According to a study, almost 40% of cryptocurrency owners have lost their passwords at some point. Crypto wallets are top targets for hackers, that’s why crypto wallet security is necessary and very important to avoid loss of your assets. It’s best to take standard measures to secure your crypto wallet as hackers are evolving everyday.
Here are some ways to keep your crypto wallet safe from hackers:
- Use Secured Internet: When trading or using your crypto wallet, make sure you’re using a very secure Internet connection and avoid public wi-fi networks. A guy in Austria had more than $100k in Bitcoin stolen from him while logged on to a restaurant’s public wireless network. Be very conscious of public wi-fi you connect to and make use of VPN before opening your crypto wallet if you must connect to any public wi-fi.
- Strong Password: Many people make the mistake of using weak passwords that can be easily guessed and this makes their crypto wallet not safe from hacking. It’s recommended that a password should be about 8–15 characters long and made up of uppercase letters, lowercase letters, numbers, and symbols. Also avoid using the same password for multiple sites, always use unique and complex passwords. It might be hard or impossible for you to remember these passwords, you can make use of a password manager app.
- Use Two Factor Authentication (2FA): This authentication requires a user to provide two different information aside from password to access an account. Setting 2FA to your wallet would add an extra layer of strong security to your wallet. Before any transactions could happen on your wallet, your fingerprint and any other means of identification will be required once you set your wallet to 2FA.
- Avoid getting phished: Phishing is a type of cyber scam that targets consumers by sending them an email that appears to be from a well-known source, could be an internet service provider, a bank, or a mortgage company, for example. It asks the consumer to provide personal identifying information. Then a scammer uses the information to open new accounts, or invade the consumer’s existing accounts. Always pay attention to details while clicking on a website link. For example; a scammer would change www.centiiv.com to www.centiIv.com to get your private information.
