In the past few months, wallet scams and hacks have become more frequent. There are various approaches to avoid events like the recent heist of more than $35 million in cryptocurrencies from Atomic Wallet. Strong security measures like two-factor authentication, encryption, and secure hardware wallets can greatly enhance the security of users’ cash.
Although these are the most popular techniques for keeping your wallets secure, we’ll also look at the top 3 less popular techniques and 9 more conventional techniques that you should always keep in mind in this piece. It might be what your wallet security measures lack.
Signing Without Seeing
When you engage with a smart contract using a cryptocurrency platform, you can get a pop-up asking for your permission to complete a transaction. However, it’s crucial to proceed with caution in this situation because if you sign anything without knowing everything about it, you run the risk of giving hackers access to your cryptocurrency. This practice is known as blind signing.
Another method scammers use for stealing money from users is through phishing attacks. Scammers frequently send emails or messages that appear to come from legitimate sources, such as Crypto exchanges or wallets, in an attempt to fool victims. These messages may contain links that, if clicked, would take you to a fake website that is designed to look exactly like a real one. The hacker has access to your login information once you enter it on the fake website. Before taking any action in this area, it is crucial to constantly verify the information and the source.
Additionally, fraudsters can infect your computer with malware before stealing your cryptocurrency. The majority of the time, this malware can be downloaded, sent as an attachment in emails, or set up via fraudulent or fake websites. It is essential to educate yourself about these scams and adopt safety measures.
Read More: FBI Warns About Crypto Job Scams
The Following Additional Tips Can Help You Protect Your Cryptocurrency:
- Never click on links in emails or other messages that you get from unknown senders or sites.
- Any website that asks for your login details should be handled with caution.
- Updates with the most recent security fixes should always be run on your computer.
- Using a password manager, generate strong passwords for each of your cryptocurrency accounts.
- Make sure two-factor authentication is always enabled for all of your cryptocurrency accounts and that it is secure.
- Never hand over your private keys to anyone; doing so would grant them full access to your wallet.
- Never forget to store your private keys offline and in a safe place.
- Always exercise caution while sharing private information online.
- Always double-check the information and alerts sent by your crypto wallet’s official handles.
Disclosure: This is not investing or trading advice. Before purchasing any cryptocurrencies or making any investments in services, always conduct your research.