Daily Crypto, Finance, and Tech News Summary – December 22, 2023

Join the newsletter

700+ people get the latest insights, news, offers + more

(By subscribing you agree to receive news + marketing emails, but we won’t spam or sell your data!)

Welcome, and thank you for being part of the MyZucoins community! Let’s get into an interesting piece of crypto, finance, or tech news to stay ahead.

This is the final newsletter for 2023! Thank you to all MyZucoins readers—your feedback, comments and recommendations have been incredible. Wishing you an excellent and safe Christmas and New Years break. See you in 2024!

Security cameras watching a group of people eating at a cafe, people entering the pin code to unlock their phones

Apple’s New iPhone iOS 17.3 Security Setting Helps Keep Thieves Out Of Phone Data And Accounts

For the ~50% of people with an iPhone in countries like the USA, UK and Australia, this new feature helps secure certain data on your phone, if your device is stolen.

Apple is aiming to introduce Stolen Device Protection in the next version of iPhone’s iOS 17.3, adding robust security against thieves who learn your passcode.

This feature requires Face ID (3d face scan) or Touch ID (fingerprint unlock) for certain actions, like viewing passwords stored on the Apple password manager (iCloud Keychain) or applying for certain Apple services.

Previously, thieves could observe a person entering their PIN code and steal an iPhone, gaining access to personal and financial information from the apps on that person’s phone.

With this feature, even knowing the passcode won’t suffice; biometric verification is mandatory for sensitive operations.

For critical changes like altering Apple ID or iPhone passcode, or disabling “Find My” (track the location of a stolen device), the process is stricter in unfamiliar locations.

Verification involves a double authentication step with a one-hour interval in between.

Apple’s spokesperson highlights this as an advanced layer of protection in rare but serious theft scenarios.

This security update aims to deter iPhone theft and safeguard users’ digital lives more effectively. Read more here.

More On This Topic:

PIN Codes with the Zucoin Wallet App?

Ledger’s supply chain attack steals $600K+ from crypto wallets.

AI needs to be decentralized for the same reasons money does. It also creates security risks.

Explore the major Atomic crypto wallet security breach.

Mastercard’s perspective on crypto: Security and usability are problems.

How Does This iPhone Update Help Secure Your Zucoin Crypto Wallet?

There are many issues with PIN codes in public places.

Entering a PIN code to unlock your phone or change an important setting, for example, could and often is captured on CCTV security cameras or seen by a nearby thief.

Many security cameras installed in recent years are high-definition video, often 1080p and sometimes up to 4k resolution.

This means the security footage has a clear picture of the PIN code you’ve entered to unlock your phone.

What’s more, security cameras often have poor security themselves and are commonly used as an entry point into networks.

So not only could a premises capture your private unlocking PIN code on your phone, but hackers could also have infiltrated those cameras.

There are still upsides to using only a PIN code to unlock your phone, in certain circumstances.

In countries such as Australia, a warrant is required by law enforcement officers for non-serious phone unlock requests.

One of the key changes Apple made is requiring a person to verify again, after an hour, to confirm those changes permanently.

This time-delayed confirmation is well thought out.

Most public thefts happen in seconds and the thief vanishes with your belongings.

If your phone was unlocked when the thief took your phone, they’d still need to know your old PIN code to apply the changes permanently.

While many apps on people’s phones are not locked and this would give the thief some time to pull data off these apps, it’s important to have this paired with other security features, like on-device encryption, locating and remotely locking (or wiping) stolen devices—both Google Android and Apple iOS smartphone devices have this feature.

It’d be great to see more abilities related to this on iPhone and Android devices, such as having the option to always require biometrics when unlocking your phone, at least in non-home locations.

Prevention is the best option.

When it comes to crypto, it’s best to never keep all your eggs in one basket.

Moving most of your Zucoins to an offline backup and only having a small portion of crypto on your phone at any given time, is a solid, albeit less convenient, strategy for safety.

It’s a reminder that security is a constant trade-off against practicality.

If you liked this newsletter, please forward it to someone who might like it too.

You can also donate here or even buy some Zucoins. Every little bit helps us improve.

What did you think of this newsletter? Reply to send us feedback on what you liked or want to see featured more. There’s more coming, so stay tuned.

All the best,

Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.