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Ethereum Marketplace LocalEthereum To Fight Phishers - Ethereum News

18 october 2018, 19:40 by Jesús S. Affigne

Ethereum marketplace localethereum partners with PhishFort

The trading platform is improving its security

Cryptocurrency marketplace localethereum has recently signed a partnership with anti-phishing solutions provider PhishFort, to face the increasing threat of phishing attacks against the trading platform. 

“We’re ramping up our security by partnering with the team at PhishFort to help tackle phishing attacks against localethereum. This will allow us to more effectively detect and take down websites impersonating localethereum,” the platform announced via its official blog.

Meanwhile, the team behind PhishFort shared their excitement on this new agreement – which will see them helping the P2P Ethereum trading platform to improve its security against these types of malicious social engineering attacks. “Excited to be teaming up with @localethereum and make the trading experience on the platform even safer for users!” they said on Twitter.

Tackling the phishers

Founded in 2017, localethereum has seen how their trade volume grosses millions of dollars each week, so it has become a target of cyber delinquents who attempt to scam people by the methods of even more sophisticated phishing attacks, becoming a difficult task to keep up with these, by itself. 

Furthermore, what makes localethereum one of the safest P2P cryptocurrency trading platforms is its cryptographic approach to users’ login data and funds storage. In order to remain true to the vision of a decentralized economic system and the empowering of the people in regards of funds control, the platform does not have access to a user’s login information and password, nor stores their ethers – the keys to the wallets it provides are encrypted in the user’s browser.

While this is most effective against direct strikes such as hacking the platform or suffering from a shutdown, social engineering attacks such as phishing are still a universal threat, regardless of how secure the platform is server-side. Localethereum explains this:

“Becoming a victim of phishing as a localethereum user is especially unfortunate. The cryptographic nature of the platform means that entering your localethereum password on a fraudulent website is equivalent to divulging a wallet private key; you can’t simply swap your wallet’s private key out for a new one. If your account is hijacked, sadly you need to say goodbye and create a new one.”

However, that doesn’t stop them from taking all measures available to minimize the risks of becoming a victim of phishing, and with the partnership with PhishForts, it joins others renowned decentralized applications (dApps) such as IDEX in the fight against these attackers.

Lastly, the post shares several recommendations to further improve security on the user-side, such as using a crypto-focused browser plugin – PhishFort, EtherAdressLookup, MetaMask and MEW have each one a blacklist of unsafe websites, twitter accounts and cryptocurrency addresses.

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