We now have basic Two Factor Authentication (2FA)

We’ve heard you loud and clear! Two Factor Authentication is a critical security aspect, particularly in the Bitcoin world. Your security is our top priority, so we’ve expedited the introduction 2FA into our platform. This is just basic two factor authentication, but we will continue to improve the use of two factor authentication in order to maximize your security.

Here is a basic walk-through of how to enable two factor authentication.

Start by logging into your profile and going to the Settings page. You will now see a check box for two factor authentication:

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Click on the check box and click Update to submit the form. The page will reload and you will now be prompted with the two-factor authentication QR code. We use Google Authenticator for two factor authenticator, so you will have to download the app in order to be able to use 2FA. As a security measure, you must also verify your phone number in our Verification Center in order to guarantee that you have a backup option in case you don’t have access to Google Authenticator.

Note: you will not be able to use Two Factor Authentication unless you have verified your phone number!

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After you’re presented with the QR code you need to scan it with the Google Authenticator app on your device. Once it’s scanned, you should see our URL https://bitlendingclub.com show up in your Google Authenticator with a 6 digit secret confirmation key which is refreshed every 30 seconds.

 

The next time you login you will still have to enter your password.

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You will then be prompted to enter the secure code. Open your Google Authenticator and type in the secure code which is currently displayed by Google Authenticator. If you don’t have Google Authenticator, then you can send an SMS via the “Send sms” button. This will send the secure code to your mobile device via SMS.

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There you have it! Two factor authentication with Google Authenticator or SMS! Now, be careful! We want to warn you that if you don’t have your Google Authenticator or you change your phone, then you’ll have a tough time getting into your account (to put it mildly).

And finally, a big Thank You from the entire BitLendingClub team. We appreciate your support and we look forward to delivering more high quality solutions to you and your friends!

BitLendingClub development and security practices

I know that people are concerned about their funds right now and the last thing they want to hear is how great BLC is. However, we know that these questions will be asked any minute now, so I figured I’d let everybody know how we do things here ahead of time.

Due to the recent events at BTCJam, namely reports of user’s wallets showing balances of 0, we wanted to make sure that we reassure our customers here at BitLendingClub (www.bitlendingclub.com) about the procedures we take to reduce the number of bugs and their severity:

1. We do not push any code to production directly.
2. Our developers unit test their code.
3. We have a QA environment on which all of our code gets tested by our QA staff.
4. We have a UAT (User Acceptance Testing) environment which is used for testing by a select group of users.
5. After the software passes all 3 steps of testing (Unit, QA and UAT), we then push it out to production.

This minimizes the number and the severity of bugs which can occur on our system. When it comes to your funds:

1. We have implemented a cold storage solution which holds 95% of the funds.
2. The hot wallet is encrypted, backed up daily and hosted on a server separate from our web server.
3. The server hosting the hot wallet is limited to accept connections only from our web server.
4. All of our servers are protected by Incapsula.
5. We are hosted the AWS Elastic Compute Cloud (EC2).
6. We process all of the withdrawal requests manually, so there is no chance unauthorized withdrawals.

Two factor authentication will be enabled within the next 24 hours. Your safety and security are our top priority!
Best Regards,
Kiril Gantchev
CEO of BitLendingClub
www.bitlendingclub.com

Verification process – walkthrough

We do many things to ensure that we are featuring mostly high quality borrowers.  Most of all, we have very strict verification process.  Verification helps increase trust and safety in our community. Investors can feel more confident doing business with verified borrowers, who are more likely to be legitimate and trustworthy. By having stricter verification requirements, the risk for investors is lowered and that allows them to offer lower interest rates.

Take a look at our requerments for the document:

Main rules for all documents:

  1. The submitted documents must be in English or they must be accompanied by an appropriate translation.
  2. Only high resolution images are accepted.
  3. The document must be upright.
  4. All documents must be viewable in their entirety (i.e. no partial views).
  5. We do not accept screenshots.

ID VERIFICATION

We only accept government issued identification documents, such as a driver’s license, ID card or passport.

Before you submit a document please check if the document is valid( take a look at the expary date).

 ADDRESS VERIFICATION

  1. The acceptable documents for address verification are utility bills, phone bills, government issued letters, etc.
  2. The address should show the current address of the user.
  3. The document must not be older than 3 months.
  4. The document should display the user’s name.

INCOME VERIFICATION

  1. If you’re employed, then we’ll need you to upload your 3 most recent paycheck stubs.”
  2. “If you’re self-employed, then please submit any proof of contracts, receipt of papal, bitcoin, or any other income. The admin will evaluate them and will let you know if they’re sufficient or if we need more info.”
  3. “If you’re unemployed, then you don’t need to verify any additional information.”

For lending purposes you don’t need to complete the verification process at all.  Just register, deposit Bitcoins in your account and you are ready to lend.