggestions for currencies the wallet needs to add, or just want to say hi – don’t hesitate to send your emails to hello@lumiwallet.com.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close