But what does that really mean? At ZenGo we strive to build a very simple and secure solution to store and manage your digital assets, but it is important to truly understand the security mechanisms powering the solution you are going to use, including its limits. It is also critical to understand what you can do to protect yourself from human error and other risks. Indeed, even with ZenGo there are things you can do to improve your safety and increase security.
Below, we’ll cover the topics you need to understand to help you be better protected with ZenGo.
2FA is a security process that requires setting up a second authentication factor. ZenGo’s security model is, by design, 3FA (3 Factor Authentication). Here are the 3 factors that we use to keep you safe:
Confirm when signing up with a magic link
Used to store a decryption code associated with your account in your personal cloud service
A securely encrypted mathematical representation of your face stored on our servers so that in case you delete the app or switch devices, you can still restore your account.*
By combining these 3 factors, as well as our cutting-edge, MPC-based cryptography, we’ve minimized the risk that comes with cryptocurrency storage. ZenGo’s Keyless security keeps you safe by eliminating a significant point of failure in crypto storage – the private key.
We also implemented a first of its kind guaranteed access solution – Chill Storage™,
which guarantees access to your funds even in extreme cases.
*The face scan is encrypted before reaching our servers.
As long as you have access to all 3 factors mentioned above, you will have access to your account.
The level of safety can be reinforced depending on how you set up and protect each one of your 3 factors. Keeping the 3 factors safe is critical, since losing access to any of the factors means you will not be able to restore your account.
Here’s what you should do to make sure that your 3 factors are safe:
If you lost access to one of your security factors you will not be able to recover your account on any device. However if you still have the original device with your ZenGo account on it, you can add/update the missing security factor on it (email, recovery file, face scan) and then restore it easily. You may also send your funds from your old original phone to a new account.
If your device is stolen or lost, here’s what you should do:
Here’s how you can increase the safety of your device and more generally of your online setup. These tips are not exhaustive but should already give you an edge:
Cryptocurrencies and decentralized finance services (also known as “DeFi”) are innovative and cutting-edge products. But innovation always comes with risks, and it is important to act responsibly when dealing with volatile assets and new technologies. There is no such thing as perfect security or a guaranteed return on investment: always exercise caution and stay alert while managing and investing in crypto assets.
Any site/app named after the “ZenGo” brand should be avoided, including: ZenGoTrades.com, ZenGoFX.com, and ZenGoInvest.com. Please be vigilant and avoid these services.
Any email that does not come directly from the ZenGo domain @zengo.com should not be trusted. Do not engage. If you are unsure, reach out directly to our in-app live customer support.
Only download ZenGo from the legitimate Google Play Store and iOS App Store.
These are some of the things that you should know or do to make your crypto journey safer. Improving your safety is an ongoing practice. Keep revisiting this page if you want to get the latest tips from us.
Updated: February 2022
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