So, you have downloaded Bitcoin Code and have started accumulating your bitcoins in a digital wallet. How much are you aware of the risks and security loopholes in this enticing cryptocurrency world. Can you say with confidence that you are cybertheft-safe? if not, then read on to protect your bitcoins from being snatched away from you by some unscrupulous individuals.
The various methods of attack
- Phone porting attack: It is fairly common for investors to provide their email and phone number for contact purposes. Hackers collect this information and then pose as that particular individual and get the customer service to transfer the number to a device they control. Once they have access to the phone number it is very easy for them to reset your password and attack your cryptocurrency account.
- Computer hacks: Your computer can be hacked and malware infected. There can be several phishing attacks when you browse the internet. Once the security of your computer is compromised you will lose all of your personal data which will include your cryptocurrencies.
How to protect yourself
While there is no permanent solution to this problem because hackers keep evolving and adopting new techniques and technologies to their advantage, you as a user must not be at their mercy. Therefore, it is paramount that you learn techniques that will keep you safe online and in turn protect your investments also.
- Always use a unique email for your account.
- Ensure that the password is unique and hard to crack by anyone; it should most certainly not be your date of birth, other obvious digits.
- You must turn off SMS based two-factor authentication for your email account on your cell phone.
- Social media is not safe to discuss your investments; so, do not talk about your bitcoins and other cryptocurrencies on it.
- Discuss with your service provider and opt for a do not port SIM card to protect your phone from port attack. You can also discuss other protections for your phone.
- Diversify your cryptocurrency investments
- You must keep your bitcoin in a cold wallet that is offline to prevent hackers from reaching it online. You can still do a transaction with a cold wallet. Just ensure that the computer to which you download the cold wallet is clean of any viruses and malware.
- You can go a step further by keeping all your cryptos in a hardware wallet which is a physical device which can be used for transactions without using the internet.