Avoid Losing Access To Your Web3 Assets And User Accounts By Simply Using A SafeKey.
Billions of dollars worth of web3 assets become inaccessible every year, mostly due to stolen and lost passwords or private keys, but also because of computer crashes or even the death of a person who happens to be the only one with access to certain assets.
Think about usernames and passwords of your crypto exchange accounts like Binance or Coinbase, the PIN number of your phone where a two-factor authentication app is installed,, private keys and seed phrases of crypto wallets, email accounts,… the value of all the data a human possesses today is priceless.
All those crypto and blockchain related -secret- credentials are part of your web3 identity. Everything can potentially be a target for hacks or phishing attacks. And since web3 has no real middlemen, you’re usually on your own.
So how do you stop modern threats and keep your web3 assets like your cryptocurrencies and NFTs, or user accounts for exchanges, safe?
What Does Protecting Web3 Assets And User Accounts Really Mean?
To us, web3 protection involves every action taken to upgrade the security of your user accounts and all possible secret credentials to get access to your wallets and vaults.
And no, having complex passwords or using centralized password managers aren’t the optimal solutions anymore. Time has changed and hackers have adapted.
If you really want to protect your web3 assets and don’t want your seed phrases, private keys, passwords, user accounts, … fall in the hand of malicious people, you have to take your security one step further.
First, secure account protection should at least include two-factor authentication with a physical security key combined with automated phishing protection. Next to that you never want to store your passwords and private keys on your computer, in the cloud or not even write them down on a piece of paper. They’re either perishable or being exposed to hacks and phishing attacks.
So how can SafeKey offer you better web3 protection? To clearly understand SafeKey’s solutions, let’s dig a bit deeper into the existing problems first.
The Problem With Passwords. Even The Extreme Strong Ones.
Most user-generated passwords are too weak for security purposes. People are forced to memorize a bunch of frequently changing passwords.
To make things easier, most people use the same -weak- password for everything or they write it down on sticky notes.
Thieves and hackers can take advantage of this to steal your user accounts and data. Did you know that hacked user accounts are a main cause of major data breaches? Simple authentication methods that require only username and password combinations are inherently vulnerable.
Hackers can gain access to your account using a variety of techniques:
- Brute force methods – using software to generate random username/password combinations or exploit common weak passwords like 123456
- Credential stuffing – using stolen or leaked credentials from one account to gain access to other accounts (people often use the same username/password combination for many accounts)
- Phishing – using fake emails or text messages to trick a victim into replying with their credentials
- Keylogging – installing malware on a computer to capture username/password keystrokes
- Man-in-the-middle attacks – intercepting communications streams (over public WiFi, for example) and replaying credentials
The Problem With Private Key And Password Backup Methods.
Whether you’re a crypto beginner or expert, it is absolutely essential to safely backup your private keys and seed phrases. There are many ways to do this, but most of them are unsafe, for a variety of reasons.
These actions are not safe and should be avoided at all costs:
- Taking a picture with your phone
- Writing it down
- USB sticks
- Hard drives
- Cloud storage (Google Drive, Dropbox, iCloud, …)
- Online vaults (LastPass, Dashlane, …)
We won’t go too much into details about why you should avoid using above methods, but the common issue is that they’re all susceptible to either phishing, hacks, loss, theft, are perishable over time or even make you dependent on centralized third parties. Your secret data is just up there for grabs.
There should be better ways, right?
Better Two-Factor Authentication.
Passwords and SMS or app based two-factor authentication codes (which are commonly used authentication methods in web3 and crypto) are highly vulnerable to phishing and porting scams. They also offer a poor user experience involving multiple -too many- steps.
As a user you’re plagued with password resets, account lockouts, waiting for SMS codes and more. That process is slow and frustrating.
SafeKey goes one step further than traditional authentication. Not only do you need your classic login credentials. In addition it is also necessary to have a physical means of authentication, the SafeKey. It is therefore not possible that someone who happened to get your password can also log in to your account, because logging in also requires your SafeKey.
