As cryptocurrency trading becomes more widespread, security professionals worldwide have seen hackers grow more inventive and relentless in their attempts to steal assets. While this may appear frightening at first, the good news is that you can significantly increase your digital security by following a few simple actions. This will help you safeguard your assets on multiple crypto platforms, but it will also help you protect the rest of your digital life!
Usually, an “account takeover,” or “ATO,” occurs when someone gains access to one of your accounts to engage in fraudulent activities. But how did these con artists gain access to your account in the first place? A “SIM-swap” is one popular way.
The tips below will enable you to preserve your cryptocurrency, regardless of the complexity of the tactics used to breach your digital wallets and steal/transfer crypto assets.
Choose a Cold Wallet
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Even with the recent popularity of online wallets and favorable customer reviews like Dacxi reviews, cold wallets have a principal advantage. Unlike hot wallets, they are not connected to the internet and hence are not vulnerable to cyberattacks. Keeping your encryption information in a cold wallet, also known as a hardware wallet, is the safest since these wallets are encrypted.
Bitpoint, a Japanese exchange, discovered an unauthorized $32 million withdrawal from their hot wallet in several cryptocurrencies targeting over 50,000 customers in 2019. Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple were among the five cryptocurrencies kept on the exchange’s hot wallet. Yet, the company said the event had no impact on their cold wallet or cash reserves.
Regularly Change Passwords
According to research, three-quarters of millennials in the United States use the same password on more than ten different devices, applications, and social media accounts. According to the report, most of them also used the same password in over 50 other sites. Make sure you have a strong, complicated, and difficult-to-guess password that you update regularly. If you have many wallets, use different passwords for each.
Opt For 2-factor Authentication (2FA)
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When two-factor authentication is available, use it in addition to solid passwords (2FA). Always utilize the most vital type of 2FA supported by the platform, ideally a Yubikey or comparable hardware security key.
If your service provider doesn’t accept YubiKey, instead of SMS-based 2FA, use an authentication tool like Google Authenticator or Duo Security.
In an organization does not provide these alternatives, you should not use them.
Use a Password Manager
It is essential that your passwords are at least 16 characters long, exceedingly complicated, and unique for each account. While this is difficult to accomplish on your own, password managers such as 1Password or Dashlane may help you establish and memorize your passwords.
Do you have a password that has been revealed as a result of a third-party data breach? Have you been pwned? Visit haveibeenpwned.com/Passwords to determine whether you’re using a hazardous password.
Use Smart Security Tactics
When it comes to securing your accounts, it’s vital to play defense with the correct security tools, but it’s also crucial to keep cautious in the wild. Here are some pointers:
Make Sure You Don’t Become an Easy Target.
Don’t talk about your bitcoin holdings on social media any more than you’d brag about receiving $50 million. With this simple adjustment, you may evaluate your internet presence.
Don’t Be Fooled by Tricks.
Hackers masquerading as tech support, including bad actors acting as crypto platform customer service, may pressurize you for account information. Credible platforms will never request passwords, two-factor authentication codes, PINs, or remote connections to your computer.
Also, trustworthy crypto platforms will never demand the creation of test accounts on other platforms or send your ID or financial information via email or social media. So, for example, we don’t have a Facebook support chat option, and we’ll never call you.
If someone contacts you and you’re not sure if it’s a fraud, you may send an email to your platform to double-check. And keep in mind that Microsoft, Google, and Apple will never call you to inquire about your machine.
Don’t Fall Prey to Phishing.
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In the bitcoin industry, phishing attacks using harmful advertising and emails are common. Therefore, when performing crypto transactions, be cautious and avoid any questionable or unknown links.
In a recent bitcoin theft, the cyber organization “CryptoCore” used spear-phishing tactics to target cryptocurrency exchanges. Since 2018, attackers have targeted organizations in the United States and Japan, stealing cryptocurrencies worth $200 million in two years. Before launching a spear-phishing assault, CryptoCore conducted a reconnaissance phase to identify the email accounts of the cryptocurrency exchange’s workers and security executives, according to ClearSky.
Crosscheck URLs
Scammers construct spoof sites that appear to be legitimate exchanges but are meant to steal account information. Double-check the URL address before logging into your account or entering any of your credentials.
If we send you an email with a link, copy the URL and paste it into a text editor before pasting it into your browser to ensure you know where you’re going.
While the different crypto-asset platforms have made great efforts to safeguard their environments, everyone must know their part in keeping the chain safe and secure.
Conclusion
The cryptocurrency sector is constantly changing, and it is your sole obligation to safeguard your digital cash by protecting your wallet with the necessary security features. Keep up with the most recent security news, attack methodologies, and defense measures.