Cryptocurrencies like bitcoins have become a major part of the financial and economic investments of people all around the world. With the increase in the value of cryptocurrencies and the growing popularity of crypto tokens, the number of investors and traders is also growing. But the crypto is a highly unpredictable one and the demand for cryptocurrencies is attracting fraudsters also to the industry. The news of hackers asking for bitcoin ransomware has been doing rounds recently. The lack of tracing facilities and easy transfer options have been attracting hackers.
Crypto exchanges have been victims of many hacking, heists, and thefts numerous times. Fraudsters easily escaped with cryptocurrencies worth millions of dollars. Therefore, you have to make sure that you take the necessary steps to protect your crypto assets in your crypto wallets from scammers.
What should you do to protect your money?
Cybercrimes and hackers are popping up every day and you have to be very vigilant in storing your assets and the private keys you use for storing them. Sim swapping is one of the widely used techniques by scammers. Most of the methods used by the fraudsters may create an illusion of fetching profits to the investors. Lack of awareness leads some people to fall for these scams and will lose all their assets in no time. Irresponsibility and other similar factors are also a reason for the loss of money. But it is not that difficult to stay away from these hackers. Here are some methods you can try.
Protect your mobile devices
As people started to use their mobile devices for everything, hackers are targeting them. They keep on looking for loopholes to enter your mobile devices. Therefore, be careful of the programs and apps you use on these devices. Some of the mobile applications will have malware to spy on the activities of the user. Such apps will capture your keywords when you type them on the devices.
If you use your crypto wallet on your mobile device, ensure to make use of two-factor authentication. Use of passcode or fingerprint to open your mobile device. Antivirus software has to be installed on all your mobile devices to protect them from bogus websites, phishing attacks, and malware. Experts always recommend hardware wallets over software wallets as they never reveal the keys and require physical interactions to authenticate a transaction.
Avoid unregulated exchanges
It is an irresponsible act to store your crypto assets on an unregulated exchange. Such exchanges will have faceless and nameless people to handle the activities. They will not have strong security features like the regulated crypto exchanges. Therefore, there are high chances of misuse and theft in such exchanges. So avoid unregulated exchanges.
Consider Non-Custodial Wallets
If you hold significant crypto assets, a non-custodial wallet is recommended. They will give you full control over the keys of your wallets. Therefore, there won’t be any third-party interference between you and your wallet. But you will have to make sure that your crypto keys are stored safely.