As cryptocurrencies continue their meteoric rise in popularity, it’s no longer enough to keep your virtual currency safe from hackers. You also need to protect yourself from identity thieves and scammers who may try to steal your funds. For secure cryptocurrency trading click here for your secure trading software. This guide will help you secure your cryptocurrency address using today’s most up-to-date methods.
Why you should secure your cryptocurrency address
Cryptocurrency is valuable and, therefore, a target for attackers. Whether attempting to steal cryptocurrency or harvest your private information, crypto users need to know the most common ways they can be targeted.
These attacks come in two main types: phishing and social engineering. Phishing is when someone sends you an email that looks legitimate but isn’t; this usually involves trying to fool people into downloading malware onto their computers by disguising it as something else (like a program update). A lot of these are easy to spot. They often have typos or other obvious problems with their grammar or spelling.
If you get an email from someone you don’t recognize asking you for personal information like passwords or credit card numbers, don’t open it! Delete it instead! Most crypto exchanges will never ask for this kind of information through email anyway; if an exchange does tell you that it needs more info from you before sending funds, reach out directly through the website rather than replying via email.
The most common ways attackers target crypto users
There are many ways an attacker can target you, but the most common ones include:
- Phishing: An attacker will send you an email pretending to be a legitimate exchange or service, asking for your login credentials. You might not notice a small difference in the URL and give away your secret keys.
- Malware: Software designed to infiltrate your system and steal data. This could be a keylogger installed on your computer that logs every keystroke and steals any passwords entered on it, or something more sophisticated like a trojan horse that gives them access to control your system remotely.
- Social engineering is when someone deceives another person or organisation into providing them with confidential information (such as login credentials) by impersonating someone trusted by the victim party (for example, pretending to be from their bank).
- Man-in-the-middle attacks: An attacker intercepts traffic between two parties so they can see what’s happening between them without either party knowing about it. This may allow for stealing funds directly from wallets created by the said user through their internet connection being compromised (i.e., wireless networks).
Using a password manager and authenticator
The first step in securing your cryptocurrency wallet is to use a password manager and two-factor authenticator. Password managers are tools that can store all of your passwords for you securely in one place, like LastPass or 1Password. Two-factor authenticators are apps or extensions that generate a code every time you log into an account on the internet, ensuring that it’s you accessing your accounts and not someone else pretending to be you.
Password managers are a great way to generate strong passwords. To use a password manager, you first create a master password, and then the program will generate new passwords for each account you sign up for.
Using a password manager is so that no one except the user knows their passwords since keeping track of all your logins can be difficult. Password managers allow users to easily access their accounts without remembering them or writing them down in an insecure place. The best part? Your information is stored safely in the cloud!
Using an authenticator in conjunction with your recovery phrase (the 12-word code given when creating an account) makes it even more difficult for someone who has stolen your funds by requiring two separate pieces of information before accessing any assets on your exchange platform. Authenticators also help prevent phishing attacks because exchanges always send links via email, including two-factor authentication options.
Conclusion
While cryptocurrency is a new technology, it’s important to remember that using strong passwords and two-factor authentication is the best way to protect yourself. Using strong passwords with a password manager like LastPass can take control of your digital life and keep your cryptocurrency safe from cyber criminals.
