A user lost $650,000 by using iCloud Backup for Wallet. This is a cautionary tale for all users who are looking to store their sensitive information in the cloud. The user was able to restore his wallet from iCloud after losing his phone, but he did not have two-factor authentication enabled. As a result, someone was able to hack into his account and steal all of his money. If you are going to use cloud storage for your sensitive information, be sure to enable two-factor authentication.
Background
The user, who goes by the name of “thomasb” on Reddit, says that he lost his iPhone while traveling in Thailand. He was able to restore his wallet from iCloud, but he did not have two-factor authentication enabled. As a result, someone was able to hack into his account and steal all of his money.
Thomasb says that he is not sure how the hacker was able to gain access to his account. It is possible that they were able to guess his password or that they used some type of phishing attack. Either way, this is a cautionary tale for all users who are looking to store their sensitive information in the cloud.
If you are going to use cloud storage for your sensitive information, be sure to enable two-factor authentication. This will help to protect your account in the event that your password is guessed or stolen.
What is iCloud Backup and how does it work?
iCloud Backup is a feature that allows you to backup data from your iOS device to Apple’s servers. This includes app data, contacts, calendars, documents, and more. iCloud Backup happens automatically when your device is connected to Wi-Fi, plugged into a power source, and has enough battery life. You can also manually trigger an iCloud Backup by going to Settings > iCloud > Backup. Once the backup is complete, you will be able to restore your data on a new or factory reset device by signing into iCloud and choosing which data you want to restore.
Benefits of having a e-wallet with a cloud backup
There are many benefits of having an e-wallet with a cloud backup. One benefit is that you can access your wallet from any device with an internet connection. This means that you can make payments and transfer funds even if you lose your physical wallet. Another benefit is that you can share your e-wallet with multiple people, such as family members or friends. This way, everyone has access to the same account and can see transactions made by other users. Finally, having a cloud-based e-wallet makes it easy to keep track of your spending and saving goals. You can set up budgets and view transaction history all in one place.
Drawbacks of having a e-wallet with a cloud backup
While there are many benefits to having a cloud-backed e-wallet, there are also some drawbacks. One drawback is that if your cloud account is hacked, all of your funds could be stolen. This is why it’s important to enable two-factor authentication and choose a strong password. Another drawback is that you may be charged fees for using a cloud-based e-wallet. Be sure to check with your chosen provider to see if there are any fees associated with their service. Finally, if the servers of your chosen provider go down, you will not be able to access your e-wallet or make any transactions. This is something to keep in mind when choosing a provider.
Conclusion
If you are looking to store your sensitive information in the cloud, be sure to enable two-factor authentication. This will help to protect your account in the event that your password is guessed or stolen. There are many benefits to having a cloud-backed e-wallet, but there are also some drawbacks. Be sure to weigh the pros and cons before choosing a provider. Thanks for reading!
