In the 21st century, cybercrime has become possible because of the introduction of Internet technologies into our lives. Storing cryptocurrencies is no exception in this case. According to buidlbee.com, October 2022 has already entered the history of cryptocurrencies – 11 cyber attacks were committed on the markets.
In this article, you will learn how to protect your cryptocurrencies from most security threats.
Choose a Reliable Cryptocurrency Wallet
You can keep your digital currency in a variety of wallets, just like you can do with conventional currency. Each kind of cryptocurrency wallet has advantages and disadvantages. An outline of these sorts is provided below.
Hot wallets are those that are linked to the Internet, making them more susceptible to various online dangers. They are always accessible online, making it simple and quick to access money. Typically, trading platforms provide these wallets.
Cold wallets can’t be hacked because they are disabled. Those people that require really strong protection can choose this option. They typically take the shape of paper or hardware wallets.
The greatest qualities of hot and cold wallets are combined in warm wallets. Although they are available online, simple to use, and provide several services, the money is kept in cold storage.
Activate two-factor authentication (2FA)
A further security measure for your coins is two-factor authentication (2FA), commonly referred to as multi-factor authentication. The concept is straightforward: whenever you take a step that exposes your funds in danger, the software immediately asks for a secret key to verify the transfer. The special key is delivered to the email or telephone number connected to the profile.
Create strong passwords and codes
Regardless of the kind of blockchain wallet you utilize, the majority of them demand that you establish a password or PIN. Your initial source of protection is these codes, therefore creating them carefully is important.
Double-check websites, emails, and text messages
A cryptocurrency wallet can be hacked in a variety of ways. Phishing, a form of online fraud intended to get passwords or security keys from the user directly, is one of the most well-liked and effective types of attack. Hackers aim to get in touch with you via email, phone, or text messages in the guise of company personnel; this is also the simplest way for them to conduct a theft. They might attempt to obtain sensitive information about your wallet in this situation by claiming to be representatives of your stock or wallet company. Another illustration is when they get in touch with customer care and offer to provide your passwords or any other personally identifiable information to address a specific issue.
Do not believe the email’s logos and colors since hackers will stop at nothing to win your faith. Maintain the validity of this address at all times, and if in doubt, get in touch with the customer support team via the appropriate channels to confirm that you have received a call from an agent.
Use mobile Internet instead of public Wi-Fi
When you come to a cafe, you inquire about the Wi-Fi connection. But the ugly truth is that you will never discover who is behind this connection or what their aims are. There are risks associated with accessing a free Wi-Fi hotspot, particularly if you have a sizable amount of cryptocurrencies in your wallet. Take the required security measures if you plan to use a public Wi-Fi network to prevent hackers from accessing your cryptocurrency. Merely refraining from interacting with your cryptocurrency wallet or exchange profile while online is the easiest method to achieve this. The utilization of reliable networks is a further crucial factor. Additionally, pay attention to the encryption that the Wi-Fi service employs. Because it provides a greater degree of security than WPA and WEP, the WPA-2 protocol is chosen.
Use QR codes to share wallet addresses
The addresses of cryptocurrency wallets are not quite “friendly.” They are extremely difficult to recall because of their length and complexity. And criminals take advantage of them because of this. Hackers can rapidly update and enter the incorrect transfer address when you transmit it if your machine is infected with malware. Offline cryptocurrency transactions should be chosen to increase the security of your wallet. There is a technique to stop the transaction and restore the funds between wallet accounts.
Monitor the performance of your computer
The awful reality of cyberattacks is that you don’t realize they’ve happened until it’s too late. But you’re not alone. Research indicates that it takes businesses six months on the median to discover data theft. There is a potential that you won’t even be aware that someone has obtained access to your computer if it takes so long for organizations with capabilities to identify an assault. For a hacker, breaking into your laptop is just the beginning. Your cryptocurrencies might not be accessible if you were cautious and didn’t record your credentials on stickers. However, you will run into issues very fast if you ever enter into your wallet profile or access data that could jeopardize it.
We hope that our article will help you protect your savings and avoid being attacked by cybercriminals.