1. CRYPTOCURRENCY ACCOUNT HACKING IS ON HIKE
Because of their popularity and price increases, virtual currencies like Bitcoin and Ethereum are frequently targeted by cybercriminals looking to profit from these valuable commodities.
According to Jack Mannino, CEO of nVisium, a Falls Church, Virginia-based provider of application security, “the economics of hacking suggests that attackers will continue to choose digital currencies as they rise in value and become more pervasive in our daily lives.” Since hackers can erase their digital traces, it might be difficult to follow their operation. Investors have no legal remedy when a cryptocurrency account is compromised since virtual currencies are still not governed by a government body or central bank. Here are ten recommendations for safeguarding cryptocurrency investments.
2. TWO STRONG PASSWORDS ARE A MUST
Never use the same password for many accounts, especially considering how popular bitcoin services are among hackers. According to Kevin Dunne, president of Greenlight, a supplier of integrated risk management solutions situated in Flemington, New Jersey, all of them will unavoidably experience a data breach. Although bitcoin is a cutting-edge technology that is rapidly developing, he claims that the quickest and simplest ways to secure your wallet are with tried-and-true security measures. “Limit your exposure by creating distinct, strong passwords for each, enabling two-factor authentication, and changing your passwords frequently. This procedure can be automated and made more efficient by using a reliable password manager.”
3. SECURE YOURSELF FROM MOBILE PHISHING
A smartphone app is frequently used by those who have cryptocurrency wallets to manage them. Hank Schless, senior manager of security solutions at Lookout, a San Francisco-based provider of mobile security solutions, claims that bad hackers are driven to target investors with mobile phishing campaigns in order to steal your login credentials as the price of these commodities rises. On a mobile device, these social engineering assaults can originate from anywhere, including SMS, social media, third-party messaging services, or email. Beyond phishing, he adds, “there are dangerous mobile apps that can secretly record your keystrokes or monitor activity on your screen.” Antivirus software is frequently installed on PCs, and more people are beginning to recognize that their smartphones and tablets should also have it.
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4. NEVER SHARE YOUR SECRET KEY
According to Hoffman, the secret key is used to confirm that the person sending or receiving digital currency is actually the owner of the wallet being utilized. Never divulge this secret or private key. He asserts that employing cold storage is the most secure method of keeping your private key. In essence, “cold storage” is printing out your key and wiping away all digital traces of it. Using a seed, which is a collection of randomly generated phrases that a user can use, is the semi-fail-safe method of recovering your private key. Hoffman advises that you should only write down or print this seed phrase on paper and save it securely. “Given how simple it is for attackers to access end-user computers and other digital storage applications.
5. AVOID USING PROVIDER-HOSTED WALLETS
Wallets hosted on your laptop or desktop and wallets hosted by providers are other ways to store bitcoin. The “worst choice,” according to Hoffman, is the wallets that are hosted by providers since you are allowing them to store your private key on their servers, which are completely out of your hands. “Because it takes the least amount of technical work, this is the most popular option. This puts your private key at risk of a number of things, such as a breach of the provider’s server, the service going out of business, or even a government or other legal organization seizing control of the infrastructure.” Use a hardware wallet, a USB-based gadget that encrypts and keeps your private key together with all other necessary information advises the expert.
