However, most people focus so much on getting these coins than securing how they store them. And this becomes a problem.
Common security risks associated with storing Cryptos Even though cryptocurrencies offer anonymity and good security, hackers are slowly exploring the security vulnerabilities left by ignorant users to steal their ‘hard-earned’ coins.
Some of the common techniques they use include: Crypto frauds Despite the massive popularity of cryptocurrencies like Bitcoin, this technology is still relatively new in the market.
Its security is, therefore,not as ‘full proof’ as we’d like it to be.Cybercriminals understand this andare using this fact to their advantage.
They design numerous fake cryptocurrencies exchange platforms where they trick you into giving up Tips to Keep Your Cryptocurrencies Safe Cryptocurrencies have changed how we view the financial market –that’s no secret.
These sites usually resemble legitimate exchange platforms,and it takes extra care to notice the difference.Some attackers also have bogus mobile cryptocurrency apps that they use to steal your bitcoins.
Crypto phishing Another prevalent threat facing crypto users is phishing. Although most people are aware of this threat,crypto criminals have become much smarter when running their scams.
In fact, in 2020 alone, a report by Whale Alerts shows that $24 million in cryptocurrencies was stolen via phishing. Among the most prevalent scams out there today involves Covid-19 related scams. The criminals send out phishing emails with malicious links seeking a donation to support a good cause, such as helping those affected by the pandemic.
Once you click the link and enter your wallet details, the attackers collect your private keys and steal your coins! Crypto Malware 2020 has also seen a rise in the number of cryptocurrencies malware. Owing to the enormous power required for mining bitcoin, the hackers use the malware to steal the computing powers of their victim’s computers (cryptojacking).
Nevertheless, some malware is also designed to collect your wallet data and steal your coins. There are also several advanced malware that replaces the victim’s wallet address with that of the hacker – which is scary.
Ways to ensure that your cryptos are safe There are so many ways for cybercriminals to steal your cryptos,you need to be well prepared for any attempt. Luckily, there are numerous security measures you can take to always stay protected.
Here are six ways:
1. Use multiple cold storages If you’re looking to give hackers a rough time, then cold storage walletsare the best solutions for you. Unlike hot storage wallets, cold storage is offline. It doesn’t connect to the internet, thereby keeping your private keys away from cybercriminals.
Moreover, ensure that you have multiple wallets for cryptocurrencies.This way, you can have one for completing your transactions, and the other for storing your savings. You’ll also reduce the risks involved and improve the security of your portfolio.
2. Secure your private keys Your private keys are the ‘holy grail’ when it comes to crypto. You can’tafford to leak them to anyone – evenyour best friend. That’s why it’s best if you store it offline rather than on your pc. You can write it down and keep it in your safe, or save it in an offline hard drive.Alternatively, you can choose to use a good password manager to store the keys. Password managers offer good security encryption giving you convenience whenever you need to use the private keys.
Pro tip: Once you lose your wallet’s private keys, it’s almost impossible to regain your cryptos since most platforms don’t offer password reset features. Store your privatekeys wisely.
3. Use a VPN for your networks Besides having a good manager for your private keys, cyber attackers can also get to your wallet through your network. That’s why you should consider buying a VPN app.Virtual Private Networks (VPN)secure your connections by providing end-to-end tunnelling of your data traffic.
This makes it hard for hackers to intercept your network. It’s anextremely crucial tool wheneveryou’re using public wi-fi to access your wallet.However, if you don’t have a VPN,ensure that every network you use is secure. Instead of risking using unsecured public networks, use your mobile hotspots instead to access your crypto wallet
.4. Use an up-to-date antivirus Your crypto wallet is never secure without a good antivirus for your devices. With attackers coming up with more complex malware everyday, a good antivirus is your best bet at spotting the attack before it steals your coins.Nonetheless, ensure that the antivirus is up-to-date as well, before using it.
This is because some malware quickly learns how to hide from the antivirus, and only an update can help you detect it.It’s also important to look at the antivirus’ user review online before getting one. Some antiviruses are notas effective against crypto attacks.
5. Use Multi-signature address When looking to protect yourself from unauthorized transactions on your wallet, using multi-signature addresses is the solution. It works like two-factor authentication, ensuring that your wallet requires two or three unique signatures for the transaction to be approved.
This eliminates the risk of losing your currency once a hacker gains access to one of your private keys. It workswell where the business is involved,or when sharing the wallet with another party.
6. Watch the links you click Bitcoin phishing emails have been on the rise for almost a decade now. With each scam seeming more convincing than the other, you need to be careful with the emails you open and the links you click. Always verify the email addresses and ensure that they are from a legitimate company, and don’t share your private keys with anyone.
If you suspect any website, leave the page immediately and don’t click the ads or links on it.The more cautious you are, the safer your wallet will remain.
Final thoughts Cryptocurrencies are one of the best investments you can have today. But without the right security measures,you’ll lose all your cryptos in a flash.Therefore, start working on securing your wallet. Above are a few ways to stay secure; with them in mind, you should be able to make wise decisions regarding the security of your cryptocurrency
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