- The crypto world is, unfortunately, full of people trying to steal your money
- There are multiple attack vectors, with threats changing on a regular basis
- If you follow our five principles, however, you should protect yourself from all but the most dedicated hackers
We’ve all come across nightmare stories of crypto hacks, from SIM swap attacks to address poisoning. Looking after your funds can feel like a minefield, but there are several key strategies you can adopt in order to make your holdings as safe as possible. Here, then, are five effective strategies you can use to prevent your crypto from being taken from you.
Enable Two-Factor Authentication (2FA)
Two-factor authentication adds a crucial second layer of security by requiring an additional form of verification beyond your password. This extra step can involve receiving a one-time code via SMS or an authenticator app (authenticator apps are generally considered safer). Make sure you use 2FA whenever available, especially for exchanges and wallet services, to provide an extra hurdle for hackers to overcome.
Use a Hardware Wallet
Hardware wallets, also known as cold wallets, are physical devices designed to store your cryptocurrencies offline. Because they remain disconnected from the internet, they are immune to most online threats, although caution must be taken when moving funds in and out of them. Popular brands like Ledger and Trezor offer easy-to-use solutions with high security.
Beware of Phishing Attacks
Phishing scams can trick you into giving away your wallet credentials or private keys by imitating legitimate services. Be vigilant about clicking on links in unsolicited emails, double-check URLs for accuracy, and avoid downloading attachments from unknown senders. Bookmark the official sites of your crypto exchanges and wallets to ensure you’re always accessing the legitimate login pages.
Maintain Strong Password Practices
Your password is the first line of defense against unauthorized access, so use a long, complex, and unique password for each wallet or exchange account. A password manager can generate strong passwords and store them securely so you don’t have to remember them all. Avoid reusing passwords across multiple platforms, and change them regularly for optimal protection.
Keep Software Updated
Developers continuously release security patches to address vulnerabilities in software. Ensure that your wallet software, browser, operating system, and antivirus programs are updated to the latest versions. Doing so reduces the risk of exploitation by hackers who seek to exploit outdated systems, but make sure you download within the app or from a source you are 100% sure is genuine or you could risk installing a compromised app.
Conclusion
In the crypto world, implementing robust security practices can greatly reduce your chances of falling victim to hacking. By following the principles above, and maintaining a safety-first approach when contacted by strangers online, you can secure your crypto assets and invest with peace of mind.
