Security
Published on: Feb 23, 2024
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In Brief
Learn how passkeys enhance security for Trust Wallet SWIFT users. Discover how passkeys work and how to recover your wallet using one.
In this guide, you’ll learn why passkeys are important, how to create a passkey for your SWIFT wallet, and how to recover your wallet in the event that you lose your device, wallet or cloud account.
Key Takeaways:
In Trust Wallet SWIFT, a passkey is used instead of a password or 12-word secret phrase to secure and recover your wallet.
Your passkey is linked to your iCloud or Google account.
Passkeys are end-to-end encrypted so Apple, Google and other third-parties can’t read them.
To access Trust Wallet SWIFT ensure you have the most updated version of Trust Wallet, and use these instructions to get started.
What Are Passkeys and How Are They Used in Crypto Wallets Like SWIFT?
Passkeys offer an alternative to traditional passwords and cryptographic secret phrases, delivering quicker, simpler, and more secure access to websites, as well as apps like Trust Wallet SWIFT, across various devices. Based on FIDO Alliance (which includes Google, Apple, Microsoft, and more) and W3C standards, passkeys operate through the use of cryptographic key pairs. The private key is securely stored on your device or in a password manager and verifies your identity, while the public key is communicated to the app or website's server. This allows for immediate setup and access to your accounts.
With Trust Wallet's SWIFT feature, a passkey replaces the traditional password or 12-word secret phrase for wallet protection and recovery. This eliminates the need for users to remember or manage these complex passwords and phrases, which can be easily lost, forgotten, or compromised. The main advantage here is the simplified access and recovery process, ensuring the security of your data and assets.
The Benefits of Passkeys
Passkeys come with key benefits including ease-of-use and safety. Additionally, in the case of Trust Wallet SWIFT, Passkeys take the complexity out of managing and recovering your wallet. Passkeys allow you to access and recover your wallet without needing a password or a 12-word secret phrase. You just need to use your fingerprint, face recognition, PIN, or swipe pattern to verify your identity and create a passkey. This is revolutionary for Web3 because often, people new to the space are sidelined by the complexity and risk of managing secret phrases.
The Benefits of Using Passkeys
End-to-end encryption: Passkeys are end-to-end encrypted, meaning that not even Apple and Google can access them. This ensures a secure, private connection between an individual and your app or website.
Improved security: The security is enhanced because each key is uniquely associated with the app or website for which it was created. This prevents accidental sign-ins to fraudulent apps or websites. Furthermore, with servers only storing public keys, the likelihood of hacking is significantly reduced.
Strong credentials: Passkeys are inherently robust. They cannot be guessed, reused, or compromised.
Safe from server leaks: Since servers only store public keys, they are less appealing targets for hackers.
Safe from phishing: Passkeys are directly linked to the specific app or website they were created for, eliminating the risk of being deceived into using a passkey on a fraudulent app or website.
Convenient storage and backup options: Passkeys can be stored in your browser (Chrome), on Apple, Google, or Microsoft devices, in a password manager, or on iCloud/Microsoft/Google cloud. With Trust Wallet SWIFT, the passkey is stored under "Passwords" within your Settings for Apple iOS devices, and in your Google Password Manager for Android devices.
Generally speaking, Passkeys can be stored in your, Browser (chrome), Apple, Google, or Microsoft device, Password manager, iCloud/Microsoft/Google cloud. With Trust Wallet SWIFT passkey is saved under Passwords within your Settings for Apple iOS devices, and to your Google Password Manager for Android devices.
Creating a Passkey for Your SWIFT Wallet
A passkey is automatically created when you create a SWIFT Wallet. Passkeys are encrypted digital keys which you create using your fingerprint or face biometrics. The process is seamless and the passkey is securely saved to your password manager so you can access or recover your SWIFT wallet from other devices.
Where are SWIFT Wallet Passkeys Stored?
Your passkey is associated with the iCloud or Google account you're signed into when creating your SWIFT wallet.
For Apple devices: Your SWIFT wallet passkey is saved under Passwords within your Settings.
For Android devices: Your SWIFT wallet passkey is saved to your Google Password Manager.
We don’t recommend editing or deleting your passkey. If you do, you could lose access to your wallet and all funds.
Note on Apple devices: Ensure your Password and Keychain is turned “ON”. This will ensure your passkey is saved to your iCloud account, making recoverability possible on other devices. To do this, go to:
Settings → Your Name → iCloud → Password and Keychain (turn this ON)
Frequently Asked Questions
Why use passkeys instead of a secret phrase or password?
Passkeys are more secure than passwords and safer than traditional secret phrases. This is because they are less vulnerable to phishing attacks, and less prone to getting lost—as they are associated with your device and biometric data.
Passkeys are protected on your device by your fingerprint or face biometrics, and uses your cloud account to sync across devices you sign into with your cloud account. This makes your SWIFT secure and recoverable. In short, passkeys streamline access and recoverability to your SWIFT wallet.
What happens if I lose access to my device or my iCloud/Google account?
If you lose access to your device, you can recover your SWIFT wallet on another device as long as you have access to your iCloud or Google account. If not, please use the recovery process for Apple or Google, and be sure to follow up with their appropriate support teams for assistance.
Can I import a wallet from my Apple device to an Android device and vice versa?
Not currently, as passkeys created on either Apple or Android devices are not cross-ecosystem compatible. Apple and Google are reported to be working on a solution, however, until then users would have to use the identical ecosystem they used for creation to import the wallet.
Where is the passkey stored on my device?
For Apple devices: Your SWIFT wallet passkey is saved under saved Passwords.
For Android devices: Your SWIFT wallet passkey is saved to your Google Password Manager.
Do I need to back up my passkey?
Your passkey is automatically saved to your device's password manager, so they are backed up by default. You can however, take further steps to export your passkey on Android or share passkeys from iCloud Keychain with your trusted contacts—keeping in mind that only your biometrics can decrypt your passkey, keeping it safe.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.
