RocketWallet Features Recovery Support System for Fund Loss

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RockWallet has set in motion a new easy-to-use self-custodial mobile wallet equipped with a smooth interface, state-of-the-art security and key storage for customers to have the ability to send, store, receive and buy popular digital assets such as ETH, BTC and BSV. 

A multi-currency crypto wallet that is built on the proven BRD open-source code used by millions since 2014, RockWallet conveniently features fingerprint authentication/facial recognition and a recovery-phrase-based security measure. What stands out is its recovery support system that will help users in cases of fund loss due to hacks and other security breaches. 

A Strong Recovery Support System

As crypto theft continues to be prevalent, with about $2 billion worth of cryptocurrencies stolen just in the first half of 2022, RockWallet strove to provide its users recovery support whenever this type of incident occurs. 

In case a user’s crypto wallet is hacked, RockWallet urges users to call or contact its customer support as soon as they can. During the process, the user will be asked specific information about their case and must provide the type of suspicious transaction, the amount that is missing or stolen, and the time and date of the transaction.  

RockWallet’s Support will then act according to the recommendation of its team of experts to trace the hackers and, hopefully, return the lost assets. While there is no assurance that the user will ever get back its lost assets, RockWallet’s swift response and consequent investigation shall give its customers the peace of mind that at least there is a chance to get back what was stolen from them. 

To prevent crypto theft, RockWallet warns users against installing apps outside of the official Apple App Store or Google Play Store, since they may contain malware designed to log in and steal users’ personal information, such as usernames and passwords. Additionally, the user is advised to utilize a distinct PIN that is not used for any other app or service.

RockWallet’s Other Security Features

Users are also given the option to enable fingerprint identification and facial recognition on their RockWallet apps. These serve to provide users instant access to their wallet without having to enter a pass code. RockWallet strives to make everything easy yet secure in this day and age where people are high on instant gratification.

And like most other crypto wallets, RockWallet also relies on a recovery phrase as a security measure when recovering an account. It is a password-like string of 12 randomly generated words that is stored in the account’s underlying code. It is recommended for the user to write the recovery phrase down and store it safely where it is not accessible to anyone else. 

Because RockWallet is a self-custodial crypto wallet, the company has no access to its users’ recovery phrases and cannot help them access locked funds if the recovery phrase has been lost. The entire crypto wallet will become inaccessible without the recovery phrase. Hence, extra care should be given in storing it.

To make users more confident in using RockWallet, the company has registered in the Financial Crimes Enforcement Network (FinCEN) in the United States. Hence, it is subject to regulation oversight, further adding another layer of protection to the crypto wallet’s system.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.