Are you feeling lost and unsafe in this techno glitzy world? Are you worried about the security of your crypto wallet? Well, aren’t you right to be worried? The number of people connected through cryptocurrency is increasing by millions (or billions by some reports) with each passing moment, and so is the threat. Oh yes, you are not only making money, but you are also getting exposed to cybercriminals. If you are not careful, you would be an easy target – both as owners of online businesses and consumers of internet-based attractive currencies.
Along with this, the techniques of hacking are becoming more and more advanced as you read this. So, it is essential to keep your crypto wallet safe from the threats growing each passing moment.
We all must live with the fact that the online world is no longer safe, especially for those unaware of the threats and protective measures. There is nothing out there that provides us with complete protection against hackers. Nonetheless, we can consider following some critical steps to secure our crypto wallets which are listed here:
1. SSL certificates
Have you ever heard of an SSL certificate? Do you know what role does it play in the security of your crypto wallets? SSL certification establishes a secure connection between the users and lays the foundation of trust. SSL stands for ‘secure socket layer’ which helps to encrypt the link. It helps to transmit your sensitive information such as login information and credit card numbers securely.
- SSL certificate ensures the privacy of the user and the owner
- We must always check for the SSL security mark in the address window of the browser
- Also, ensure that the URL begins with ‘HTTPS’ and not ‘HTTP.’
- We must also keep an eye out for the lock symbol next to the URL on the browser.
2. Not storing your private key online
Are you wondering what a private key is? A private is key creates the connection between you-the user, the owner, and a series of public keys.
- Keep the key in “the real world”
- Do not save you key on an electronic device where it could be hacked
- Write it down on a piece of paper
- Avoid deterioration- protect it from direct sunlight and store in a dry place
It would be best if you used hardware/ cold storage crypto wallets. They help in secure your private key in the best way possible, keeping it as far away from cyber threats as possible.
Trezor or Ledger is the leading companies that offer various models that come with encryption features and pre-installed security layers.
3. Avoid using public networks and have 2 factor authentication
Do you connect your electronic gadgets to public connections frequently? Oh, well that’s too bad because it may be the reason for your crypto wallet to get hacked.
Public Wi-Fi networks can put your wallet at risk. These are quite vulnerable and make it a lot easier for the hacker to steal your key.
Securely keeping your wallets in your device may also not be able to protect your wallets entirely if you have single authentication.
- Avoid connecting to a public network
- Try to use your phone’s hotspot while in public
- Avoid exposing your wallet to security flaws.
- Try to use a home network with proper security so that no one can quickly get excess to it
- 2-factor authentication also helps in efficiently keeping your crypto wallet safe.
4. Stay safe from phishing
Have you seen those emails with domain names similar to those of the actual sites, but are actually duplicate sites? I know you must have, and that’s what is called phishing. These websites use the same URL and clone the entire original webpage to some famous and trustworthy company. People often don’t pay too much attention and hence, get easily fooled by them. Don’t be one such fool because once you give a phishing site their desired details, you can say goodbye to your funds.
- Always check the link of the site you’re on
- Verify that the website address is an authentic one
- Do not enter your private key without verifying the website
- Do not access unknown or suspicious links
- Use a non-public email address for the exchange
5. Separate your crypto wallets and have backups
Do you also have the same wallet for your office work and your day-to-day transactions? Well, keeping one wallet may seem easy but is not prove very useful. There is no specified limit for the number of wallets you can have on your device.
- You can have one wallet for your day-to-day expenses
- The other wallet can be for your savings
This way, you can keep your savings more securely and maintain the amount you spend each day on petty expenses. Also, back up is necessary for your crypto wallet. In case your device is stolen, the thief can access your wallet, which may result in the loss of funds.
- When your device is stolen, you can restore your wallet on another method if it is backed up.
- A backup will also save you from hardware failures
- As a precaution, using the backup, you can also move your funds to another safe wallet.
6. Have a strong password for your wallet
We all are aware of the importance of passwords and keys in the world where cybercrimes are so common. Keeping a password that is easy to crack can result in the loss of all the funds you thought were locked up safe.
- Avoid using standard information like your phone number, date of birth, names or favorites which people can easily guess
- Keep your password a combination of alphabets and figures that makes sense, particularly to you.
- Do not be one of that 52 % of people across the world who keeps the same password for all their accounts/ devices.
7. Install an up to date antivirus software
Do you think that encryptions and passwords can keep your wallet completely safe? Well, no, you are mistaken. Encryptions and password may prove to be helpful against hackers and thieves, but they are not sufficient to hold back various types of malware and key-loggers on the internet. For them, you need a proper up to date antivirus software. Some may be free, while others may cost some charges.
- Your windows may be exposed to a variety of malware
- Install reliable antivirus software to protect your wallet
- Most of the cyberattacks tamper with your devices using viruses and malware
- Scan the device before installing your wallet
- Regularly update your software to keep your devices and wallets protected
Whether you are an end-user or a business owner, it is necessary to secure your crypto wallets. Just as every situation has two views, the internet does too. Along with the increasing usage and benefits of the internet, we must not forget that it is not entirely safe.
Furthermore, it leads to our information being vulnerable. Therefore, we need to follow some security measures to keep our data safe from malware and hackers.