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How to protect your crypto savings?

In recent years, cryptocurrency is considered to be one of the most profitable investment opportunities. However, even exchanges do not always have the capability to protect their customers’ wallets against hacker attacks. Oftentimes, users themselves are to blame for the security breaches. Many users approach protection of their information quite carelessly which could lead to significant money losses.

Not closing the page of an exchange after ending the session is just one striking example. It does not matter what exchange it is, Coinbase or Binance.

Even logging into the system using the search engine carries certain risks. That’s exactly how hackers were able to steal about $50 million from customers. Their main trick was phishing advertisements. Hackers bought Google AdWords cryptocurrencies ads and redirected visitors to fake sites using links which appeared to be similar to the original.

phishing site

The clients were tricked to believe that a fraudulent website was a real one and entered their private keys. That done, all sensitive information was easily accessed by hackers who stole and transferred the digital currency.

So what can be done to safeguard digital assets?

There are several tips and recommendations that will help you prevent unnecessary problems.

In case the cryptocurrency is stored on the exchange:

It should be noted that the only way to protect your assets against theft and hacker attacks is to type the web-address of the exchange directly into the search field.

For each of your accounts, you need to have a different email address as well as unique login and password.

When entering your email address, use two-factor authentication.

It is better to disable account recovery.

User name must be unique while the password must be complex (it is recommended to use alphabetic characters with different registers as well as numbers).

When using a crypto exchange, you must use the secure browser mode.

You must delete the cookies from time to time so that the information is not stored on the computer and on the Web.

Under no circumstances can you use autocomplete login and password in your browser.

You should only work with the exchanges that provide two-factor authorization.

Recovery keys must be stored in a secure place.

The exchange turnover should equal the amount of money necessary to conduct exchange transactions.

Do not forget about the antivirus software.

Do not click advertisers’ links.

In case digital currency is stored in a personal wallet:

You must buy a hardware wallet to store cryptocurrency from an authorized dealer or manufacturer.

You must generate passwords and keys offline. Make sure that your computer does not have the connection to the Internet.

Store your keys in a secure place that strangers will not be able to access.

You should not be outspoken and publicly discuss the value of your crypto assets.

The above tips may seem obvious but they can really help you to prevent your crypto savings from being stolen.

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