As we all know by now, one of the main benefits of using altcoins is the fact that they allow people to participate in online transactions without having to use an intermediary service such as a bank or credit card company.
Instead, when making use of digital assets, people who want to send/ receive tokens can simply make use of a “cryptographic key” that can be used to “authorize transactions” from an individual’s cryptocurrency wallet. With that being said, it is worth noting that in the case of a hacker getting access to the aforementioned key, he/she can immediately gain control of all your funds — thus putting you in a very precarious position.
So without any further ado, let’s have a look at some of the ways in which you can protect your private keys so that your account can remain tightly secured at all times.
(i) Always Remain Vigilant:
Many a time, cyber miscreants try to pose as officials from top firms such as Binance, Coinbase, OKEX trying to convince you to hand over sensitive information such as your private keys to them.
Not only that, but sometimes criminals are also known to impersonate individuals by collecting personal information that a person might have shared on various social media platforms (as a means of gaining access to your email or mobile phone). Thus, in order to stay safe from such nefarious agents, it is best for you to regularly keep tabs on your social media accounts as well as regularly change your account password.
(ii) Establish Strong Security Protocols:
Another way of staying secure is by making use of a password that is at least 16 characters or more in length. Not only that, but it is also advisable that the password you use to protect your account has not been employed by you to protect other online platforms that you might be regularly using.
(iii) Make Use of Tools Such as 2-FA:
As many of our readers may already know, using a 2-Factor Authentication system can be of much use when trying to bolster one’s financial accounts. In terms of how the service works, every time a person tries to log in to their account, a code (one-time 2FA code) is sent to their mobile device.
Additionally, to be even safer when using 2FA, you can make use of an authentication app like Google Authenticator or Authy instead of an SMS-based 2FA.
(iv) Don’t Reveal Your Personal Information Online:
While it goes without saying, there are still many people who have in the past fallen victim to hacking scandals because they were bragging about their cryptocurrency holdingsonline. You should regularly review your online presence and make sure that only limited info related to your personal identity is available online for the world to see.
(v) Stay Savvy:
Quite often hackers and other miscreants pose as tech support so as to gain your confidence. In such cases, if you are not sure whether the person can be trusted or not, it is safe to not reveal crucial data to them unless you have checked with somebody else from the company first.
Also, it should also be remembered that most legitimate tech support guys never ask for your passwords, 2FA codes, or try to gain remote access to your computer.
Last but not least, many scammers also try to devise fake exchange sites that are made to imitate real ones and steal your account information. So always be sure to do a bit of a background check of the platform that you are planning on using.
Some Common Scams To Be Wary Of
(i) Tech Support Scams:
As mentioned earlier, many fraudsters resort to posing as tech support personnel in order to steal your hard earned crypto. Most commonly, the scammer tells their victim that their computer has been infected with a virus and thus in order to get rid of the malware, he/she will have to install some remote desktop software so as to help them diagnose the problem.
In such an event be sure to report the matter immediately or disconnect the call without a moment’s hesitation.
(ii) Ponzi Schemes:
Many a time scammers will try to offer you some deal that seems too good to be true. For example, they might ask you to invest in certain pyramid schemes that promise to give back insane returns within a short period of time. In such cases, it is best to stay away completely— because once you’ve sent even a small amount of crypto towards the proposition, you can never retrieve it back.
Another common tactic used by a lot of scam artists is that of using a lookalike website that is designed to steal your login credentials. To avoid such scams, be sure about the website’s name since most scams usually contain a typo (or there is something visibility off in the structure of the website).
In closing, we would like to say that by simply devoting a little bit of your time to understanding how crypto works, you can ensure that your altcoin holdings remain safe at all times.
For more information on how to better secure your digital assets, please visit BitcoinExchangeGuide.com