Mt. Gox boosts security with one-time password card

Mt. Gox boosts security with one-time password card

Bitcoin exchange Mt. Gox has moved to address security concerns by introducing a physical one-time password (OTP) generating card for users.

Mt. Gox members who fork over $39.99 for the battery-powered card, link it to their accounts on the exchange's security centre. The card can then be added as an option needed to log in, make withdrawals or access the security centre.

Each time the member attempts to carry out an action protected by the card, they have to use it to generate a password, which appears in a small screen and is entered into the Mt. Gox site.

Says the exchange: "With Bitcoin prices at record highs you can never be too careful with maintaining account security. Malicious parties can compromise your login information if you aren't careful, but by using a one-time password (OTP) you can prevent anyone from being able to use that information to access your account."

The Japan-based exchange has also tweaked its trading interface and negotiated a deal with its bank in Poland that sees its limit for Sepa withdrawals doubled.

Meanwhile, Mt. Gox is trying to take advantage of the e-commerce gold rush currently underway by ditching its trading fees from today -Black Friday - through to Cyber Monday.

Retailers are also hoping to make the most of virtual currency's new-found prominence this weekend, with more than 400 signing up to a dedicated 'Bitcoin Black Friday' Web site.

Finally, Mt. Gox has launched a site dedicated to providing information on bitcoin to the hordes of novices rushing to bone up on the currency that has been plastered over newspapers in recent days as its value soared past the $1000 mark.

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