Crypto wallet hacks are becoming more and more apparent. Here’s how you can be more careful and protect your crypto wallet.
The popularity of cryptocurrency in Australia is on the rise. It makes sense that Australians want to see what all the hype is about. But they are also nervous about investing in it. Ironically, despite the name and the cryptographic nature of the currency itself, Australians are still hesitant because there is still a quite realistic security risk.
Crypto transactions have people using extraordinary methods to keep safe, too, for example, using the best VPN for Australia or another country to keep their online activities safe. Cryptocurrency is inherently digital and decentralized in nature. Therefore, it can’t be put in a bank or kept in a physical form at home in a safe. This means that you have to put it in a digital wallet, known better as a crypto wallet.
Crypto wallets are usually pretty safe, but in certain circumstances, they can be vulnerable. If you have a crypto wallet that you keep cryptocurrency in, then you might want to read this blog and ensure that you are taking the right steps to protect yourself from hackers.
Crypto Wallets – 10 Tips To Protect Against Hackers
Crypto wallet hacks aren’t as common as you might fear, but you should still take every precaution to prevent them. Crypto wallets are most vulnerable when someone accesses the key that is required to access them. You can’t protect yourself against everything, but you can still ensure that you don’t leave a stone unturned.
1. “Cold” Crypto Wallets
The first thing that you can do is store your cryptocurrencies in a “cold” crypto wallet. This doesn’t mean you have to store the wallet in a cold place. All you have to do is store your crypto wallet in a USB or external hard drive that stays completely disconnected from your computer or any other device connected to the internet.
This is also known as “air gapping,” and this method is used to keep all manners of devices safe. As long as there is no way to access the device, it can’t be hacked.
2. Use a Reputable Exchange For Transaction
Some exchanges are inherently more secure than others. If you choose to perform transactions through any cryptocurrency exchange, you should ensure that they are verified and well-reviewed. You should also ensure that they have TSL/SSL encryption and Multi-factor Authentication (MFA).
You should also ensure that safety measures are put in place by the exchange in case your account becomes exposed.
3. Change Your Password
It might sound simple, but it can make all the difference in the world. Change your password. Employ the use of a password manager and keep track of all your password. A password manager will even remind you to change your password periodically.
Also, ensure that your password is strong, with alphabets, numbers, and special characters. Do keep in mind that you should avoid putting your personal information in your passwords, or keeping your passwords weak or obvious, such as birthdays or names of your family members.
4. Use Multi-factor Authentication
Multi-factor authentication is another added layer of security. Multi-factor authentication is great because it works alongside your password rather than replacing it. MFA or 2FA is great in the circumstance that your phone gets stolen. Having your password or pattern isn’t enough for someone to access your crypto wallet. They will also have to get through an added layer of security, like an authentication code.
5. Beware Of Phishing
Phishing attacks are a tale as old as time. But they still happen, and they are still effective for many hackers. Phishing attacks can be quite easy to fall prey to, but they are just as easy to avoid. All you need to do is access the sites or apps you access through legitimate links and not links sent from suspicious sources. The recommended practice is to make bookmarks and use those to access exchanges and the like.
6. Separate Your Crypto Wallet From Your Personal Accounts
It is highly recommended that if you are into cryptocurrency exchange, you make separate accounts for such activity. Do not use personal accounts or work accounts and attach them to your cryptocurrency-related activities because that can leave your crypto wallet vulnerable if someone manages to get access to your account.
7. Avoid Public Wi-Fi
If you are accessing your crypto wallet on public Wi-Fi, stop immediately. Public Wi-Fi is notorious for being unsafe, and the first thing that people look for other than personal information is financial information. If you have to use public Wi-Fi, use a VPN and ensure that your connection is encrypted in Australia.
8. Update Regularly
Regular updates ensure that your device downloads the latest security patch every time. New digital vulnerabilities are being found every day, and a part of software updates is dedicated to patching these vulnerabilities. Always update everything regularly.
It might be tempting to share your crypto wallet on social media, especially if you’ve made a lot of money, but this will only serve to motivate people to attack your wallet somehow. You might even reveal vulnerable information without knowing.
10. Stay Up To Date
If you’re in the crypto world, you have an obligation to stay up to date with the latest news. That is the only way you can not only make smarter investments but also ensure that you keep up with any new threats or scams going around. Stay aware, stay smart.
Adhering to these guidelines will ensure that your crypto wallet stays safe. And you can keep wading further into the waters of crypto safely, knowing that your investment stays protected.