One of the easiest ways to lose your crypto holdings is by not minding your online security. Millions of dollars in crypto have been lost to hackers in recent years. Hacking crypto is so lucrative that criminals have started banding together to better coordinate their illegal activities. However, there are ways to keep hackers at bay.
How Do Hacker Compromise Your Device
One of the easiest ways hackers can compromise your system is through malware. This allows hackers to gain full control of your system. Some of the ways malware gets into your computer and other devices are:
- Downloading free content such as movies and games to your device
- Clicking links from unsolicited emails
- Using the same email password on all sites
If you have made any of the three above-mentioned mistakes, you need to change your behavior now. Here are some of the steps you can take to protect your crypto holdings from online hackers:
Change Your Privacy Settings on Social Media Sites
Some social media sites share all your details such as phone number, contacts, email addresses, and more unless you change your settings. Always ensure that the social media sites you use do not share any information that you might wish to keep private. Some hackers can use this information to figure out more details about you. In fact, it would be advisable not to share any of your private details with anyone on social media.
Avoid Sharing Your Private Number and Main Email Online
If you have to sign up for online services, have a backup email that is different from your main email address. A disposable email will ensure that no one can use it to track your online activity and discover ways to hack you. The same should apply for your phone number. Consider creating a disposable phone number when signing up for online services. For instance, if you often shop online, you can use the extra SIM card when such services request for your phone number.
Use Messaging Services That Offer End-to-End Encryption
When you have to share your private details with someone, ensure that you use a secure messaging service such as WhatsApp. Some services such as Telegram only offer you secure end-to-end encryption if you opt to start a secure chat. Secure messaging apps ensure that even when hackers manage to compromise your service provider, they will not be able to read the messages.
Secure All Your Devices with Passwords
While it might be easier to access your computer or phone when a password is disabled, this leaves you open to hackers. They can easily enter your device and cart away all your crypto holdings.
Use a Cold Wallet
Unless you are actively trading your crypto holdings, you should always move them to a cold wallet as soon as they land in your hot wallet. When your cryptocurrency is stored on a “cold wallet”, the assets are now stored on a device that is not connected to the internet. This protects against unauthorized access and cyber hacks. People still choose to store their assets on cryptocurrency exchanges, but as more and more breaches occur, you are starting to see more investors utilizing cold wallets.
These are just some of the tips you can use. There are many others such as avoiding public Wi-Fi and changing passwords often. You can always conduct more research online to discover methods to secure your crypto holdings.
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