How to Prevent Your Crypto Wallet from Being Hacked?
Hacking has been around for ages.
You must have noticed there is a new report of major hacking nearly every day. Same is the case with cryptocurrencies.
But cryptocurrency hacks are problematic since these transactions are irreversible. Blockchain technology makes it impossible for anyone to hack into your cryptocurrency and steal it since this technology is completely secure through a distributed ledger that creates the chain.
Although the promise of blockchain and cryptocurrencies is security, it doesn’t produce a fully secure system for users.
So, if you’re storing crypto assets in wallets, there are several things you can do to protect yourself. Keep the following tips in mind to keep your wallet from being hacked.
Use Two-Factor Authentication (2FA)
Make sure you enable two-factor authentication if your wallet allows for it. It is simply a double authentication of your identity. This means that if someone had access to your login details, they would also need your phone to get the 2FA code.
Two-factor authentication can be done in two different ways. Google authenticator uses a 6-digit code that changes every minute and is unique to you. Another method is to add biometric identification like a fingerprint.
Use Cold Storage
You should have at least two digital wallets. One should be used for transactional and trading purposes, and others should be used for storing coins and kept in a secure location. Make sure you refer this guide on “how to choose the right digital wallet to store cryptocurrency” before you buy a digital wallet.
Also, you must store a backup of private keys safely offline. You can even separate your private key into 2–3 parts and store them safely away from each other.
Never Use Public Wi-Fi
Be cautious about where you go online while using the device with a wallet on it. Dangerous sites and risky Wi-Fi network can put your wallet at risk. As crypto is 24/7, access to Wi-Fi tempts hackers to log into your wallets, accounts, and exchanges on-the-go.
To avoid this kind of situation, always keep your Wi-Fi turned off so it won’t search and connect public Wi-Fi connections.
Further, don’t leave your wallet or device unattended or lend it to anyone.
Check the Locks
When using a web wallet, make sure that there is an SSL security mask in the address bar of your web browser. The website must begin with HTTPS and not just HTTP. You should also check a lock sign next to the URL.
Turn Off Auto-Updates
Make sure you turn off auto-updates for all the application related to the crypto sphere. The application bugs can create massive losses for you. Wait for 2–3 days after the release of the update to make sure it is bug-free.
Also, be aware when you download anything as files can have malware attached to them. Nowadays, malware can read keystrokes, grant hackers access to your accounts, and even allow them to read your phone screen. These files can also be posted on communities like Reddit, Bitcoin Talk, etc. So, always be cautious.
Ending note
Make sure to implement these tips to keep your wallet secure. Also, always use a strong password and change it regularly. Do not store the private keys and password online. Instead, print them out and lock away the papers.
