One of the appeals of the world of crypto is that it is not regulated – there is no central bank!
The system leverages decentralized ledgers and extremely powerful cryptography mechanism to update and verify transactions, independently. While its detachment from a central, legal regulator is something to be happy about, cryptocurrency has a few drawbacks here and there, and we all know why – because it exists in a risky digital realm.
They say that where there is money, idlers and bad people are looking to make a killing out of unsuspecting customers. The world of cryptocurrency is no exception because, in the recent past, we have experienced frequent hacking, scams, and tricks that have had crypto investors lose millions of dollars in unimaginable ways.
Is it Possible to Prevent Crypto Theft?
Well, the simple answer is yes, but not everyone can prevent themselves against crypto theft. For example, investors who are not tech-savvy find it challenging to keep hackers at bay. In simpler terms, hackers view newbies and less knowledgeable people as perfect fodder. With the popularity of cryptocurrency increasing every day, its appeal to bad actors increases, too.
Hackers can use brute-forcing, sim swapping, phone porting, Ponzi schemes, mining malware/spyware, phishing and such tricks to engineer their way into your wallets. That is how easy you can lose all your life savings in a blink of an eye! Fortunately, this article covers some pro tips to help you protect yourself from cryptocurrency theft.
Keep Your Personal Data Private and Secure
One field with a whole lot of fodder for bad actors is social media – Facebook, Twitter, etc., and the internet only makes matters worse. Believe it or not, you become an easy target for attackers the moment you broadcast to the world that you are about to visit the showroom to purchase a Limousine. Wisdom should always be your guide – go unnoticed, and you will be safe!
Public WiFi is yet another no-go zone. Those free networks allow hackers access to your private data. If you want to log into your crypto accounts using a public WiFi network, it is vital to use a VPN such as NordVPN or ExpressVPN. This way, you will effectively hide your real identity, IP address, and other details that identify your device from the rest of internet users.
Add an Extra Layer of Security Using 2FA
Two-factor authentication, or simply 2FA, works to enhance your account security by adding an extra layer of protection when logging in. When you enable 2FA, you enjoy a secure system that keeps changing passwords every few seconds, which makes it extremely difficult for hackers to rifle through into your account.
Split Your Cryptos Among Different Wallets
Do you recall the adage “Do not put all your eggs in one basket”? Well, that wisdom will come in handy when investing in cryptocurrency, too. Get yourself as many wallets as possible and distribute your funds across all of them. In the event one exchange gets lost for no reason, you will still have something remaining for you elsewhere.
Yes, it may be expensive and time-consuming operating several digital wallets and exchanges, but it is worth it.
Share Access to Your Accounts With a TrustWorthy Person
Not long ago, we were hit by the news of the death of the founder of QuadrigaCX and the loss of over $200 million since he was the only person with the keys to the wallet. Do you now see why it is essential to share your keys with at least one trustworthy person? Let the person know how to save the situation in the event the worst strikes.
Double-Check and Triple-Check Before Sending Coins
Remember that transactions involving cryptocurrency are irreversible, and any small mistake can cause a massive monetary loss. You see, most crypto wallets have addresses with even 42 characters consisting of a vast mix of numbers and digits. What this means is that any “o” mistaken for a zero(0) will see you sending funds to a different wallet address.
Don’t Click on Ads
Hackers mostly tempt unsuspecting users with phishing ads. Once the internet user clicks on the ad, a malware attack is launched almost immediately. While it is a bit difficult to tell a risky ad from a safe one, you can choose to avoid ads altogether. Maybe by installing an ad blocker in your computer’s browser. However, as a rule, whether you have an ad blocker or not, desist from clicking on ads ever!
Avoid Remote-Access Programs
Zoom, Teamviewer, and other remote-access software come with many security loopholes. Having such programs on your devices can easily overwrite all other safety measures that you have put in place to prevent crypto theft. Attackers can easily access your entire PC if they can crack your password!
The bottom line is: Avoid using such programs on your devices, especially if the one housing your private keys and password backups. And if you have such software installed already, delete or uninstall it as early as now!
Opt for Linux Operating System
One great way to decrease your computer vulnerability is by using a more secure operating system like Linux. All Linux-based operating systems are, by default, far more secure as compared to Windows OS.
Linux was manufactured by geeks and, of course, for the geeks, so they are not that much user-friendly. As such, such systems do not appeal to hackers. Besides, Windows OS is potentially infested with malware, unless you are getting it from the official manufacturer. On the other hand, Linux uses a command-line interface to spot and remove viruses before a download begins.
If you haven’t tried Linux before, make sure to start with the “distros” version of the OS. Qube OS is currently the best and the most secure operating system world over.
Have you realized that there are many sites out there that have almost similar URLs as those found on legitimate crypto sites? If you haven’t, then this is a wake-up call. Never interact with sites that lack the HTTPS protocol – they are very risky!
Always double-check URLs to be sure that you are interacting with the original site lest you give out your data unknowingly. If something appears suspicious, stop browsing and investigate the URL keenly.
That is just one method that is yet to go away, and it seems hackers can’t let it go because it is one of the easiest ways to carry out data phishing.
Whether your funds are housed in your wallet or an exchange, coin theft should be your top concern. The truth is that if a bad actor gains entry into your private store, the chances are that they will take advantage of that noble chance to make you curse the day you invested in cryptocurrency. Fortunately, the tips above will go a long way to help you stay safe and secure against hackers.
The list is not exhaustive, so you are free to add your tips. It all goes down to tightening your security and interacting with only trusted sources. Good luck!