Main Takeaways:
Binance’s risk control team has implemented rigorous platform measures to protect user accounts from being compromised. These include optimizing cookie logout frequency and adding verification steps for abnormal transactions, which could help provide critical warnings and protect user funds.
In addition, our security experts recommend that users implement a set of proactive steps that can help them avoid falling victim to malicious browser plugin attacks. Users should avoid the installation of third-party plugins in their browsers, logging out of apps and extensions that have access to funds and financial accounts promptly, and using the official Binance app and website.
Binance also encourages the community to participate in our Bug Bounty Program, which relies on crowdsourcing and a reward system to help raise awareness of potential threats early.
Browser plugins are widely used to enhance online experience, streamline workflows, and add functionality when accessing the Web. However, not all plugins are benign, as some get weaponized by criminals and thus can pose significant security risks. This article explores the potential dangers of malicious browser plugins and provides the community with tips to protect themselves from such attacks.
The Hidden Dangers of Browser Plugins
Web browser plugins, also known as extensions or add-ons, are programs designed to be integrated into web browsers to provide additional features and functionalities. While many plugins are legitimate and useful, others can be malicious. Malicious plugins can:
Steal Sensitive Information: Some plugins can capture keystrokes, track browsing activity, and steal login credentials.
Inject Malicious Code: Plugins can inject malicious scripts into web pages, leading to phishing attacks or malware installation.
Hijack Sessions: Malicious plugins can hijack your login sessions, allowing attackers to access your accounts as if they were you.
Tamper with Your Address: Malicious extensions can read and write clipboard content, which can result in tampering with your deposit/withdrawal address on Binance or other financial platforms and services, potentially causing the loss of funds.
Risk Control as a Cat and Mouse Game
Risk control measures are always a balancing act that requires finding the optimal ratio of security and convenience. Insufficiently strict measures can threaten user asset security, while overly strict processes can harm user experience. Thus, risk control is a kind of a cat and mouse game between attack and defense where safety measures are rebalanced in response to evolving threats. Considering the risks posed by malicious browser attacks, Binance’s risk control team takes the following measures to enhance user protection:
Increased Cookie Logout Frequency and Verification Steps: The team adjusts cookie logout frequency based on user scenarios, increases verification frequency for plugin operations and cookie authorization, and adds necessary security verification steps according to specific circumstances and user profiles.
Double Confirmation for Sudden Price Fluctuations: We implement double confirmation using big data-powered alerts and manual verification for scenarios that involve sudden price fluctuations.
Supplement Risk Control Rules with 2FA Verification: Transactions that appear abnormal trigger two-factor authentication before they are processed.
How to Protect Yourself
As the cryptocurrency industry evolves, scams and hacking methods are becoming increasingly sophisticated. Users need to constantly enhance their security awareness and remain vigilant in the face of the ever-emerging security threats. To avoid falling victim to malicious plugin attacks, users should consider the following measures:
Limit Plugin Use: Only install plugins that are absolutely necessary and reliable. The more plugins you install, the higher the risk of encountering a malicious one.
Verify Plugins: Before installing a plugin, research it thoroughly. Check reviews, developer information, and permissions it requests. Avoid granting unnecessary access permissions.
Regularly Review Plugins: Periodically review and remove plugins you no longer use. This reduces the potential attack surface.
Keep Software Updated: Ensure your browser and all installed plugins are up to date. Developers frequently release updates to patch security vulnerabilities.
Use Security Tools: Utilize antivirus and anti-malware tools to detect and prevent malicious activity.
Isolated Profile: Create a separate browser user profile to log in to DAPPs, and do not install any plugins on that profile.
Immediate Logout: For any apps involving funds, remember to log out of the website immediately after use. Don't leave cookies active just because you want to avoid re-entering your password.
Incognito Mode: Open websites in incognito mode and disable all plugins.
Extra Privacy for Financial Apps: Use a dedicated device for financial operations.
App Settings: Set up financial apps to log out immediately after a few minutes of inactivity (as many traditional banking apps do).
Binance’s Bug Bounty Program
In March 2019, Binance launched its Bug Bounty Program, which crowdsources the early detection of potential threats and rewards participants. The program has proven to be invaluable for enhancing Binance’s platform security systems. Root cause analysis of identified vulnerabilities helps us avoid similar risks in other existing or developing products, and any incident contributes to enhancing Binance’s risk control and security.
Binance remains staunchly committed to user protection. Platform security and risk control measures are continuous battles requiring substantial and continuous investment. As the industry leader, Binance will continue to build and enhance security tools and defenses to protect users and their assets.
Further Reading
The Binance Antidote: Protecting Users From Address Poisoning Attacks
Crypto Security Intelligence: How to Identify and Avoid Fake Binance Launchpool Tokens
X Account Compromises in Crypto: From Individual to Industry Implications