Security problems with cryptocurrencies have grown in importance as they become more widely used. Cybercriminals pilfer an incredible amount of digital assets annually. In this ever-changing bitcoin landscape, being watchful is essential for safeguarding your money.
You must constantly be on the lookout for any scams and take proactive steps to secure your cryptocurrency assets. Therefore, the top five security recommended practices are described in this post to assist you in protecting your digital assets from different threats.
The actions you can take to safeguard your digital assets are listed below:
Safeguard Your Seed Word
Your wallet and bitcoin assets are accessible through your seed phrase, often called your recovery phrase. Your wallet master key is a string of 12 to 24 characters that you can use to transfer your wallet to a different device or in case you lose access to it. Here are some pointers for safeguarding your seed phrase.
Watch Out for Spoofing Social Media Accounts
Social networking sites have become havens for cryptocurrency scammers, who create phoney profiles that strikingly resemble well-known exchanges or personalities. The genuine Vitalik Buterin reminds users about the thousands of fake profiles that impersonate him below.
These malevolent actors impersonate or spoof well-known accounts to trick and con users. Here are some precautions to keep yourself safe from fake social network accounts.
- Look for verification symbols or blue checkmarks on profiles to identify the presence of these indications. But be mindful that these might be purchased or falsified.
- Go through the profile and try to view any older postings by scrolling. This ought to help you determine the integrity of the profile.
Steer Clear of Public WiFi
Public WiFi networks are well known for being insecure and vulnerable to hacker attacks. Using public WiFi to access your cryptocurrency wallet or conduct transactions puts your funds in danger. A variety of cyber threats can target public WiFi networks, including:
- Evil twin attacks: When you connect to a malicious hotspot with a reputable name (like “Guest WiFi Hotel”), hackers use it to intercept your data.
- Man-in-the-Middle (MitM) attacks: Using data interceptions, malevolent actors can get access to private information, such as login credentials, by intercepting communications between a WiFi router and a user’s device.
Be Wary of Fake Streaming Videos
Scammers are using Twitch and YouTube to spread cryptocurrency fraud. Scammers typically utilize stolen video assets to host phoney livestreams and advertise prizes. Occasionally, they will attempt to persuade people to participate in their giveaways by donating cryptocurrencies to specific addresses through compromised YouTube accounts with millions of followers.
Watch Out for AI Deepfake Schemes
Artificial intelligence (AI) is used by deepfake technology to produce phoney videos that seem real. It creates the illusion that people are speaking and doing things they have never done by combining already-existing photos and videos. As one might expect, con artists have begun to use deepfake to craft incredibly complex frauds.
Hackers might appear experts or take on a different identity using deepfake. Hackers frequently use fictitious competitions, investment opportunities, and deadlines to deceive their victims. Imagine securing a few coins for Paris Sportif Turf betting and you open your account; they are all gone. It would be devastating. Make sure you keep safe what you have worked on gaining.
Final Thoughts
It would help if you safeguarded your cryptocurrency holdings. In this post, we’ve covered five top tips for protecting your cash. Scammers develop complex schemes as they get more experienced and skilled over time. Ultimately, the most powerful allies you have are information and alertness. Remain vigilant, be safe, and safeguard your digital assets.
