The cryptocurrency craze has caught on, and almost everyone you come across shares plans to invest in it. Yet, how it works and can be used are questions that many still find confusing. Moreover, many aren’t aware of security mechanisms that can protect them.
Unfortunately, many users have fallen victim to scams. Scammers around the world have targeted people who have invested in cryptocurrencies. Cryptocurrencies have investors hooked to the process of tracking spikes and drops. In turn, scammers are also coming after such individuals.
What are scammers doing?
Scammers are adopting different techniques and technologies to steal sensitive data. For instance, many scammers create fake websites that are exact replicas of genuine ones.
Once would-be investors visit a fake website, they are tricked into parting with the private keys of their crypto wallets. Some scammers join Slack groups to create fake profiles. After doing so, they send out fake urgent notices exploiting the FOMO psychology technique they use to trick investors into sharing their private keys.
Things indeed can appear bleak. Cheer up, for there are ways you can protect yourself. Read on as we tell you how you can stay clear of cryptocurrency scammers.
For instance, many NFT scams occur via social media. Some victims explained one threat circulating on Instagram. Alleged potential clients’ message targets and send file labeled as .pdf. The file is .exe, a malicious designated to infect computers. So, be careful about receiving offers or potential clients when it comes to NFTs.
Learn crypto security models
We suggest that you use different ways to secure your coins and experiment a bit. Crypto exchanges are often hacked, and many users have lost some of their coins and all of them in the worst-case scenario.
Hence, “Not your keys, not your coins” is the mantra. If you have got a third party to hold the private keys to your coins, you have effectively put things in their hands.
That’s the reason why many want to secure their coins themselves. However, that has its risks as well. Many users have ended up locking themselves out while attempting to secure their crypto investments from hackers. They have often lost passwords or lost cold wallets.
There’s no one size fits all technique to protect your crypto. However, it’s best to choose a model after you have formed an idea of whether it suits your personality and whether it fits into your lifestyle seamlessly.
Choosing a hybrid model will work well, but you’ll have to decide how much you want to keep under your watch and how much you want to assign to a third party and the purpose behind it.
Go for multi-factor authentication
We have decided what approach you should take to keep your crypto protected above. Now we bring you techniques you may adopt to keep yourself safe. Multi-factor authentication adds a layer of security to your crypto protection mechanism, helping you keep your wallet beyond the reach of scammers.
Not only does it help you keep your account safe and secure, but it’ll also tell you when someone is trying to break into your account.
Multi-factor authentication adds an extra step to accessing your account, keeping miscreants locked out. Its role in keeping your account safe is, therefore, significant.
Analyze the URL
As we have already mentioned right at the beginning, the favorite technique scammers use is to create a fake website that looks exactly like a genuine one. They use it to lure investors into revealing the keys to their wallets.
Therefore, you must take a close look at the URL before proceeding. A basic method to check the genuineness of a website is to see if it’s secure. You’ll only have to look for the image of a lock before the URL to know if it’s secure or not.
Use a Virtual Private Network
An effective way to protect yourself from crypto scammers or other scammers and cybercriminals is to use a Virtual Private Network (VPN). A VPN hides your IP address by connecting you to the internet through a remote server.
Therefore, your online presence is hidden. With your online anonymity boosted, it becomes difficult to compromise your identity. It also means that your financial transactions receive robust protection against attempts to steal data in transit. A VPN download can also open new crypto opportunities, like unblocking services certain governments block.
Crypto scams are rising day by day. Therefore, you must watch your step. Be cautious and choose a way to protect yourself that best suits you. Multi-factor authentication helps add an extra layer of security to your account.
You should make it a point to check if a URL is genuine and secure. Lastly, using a VPN is effective as it keeps you hidden online. Investing in cryptocurrency is a good way of multiplying your earnings. That said, do take care to protect yourself from scammers by taking the approach we have suggested and adapting our methods.