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Making your crypto portfolio even more secure

14 January 2022

Recovery phrase and withdrawal PIN
Julien Deray Engineering Manager

Julien Deray

Engineering Manager

We are excited to share that we will be upgrading the security of the SwissBorg app! As of 17th January, 2022, we will be implementing PINs for withdrawals, and in the coming weeks we will re-enable recovery phrases.

These features build upon our app’s existing high-level of security, which achieved excellent results in our 2021 penetration tests.

Re-enabling recovery phrases

We temporarily disabled the generation of recovery phrases to prevent money laundering at a time when fraudulent activity was on the rise. Fortunately, in late 2021 we also made an upgrade to server-side PINs, which made the app more secure by increasing the difficulty of the recovery process and opening the door to more layers of security

Server-side PINs gave users the options of 4-digit, 6-digit or passcode-based PINs, and these PINs are now requested in the recovery process. Requiring a user’s PIN as well as a recovery phrase when recovering their accounts makes it far less likely for accounts to be accessed for unscrupulous purposes.

For users who need to recover their accounts, or those who need to move their account from one device to another, they will now be able to do this without contacting the SwissBorg support team for manual support, which means they will be able to recover their account faster.

Implementing withdrawal PINs

Requiring a PIN for withdrawals has been a much-requested feature from our community, as this is a feature they have seen in other apps.

What this means is that, in the rare instance where someone might get access to a user’s phone with the app open, they will not be able to withdraw any funds without first inputting the PIN.

This acts as a form of two-factor authentication (2FA), where you need to input a code in order to perform a significant action in the app (making a withdrawal).

The best part? You won’t need to do anything to activate this feature - once the update is released on 17th January, you will automatically be prompted for a PIN the next time you withdraw.

Try the SwissBorg app today!

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