- Using Password Manager
- Two-Factor Authentication (2FA) Is Enabled
- Seed Phrase Is Protected
- Don’t Click On Unrecognized Links
- Be Aware Of ‘Airdrops’
- Keep a Low Profile
With cryptocurrency gaining popularity, cybercriminals are using new ways and getting more innovative to target crypto holders. Some useful techniques that can be implemented by investors to protect their crypto investment and other valuables online are provided below:
Using Password Manager
For any human, it is very hard to remember so many passwords, which is why most humans choose simple passwords or repeat the password across different platforms. Using a password manager will help in generating strong secure passwords, which will not be required to be memorized.
Two-Factor Authentication (2FA) Is Enabled
2FA provides an extra layer of protection even when the password is compromised. 2FA can be of different types, one is SMS based authentication which is not as secure, in SMS based authentication a text having one-time authentication code is sent to the user. This is not as secure because with simple techniques like SIM swapping, hackers can gain access to the texts of the victim. Another authentication method is when the verification code is generated by the app, it is a stronger method of authentication and the strongest of all is a hardware security key like ‘Yubikey’.
Seed Phrase Is Protected
Seed Phrase is a string of 12 to 24 words, and is the key to non-custodial crypto wallets. In situations where the wallet is lost or deleted, seed phrase can be used to restore it. Seed phrase is required to be well protected, as anyone with access to your seed phrase will have access to your crypto wallet. If seed phrase is lost, crypto wallet and all the money in it, is also lost.
Don’t Click On Unrecognized Links
SMS phishing is the most common approach that is used by hackers. Phishing is a technique where an attacker impersonates someone legitimate or famous and attempts to deceive its target by sending malicious links or attachments. It is advised to properly check the link before clicking on it.
Be Aware Of ‘Airdrops’
Airdrops are project rewards, offered to early adopters, by giving tokens. Attackers are using these airdrops to start a phishing attack. Random airdrop token will be sent to the account of the victim. When the victim interacts with these tokens, he will be asked to connect his wallet with a malicious website looking like DeFi. When a user connects with the website, he gives permission to hackers to drain his wallet. To protect from this, it is important to not to connect your wallet with any such websites advertised by airdropped tokens.
Keep a Low Profile
Always keep a low profile and never boast about your cryptocurrency holding to anyone or over the internet. Always make sure to give as much less information online as possible.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investmen
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