In my previous post, I explained the advantages and disadvantages of Luno platform. Today, we are going to look at whether Luno is safe or not.
Should I trust Luno app with my investment? Can you lose money with your Luno? Is Luno safe to invest in? These are some of the frequently asked questions about Luno.
Note that, I am not going to give a review of whether or not Luno is a legit platform. As someone who eve used Luno, I am only going to explain why Luno is safe, and why you should trust it.
Is Luno Safe?
Here are some of the reasons you should use Luno, and why the platform is generally considered a reliable and secure crypto platform:
Security Measures
- Two-Factor Authentication (2FA): Luno offers two-factor authentication as an additional layer of security for user accounts. By enabling 2FA, users must provide a secondary verification method, such as a code sent to their mobile device, in addition to their password when logging in or performing certain actions.
- Cold Storage: The majority of users' cryptocurrency funds on Luno are stored in offline cold storage wallets. Cold storage keeps assets disconnected from the internet, making them less vulnerable to hacking attempts or unauthorized access. Only a small portion of funds required for day-to-day operations are kept in online hot wallets.
- Encryption: Luno employs industry-standard encryption protocols to protect users' personal information and sensitive data. Encryption helps secure communication between users' devices and the Luno platform, preventing unauthorized access or interception of data.
- Monitoring and Alerts: Luno continuously monitors its systems for suspicious activity and potential security threats. Automated alerts notify the security team of any unusual behavior or attempted breaches, allowing for prompt investigation and response.
- Regulatory
Compliance: Luno complies with regulatory requirements in the
jurisdictions where it operates, implementing measures such as Know Your
Customer (KYC) and Anti-Money Laundering (AML) procedures to verify user
identities and prevent illicit activities.
User Education and Awareness
- Security
Resources: Luno provides users with educational resources and security
best practices to help them protect their accounts and assets. These
resources may include articles, guides, and FAQs covering topics such as
password hygiene, phishing awareness, and safe storage of cryptocurrency.
- Email
Notifications: Luno sends regular email notifications to users,
reminding them to review their account activity, enable security features
like 2FA, and stay vigilant against phishing attempts or suspicious
emails.
Continuous Improvement
- Security
Audits: Luno conducts regular security audits and assessments to
identify vulnerabilities in its systems and processes. External security
firms may be engaged to perform penetration testing and other assessments
to ensure the platform's resilience against potential threats.
- Bug
Bounty Program: Luno operates a bug bounty program that incentivizes
security researchers and ethical hackers to report any vulnerabilities or
weaknesses they discover in the platform. By rewarding individuals for
responsibly disclosing security issues, Luno can proactively address and
mitigate potential threats.
Industry Reputation and Trust
- Transparency:
Luno maintains transparency with its users by openly communicating about
security incidents, system updates, and improvements. Transparent
communication helps build trust and confidence among users, demonstrating
Luno's commitment to their security and well-being.
- Community Feedback: User feedback and reviews can provide valuable insights into Luno's security practices and overall reputation. Positive reviews and endorsements from satisfied users can indicate a strong track record of security and reliability
As you can see, Luno is safe for all users. The platform is secure, provides users education and awareness, positive reviews from Google play store, and many other factors. You can use Luno without fear of losing funds.