In the case of loss of the word phrase, it is strongly advised to transfer your funds to a new wallet, which is properly backed up. Bitcoin block explorer example: Blockchain. A wallet does not store any coins. Apps like Google Authenticator offer greater security for 2FA and are the preferred way by many people for securing their online profiles. Hackers are using social engineering techniques to hijack the phone numbers of victims from their carriers. The best way to start buying coins is by opening a wallet with one of the large cryptocurrency exchange websites. Truth be told, it would be quite tough to find a security complaint on online forums and other Blockchain wallet reviews.