SafeKey makes user authentication safer by adding an extra hardware layer to your authentication process. Get account protection in minutes without downloading any additional software. You only have to configure your SafeKey once per website you want to use it with and future login confirmations are done by a simple push on a button. Did you know it’s even possible to use your SafeKey for passwordless logins?
Better Security Thanks To Built-in Phishing Protection.
Phishing is the art of tricking people into revealing personal information. Usernames and passwords are often targeted for these types of attacks.
68% of the phishing emails blocked by Google today are new variations that were never seen before, indicating the fast pace of evolution of these threats.
The SafeKey provides reliable hardware security that does not require a battery or network connectivity, so it is always on and accessible. It offers strong security that has been proven to eliminate account takeovers with one touch, and is 4 times faster than typing in a one time password (OTP).
Even if a user is tricked into giving up their personal information the SafeKey can’t be fooled. SafeKey protects your online accounts from, for example, crypto exchanges or social media, against phishing attacks by ensuring that only the real site can authenticate with a key.
Create Your Own Immutable Personal Backup Plan And Never Lose Control Over Your Web3 Assets And User Accounts.
Have you ever thought about what happens if someone intercepts one of your personal devices or backups and gets hold of your private keys and seed phrases? One person can easily steal all your funds without you even noticing.
A personal backup plan created with Inheriti® and stored on multiple of your SafeKeys gives you the power to maintain control over your assets forever.
So how does it work?
How Do Private Key Backups Work With Your SafeKey?
The most secure solution is to create your own secure personal backup plans with the help of Inheriti® in combination with multiple SafeKeys. It’s the only 100% decentralized solution available and its unique Secret Shares Distribution Protocol (SSDP) has multiple patents in different jurisdictions around the world.
Simply said: Inheriti® encrypts and splits data into secret, unreadable shares. Those shares are then stored separately on multiple SafeKey devices and have to be brought back together in order to reveal the encrypted data.
Important to note here is that you never directly store your private key or seed phrase on your SafeKeys. Instead you leave encrypted shares which are useless and unreadable on their own. No one will ever have access to your data or will be able to read it, not even SafeKey or Inheriti®.
You’re the only one that knows what data gets encrypted.
With this, SafeKey is finally enabling crypto investors to confidently backup private keys and seed phrases in a way that is secure and empowering by smartly applying Shamir’s Secret Sharing Algorithm.
Benefits Of Protecting Your Web3 Assets And User Accounts With A SafeKey.
SafeKey acts as a physical security key for your online user accounts, but in combination with Inheriti® it is also the safest solution to create backups of your private keys, seed phrases or any other sensitive data.
- Decentralized cold storage of encrypted unreadable shares
- Stop worrying about your private key backups
- Keep control over your own backups, forever
- Create multiple backups
- Eliminate intermediaries
- Avoid data loss
- SafeKey allows you to plausibly deny the existence of data
- Use tamper proof and patented technology
- Highest standards of security and military grade encryption
- Ongoing independent audits
- 3-Layer topology
- Lifetime validity
- 100% decentralized
- No critical information is stored in databases
- Simplicity: no more reaching for your phone to open an app, or memorizing and typing in a code – simply touch the SafeKey to verify and you’re in.
- Usability: the effort of having to create and securely store a separate, long and complex password for each user account is eliminated.
- Privacy: no confidential information will ever be shared and no personal information is associated with the secret.
- Anonymity: thanks to public key cryptography, no shared secret (private key) is sent over the internet at any time.
- Security: More secure than other two-factor authentication methods (e.g. SMS or TOTP).
- Plug & play: Supporting all common web browsers, no additional client software or driver installation is required.
- Integrated phishing protection: high security against phishing attacks through integrated domain check.
Get Started With A SafeKey!
You should select your SafeKey based on the services (i.e. websites and apps) and devices you want to use the SafeKey with. Please see the resources below to help you decide on which SafeKey will be your best fit.