As interest in cryptocurrency prices, trading, and initial coin offerings (ICO) continues to grow, the risk of hacks and cyberattacks also increases. This is in addition to the threats of phishing schemes and other scams to steal funds in exchange for cryptocurrencies. Check BestBitcoinExchange for more information on the various ways in which you can store your crypto. Below are some security and private tips for cryptocurrency holders.

  • Beware of Phishing Scams
  • Have Multiple Passwords for Your Accounts
  • Don’t Rely on One Source of Information
  • Get a Hardware Wallet for Your Cryptocurrency
  • Use Advanced Security Features on the Internet
  • Avoid Public Wi-Fi
  • Keep Your Computer Secure with Antivirus Software
  • Keep Your Personal and Financial Information Separate

Beware of Phishing Scams

Phishing schemes are the most common way for hackers to gain access to your cryptocurrency accounts. These schemes are usually carried out through email, on social media platforms, or through websites that look very similar to ones that belong to legitimate companies.

To avoid these scams, make sure you do not click on links or download files from sources that you are unfamiliar with. If you get an email alerting you of suspicious activity on your account, do not click on any links. Instead, contact the company over the phone or through its official website by typing it into the address bar of your browser. According to the FBI, more than 114,700 people fell victim to phishing scams in 2019. Collectively, they lost $57.8 million, or about $500 each

Have Multiple Passwords for Your Accounts

It is very important that you have multiple passwords for all of your cryptocurrency accounts. The reason for this is that you’ll be able to use different passwords on different sites or emails, which will help keep your accounts safe from hackers. It would be best if you also used different passwords for each account. If you want to maximize security, create a “master password” that is hard to crack and give it only to the people who need access to your accounts, such as your financial advisor or accountant. Having multiple passwords is safe, but you have to be very careful as most people forget them quickly. According to Business Insider, there have been numerous stories about users losing access to their cryptocurrencies because they forgot their wallet passwords.

Don’t Rely on One Source of Information.

There are times when you can rely on one source of information, like the price information provided by Coinmarketcap.com. However, as an extra security measure, you should always double-check the information you receive from one source by going to another reliable source and comparing the two. This way, if there is a problem with one of your cryptocurrency accounts, it will be much easier to deal with and fix.

Get a Hardware Wallet for Your Cryptocurrency

Perhaps the most secure method of protecting your cryptocurrency holdings is by using a hardware wallet. A hardware wallet is a device similar in size and appearance to a USB stick, but it stores all your private keys and passwords offline. Because these devices are not connected to any networks (including the internet), they cannot be hacked by cybercriminals.

Use Advanced Security Features on the Internet

The internet offers lots of features that can help protect you against cyber-attacks. These include two-factor authentication  (which requires you to provide two pieces of information before gaining access to an account) and website authentication (which verifies the identity of the website you are visiting before allowing access). You should set these features up on all your accounts, especially those held with cryptocurrency companies. Searchsecurity stated that Two-factor authentication has long been used to control access to sensitive systems and data.

Avoid Public Wi-Fi

Although public Wi-Fi is convenient, you should avoid using it when trading or making transactions with cryptocurrency. This is because these networks are usually unprotected and are very easy for cybercriminals to hack into. Plus, unlike wired connections, Wi-Fi connections can be easily intercepted by cybercriminals who want to steal your personal information.

Keep Your Computer Secure with Antivirus Software

The number one protection against cyber-attacks and malware is antivirus software. This software will run in the background to ensure that your computer is clean and quarantine any suspicious files. You’ll want to update this software regularly, as the developers update it frequently to ensure that it protects against new cyber threats.

Keep Your Personal and Financial Information Separate

If you want to ensure that your personal information stays safe from cyber-attacks, it’s best not to use the same online platform for financial and private transactions. This way, if one account gets hacked or corrupted by malicious software or hackers, the other will remain safe.

Final words

Security starts from your side. Always be observant, stay updated, and take preventive steps to protect your wallets from being hacked. You should also report any hack to the police. Finally, trust only proven and reliable cryptocurrency exchanges and wallet providers.

 

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