How can scam/fraud be eliminated in BLockchain Technology?

[WhiteHouse]

As you may have read/heard in the news, There has been lots of hacking and frauding taking place in most Crypto currency exchange platforms likewise Cryptocurrency wallets also.

In your opinion and experience how do you think this ugly development can be eliminated or curb?

 

[Nurudeen]

I believe if your account is secured with two factor authenticator, it can go a long way in securing your wallet, that's why most crypto platforms now use it to secure customer account

 

[WhiteHouse]

I believe if your account is secured with two factor authenticator, it can go a long way in securing your wallet, that's why most crypto platforms now use it to secure customer account

Hmm, that's right, tighteni up security

 

[Abiolz]

As you may have read/heard in the news, There has been lots of hacking and frauding taking place in most Crypto currency exchange platforms likewise Cryptocurrency wallets also.

In your opinion and experience how do you think this ugly development can be eliminated or curb?

The cyber space is loose so hacking into crypto wallet shouldn't be an exception but you can prevent on minimize this by activating 2FA on your cryptocurrency wallets through Google Authenticator.

 

[Josemendez]

The fact is that hacking and scam can't easily be eliminated. The blockchain and cryptocurrency companies just need to be topping up their games

 

[WhiteHouse]

The fact is that hacking and scam can't easily be eliminated. The blockchain and cryptocurrency companies just need to be topping up their games

That's right, they need tougher security measures and both the BLockchain technology and Cryptocurrencies Wallets needs too.

 

[Josemendez]

That's right, they need tougher security measures and both the BLockchain technology and Cryptocurrencies Wallets needs too.

Hackers are constantly updating their hacking softwares so should blockchain and cryptocurrency companies endeavor to update theirs

 

[WhiteHouse]

Hackers are constantly updating their hacking softwares so should blockchain and cryptocurrency companies endeavor to update theirs

Yeah, the BLockchain technology companies should be 5 steps ahead of these scammers and hackers. They need to keep the system safe!!

 

[Ehizzy1]

I think if those site could improve their security system then it could at least reduce i think

 

[WhiteHouse]

I think if those site could improve their security system then it could at least reduce i think

Yeah, they need to tighten up there security, introduce new and strict security measures and rules.

 

[Olageshin]

The only way is by making sure that security is made extremely tight in blochchain
Making sure that any body that want to login aside the owner of the account, a virus is sent to the intruding device

 

[Towsyn]

Hackers are getting themselves updated on a daily basis they also need to keep updating to avoid being left behind or having low security system

 

[WhiteHouse]

Hackers are getting themselves updated on a daily basis they also need to keep updating to avoid being left behind or having low security system

That's right. The system security news to me tighter

 

[Ehizzy1]

Hackers are getting themselves updated on a daily basis they also need to keep updating to avoid being left behind or having low security system

I thnk you are right because those exchange sites updates their security system every time

 

[WhiteHouse]

There are measures i think can be taken to try and reduce the havoc they create but i dont think they can ever be eliminated

Absolutely, but they can be reduced to the barest minimum.

 

[gammarays]

I think it's high time crypto gets regulated. Many tokens are popping up daily with no concern for security.
Also if it's possible tying every crypto wallet to a kyc verification,it'll be good too.

 

[Goodday]

Hacking can't be easily stopped but with improvement in security,, various exchanges and wallets can minimize hacking in the Blockchain. I love the recent security measures being taken by most of the exchange sites because Blockchain frauding is now minimize and even when it happened, they try tracking these hackers to some extend.

 

[Ltherman]

I thought you meant if fraud could be perpetuated on the blockchain. Well i don't think so because one of the fundamental pillars of blockchain is that its decentralized and immutable so having to distort it for selfish reasons or whatever reason will be impossible.

 

[Seun4luv]

Because the blockchain is constantly monitored by the entire network of nodes, each of which maintains a copy of the blockchain , malicious users have no means of inserting fraudulent blocks into the public ledger without immediately being noticed by others.

 

[Erik4150]

The blockchain is already secure. The only way someone could loose his cryptocurrency to scammers and internet fraudsters is if the person is careless with his private wallet information. Information such as your private key or password should be protected at all cost and must never be revealed to a third party.