Cybersecurity is more critical than ever, and hackers are always looking for new ways to steal people’s money. As the world becomes increasingly digitized, more and more personal information is stored online.
From dates of birth to social insurance numbers, massive amounts of personal information are made available each year, and the hard truth is that it’s not very well protected.
This makes us a target for hackers who want to access our data for financial gain or other nefarious purposes, which is why it’s so crucial to keep our digital assets safe.
Security features like browser protection with Guardio and essential antivirus software can help, and while there is no guaranteed way to prevent all hacks, There are also certain measures you may take to make it more difficult for hackers to access your information.
1. Use a Hardware Wallet
A hardware wallet is a physical device that stores your private keys and allows you to sign transactions offline. This means that even if your computer is hacked, the hacker will not be able to access your funds as they are stored offline. Ledger and Trezor are two of the most popular hardware wallets, but there are many others on the market as well.
How does a hardware wallet work?
When you want to make a transaction, you need to connect your hardware wallet to your computer and enter your PIN. The hardware wallet will generate a unique one-time-use key used to sign the transaction. The signed transaction is then sent to the blockchain for processing, but your private keys never leave the safety of your hardware wallet.
2. Use a Cryptocurrency Exchange with Good Security
When selecting a cryptocurrency exchange, choosing one with robust security measures in place is critical. Binance is one of the exchanges with the highest level of security. It uses an advanced security system known as the “Secure Asset Fund for Users” (SAFU), which protects user funds in the event of a hack.
How does the SAFU work?
Binance has a reserve fund to cover any losses incurred by users in the event of a hack. The fund is stored in a separate, cold wallet and is not connected to the internet. This means that even if the Binance hot wallets are hacked, the hacker will not be able to access the funds in the SAFU, as they are stored offline.
3. Use Two-Factor Authentication
2FA is a second level of security that may be employed to safeguard your account. When 2FA is enabled, you will need to enter your username and password and a one-time code generated by an authentication app such as Google Authenticator.
How does 2FA work? When you enable 2FA on your account, you will be asked to enter your password and a one-time code generated by an authentication app. The code is usually valid for 30 seconds and is different each time. Even if a hacker manages to get your password, they would not be able to access your account as they would also need the one-time code.
4. Avoid Phishing Scams
Phishing scams are when a hacker pretends to be a legitimate website or service to get you to enter your login details. Once they have your login details, they can access your account and steal your funds. Ensure that you are on the correct website by checking the URL and looking for the green padlock in the address bar, which indicates that the site is secure.
How can you avoid phishing scams?
The best way to avoid phishing scams is to be vigilant and always question any emails or links that you receive. If an email looks suspicious, do not click on any links or enter your login details. Instead, go to the website directly by typing in the URL yourself, or contact the company to ask if the email is legitimate.
5. Keep Your Software Up to Date
One of the easiest ways for hackers to gain access to your account is by exploiting vulnerabilities in outdated software. Ensure that you use the latest version of your software and install all security updates, as these often contain patches for vulnerabilities.
Is It Safe to Invest in Crypto?
Despite the risks, many people still choose to invest in cryptocurrencies. If you do decide to invest, always remember to diversify your portfolio and never invest more than you can afford to lose.
By following the above tips, you can help keep your crypto investments safe from hackers.