Security

Be the Frontline: How to Keep Yourself Safe from Cyberattacks

Published, 18 May, 2020

From phishing emails to denial-of-service attacks and data breaches, we’re living in an era of increased cybersecurity risks. Cyber criminals are becoming more sophisticated in their attempts to steal valuable information from consumers, and as a result, companies are racing to stay ahead of the latest threats, with an estimated $6 trillion being spent by private firms each year to keep their data safe.

But despite this digital arms race between security specialists and hackers, the most common source of lost data is human error. Clicking on a suspicious link, sharing personal info online, or opening the wrong email still accounts for the vast majority of security breaches.

That means that individuals are the first and best defense against the rising tide of cybercrime. At BlockFi, ensuring the safety and security of our clients is always our top priority, and that’s why we strive to arm our clients with the tools and knowledge they need to safeguard their data.

Here are some important steps you can take to reduce your risk from potential threats.

Turn on Two-Factor Authentication

Two-factor authentication, or 2FA, adds an extra layer of protection for your sensitive data. To enable 2FA on your BlockFi account, simply:

Log in to your BlockFi Dashboard.
Click on your name at the top right of the screen.
Select “Profile Settings.”
Click the “Security” tab and navigate to the “Two-Factor Authentication” section.
Click the “Enable 2FA” button to get started.

Next, you should follow these step-by-step instructions to complete the process:

Using the Google Authenticator app, please scan the QR code or manually input the authenticator token code.
For your security, write down your auth token and store it in a safe place. If you lose access to your account or get a new phone, this token will help you regain access to your BlockFi account.
Once it’s written down, click the “I Saved My Auth Token” button. A 6-digit input field will appear below the button.
Google Authenticator will generate a 6-digit BlockFi verification code. A new code will generate every 10 seconds.
Input the BlockFi verification code from the authenticator app into the “Enter Google 2FA Code” field.

Enable Allowlisting

Within your BlockFi account, you have the option to add crypto wallet addresses to the Wallet Address Book. This allows you to pre-select from frequently used crypto wallet addresses when withdrawing.

If you’d like to add another layer of security to your BlockFi account, you can enable Allowlisting. When enabled, you can only withdraw to addresses that have been added to your Wallet Address Book. If you don’t have any addresses saved, it allows you to maintain a ban on all withdrawals.

Here’s what you need to do:

Log in to your BlockFi Dashboard.
Click on your name in the upper right corner.
Select “Profile Settings” from the drop-down menu.
Within “Settings,” select the “Wallet Addresses” category.
Select “Manage Settings” to enable Allowlisting.
Enter the 6-digit code sent to your email.
Once Allowlisting is enabled, you will receive an email confirmation.

Please note: You cannot request withdrawals for 7 days after enabling Allowlisting. After the 7-day window, you’ll only be able to make withdrawals from the wallet addresses you’ve added to your Wallet Address Book. Additionally, when Allowlisting is enabled, there will be a 7-day waiting period before you can make withdrawals to all newly added wallet addresses.

What We’re Doing to Keep You Protected

We’re also doing our part to keep you safe and secure. Whenever a threat to the BlockFi platform is detected, we immediately take action to eliminate the vulnerability.

It takes an average of six months for a company to detect that a data breach has occurred. But at BlockFi, we pride ourselves on our vigilance and our ability to anticipate, spot, and shut down any breach as soon as it happens.

Working together, we can ensure that threats are contained and the entire BlockFi community stays safe. Learn more about our full suite of security measures here.

Last updated on February 3rd, 2021

As of February 14, 2022, the BlockFi Interest Account (BIA) is no longer available to new clients who are US persons or persons located in the US and existing US clients with BIA accounts are unable to transfer new assets to their BIAs. Learn More.

BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access

BlockFi Trading LLC NMLS ID#1873137 | NMLS Consumer Access

Digital currency is not legal tender, is not backed by the government, and crypto accounts held with BlockFi are not subject to FDIC or SIPC protections. Digital currency values are not static and fluctuate due to market changes. Not all products and services are available in all geographic areas and are subject to applicable terms and conditions. Eligibility for particular products and services is subject to final determination by BlockFi. Rates for BlockFi products are subject to change.

BlockFi Rewards Credit Card: For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.

BlockFi International Ltd. holds a Class F digital assets business license under the Digital Assets Business Act, 2018 (as amended) and is licensed by the Bermuda Monetary Authority to conduct the following digital assets business activities: (i) issuing, selling or redeeming virtual coins, tokens or any other form of digital assets (ii) operating as a digital asset exchange (iii) providing custodial wallet services (iv) operating as a digital asset derivative exchange provider and (v) operating as a digital assets services vendor.

See blockfi.com/terms for more information.

BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access

BlockFi Trading LLC NMLS ID#1873137 | NMLS Consumer Access

See blockfi.com/terms for more information.

Be the Frontline: How to Keep Yourself Safe from Cyberattacks

Share article

Share article