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Richard Teng, the Binance CEO, has published an important tutorial on how to keep one’s smart phone, with a crypto wallet in it, secure in case a phone has been lost.
Teng gave a few pieces of advice himself and shared a link to Binance’s article that offers more details on this issue.
Three key steps to take if you lose your phone, per Teng
Teng stressed the importance of keeping one’s phone secure at all times since its loss can result in negative consequences: “It can expose sensitive data, compromise accounts, and lead to financial loss.”
The CEO also shared three steps that are important to take proactively to secure one’s smartphone and the precious and hard-earned crypto it holds: “Secure your phone with biometrics. Secure your phone with biometrics. Backup 2FA codes.”
Teng's article significantly expands that list of recommendations. It offers two types of steps to ensure one’s phone’s security: what to do if the phone has already been lost and what measures should be taken before a potential loss or theft.
Alex DovbnyaWhat to do when your phone is lost/stolen
The first thing to do when you find out that your device has been stolen or lost is to track and lock your phone remotely – as soon as possible. It can be done using Find My Phone services both for iPhone and Android. These services can also allow you to erase their contents remotely.
Then, you must contact your mobile carrier and change your most critical account passwords, including those for email accounts, banking and financial apps, and cryptocurrency wallets. The final step is to change your phone's 2FA codes on exchanges.
Yuri MolchanProactive steps to protect your smartphone with crypto
As necessary proactive steps to secure one’s phone, the Binance team recommends using a strong passcode and biometric locks, and disabling notifications and previews on the screen, especially those with 2FA codes.
The phone should be encrypted and have a full data backup that sees regular updates.
Other recommendations include keeping the software on the smartphone regularly updated and ensure that one’s SIM card is secured with a pin. Sensitive data should be stored in an encrypted vault or protected with a password.
Dan Burgin
Vladislav Sopov