Bitcoin is a whole new avenue for investment for people around the world. While there is a significant amount of money to be made, there is also a need to act to make sure the precious crypto funds remain safe from hackers, scammers and other illegal perpetrators.
Here is how you can secure your crypto holdings from such attacks:
Spreading Out Your Investment Across Multiple Platforms
The first thing you ought to do is to avoid placing all of your eggs in one basket. Similarly, make several accounts on different wallet service providers and exchanges and spread out your crypto holdings. This will mitigate risk if any one of the platforms is compromised with a hack or any kind of bugs. It is also important to use personal crypto wallets in addition to cryptocurrency exchanges as they give full access to your Bitcoin.
Two Factor Authentication and Authenticator
Users should enable 2-FA for key functions on major functions on their wallet. For example, if the password is being changed or if you are making a withdrawal, the action would require confirmation from both email and phone number.
Also, a dedicated Authenticator like Google’s will also help your account become more secure. The function is supported on all major cryptocurrency exchanges and wallet service providers.
Strong Email Password and recovery system
To protect your precious crypto, your password should be strong in the first place with decent length and use of various characters and a mix of upper case, lower case letters.
If you forget your password, the recovery process shouldn’t be easy enough and should require the input of your phone and any other allied email address. This way, no one with half baked access to your phone or your SIM card will be able to recover your password and use it for ulterior purposes.
Enact Know Your Customer Protocols
Enact Know Your Customer (KYC) measures on all top exchanges and P2P outlets. The KYC protocols link your account to not just a device or an email address but your own physical self. These measures when in place can help make your account more secure against digital identity theft, phishing and other scams.
KYC includes verification of ID, other personal documents as well as proof of address and sometimes biometric verification.
Avoid Phishing Contacts
Phishing is a common way of hackers for extracting sensitive information from clients using bogus company credentials. Most people have come in contact with a phishing attempt and can relate to it. A person would come in contact through your phone claiming to be the representative of your bank or your credit card company. He will have some of your name and other information and will eventually try to get sensitive information out of you. Despite appearing like something obviously scam-like, phishing is one of the biggest sources of crypto frauds in the world. Avoid giving any information regarding your wallet to anyone online.
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