Korean cryptocurrency exchange Coinone is delivering biometric security to its users with a new iOS version of its app.
Like so many others, the app takes advantage of Apple’s Touch ID fingerprint authentication system, available on most newer iPhone models. But it also leverages Face ID, the infrared facial recognition system of the iPhone X, allowing users with those devices to log into their accounts just by looking at their phones. And to make these authentication measures even more secure, Coinone adheres to a policy of one device per account, so the biometric authentication has to come through a trusted device.
Still, given concerns over theft in the bewildering new landscape of cryptocurrency, is Apple’s biometric security strong enough to prevent hacks? Apple has claimed that Face ID is accurate to one in a million users, a significant improvement over Touch ID’s error rate of one in 50,000; but a team of security researchers announced last November that they had successfully spoofed the Face ID system using a mask based on a registered user’s face. Then again, the hackers’ method involved a 3D scanner and printer, paper, makeup, a certain level of expertise, and a lot of access to the subject’s face, and so it’s unlikely to be applied to the common Coinone user.
Plus, given what’s happened to BitCoin values over the past month, hackers may not be too interested in taking the time to break into these accounts anyway.