Baanx.com is the first fully decentralised bank network to guarantee security against fraud and hacking for your Cryptocurrencies.

Cryptocurreny has earned an unrivalled reputation for being a safe alternative to traditional banking since its inception in 2009. It has continued to gain popularity due to explosive growth however banks and Cryptobanks still have no infrastructure to support the ongoing threat posed by hackers and scammers across the globe.

These breaches in security damage the reputation and reliability of the market as everyday investments are restricted to “what you can afford to lose”. This is due to the lack of support and security provided by Cryptobanks when disaster strikes. What’s more, the cryptocurrency market is becoming flooded with new people every day, often with little knowledge of trading and a poor understanding of the risks.

As a result, its essential that individuals and businesses are safeguarded against scams and anyone looking to trade should be informed about the dangers in the market.

What are the risks?

With recognition and success comes the interest of individuals looking to make a quick buck through scamming the vulnerable. The risk of owning crypto are, in many ways, the same as any cyber security risks.

Phishing is a well-known fraud tactic used by sending mass email campaigns appearing to originate from an individuals banking provider asking for confirmation of sensitive data such as login details and passwords.

It’s estimated that a staggering $225 million worth of Ethereum was stolen in 2017 alone from phishing scams.

More traditional threats include viruses such as Trojan horses which contain malicious programs. Currently there is a Trojan horse targeting crypto called CryptoShuffler which is estimated to have stolen about $150,000 worth of Bitcoin since 2016. It works by downloading onto a user’s device and simply laying in wait for the user to enter confidential details such as wallet addresses. This confidential information is then used by the hackers to steal Cryptocurrency like Bitcoin and Ethereum.

How to keep your Cryptocurrency safe

You have judged the market successfully but now you want to ensure all the Cryptocurrency you have collected is safe! Follow these simple steps to avoid being a victim of fraud:

Keep your computer safe — simple measures like a good antivirus software, a reliable firewall and regular scans can seriously make all the difference.

Do your homework — when investing in ICO’s the more research and information you can find out about them the safer your money will be. Basic checks like checking the ICO’s website, contacting a few team members and reading their whitepaper can give you a great inclination to assess the accessibility of information and legitimacy of the business.

Your information is your security so be careful with it — the most important thing to remember while using any wallet is that you have to keep your keys protected. If you lose your private key, you will lose your coins forever.

Keep you Cryptocurrency in a safe place — Baanx.com gives you the only guarantee in the world that if you are targeted by illicit activity your money is safe, so join them today!

Who are Baanx.com and how are they different?

Cryptocurrency is a decentralized market which means you are entirely responsible for your own loss be that from fraud, scams or illicit activity.

Baanx.com is the first Cryptobank network to provide their users with comprehensive support and protection against these illicit actions. It provides their customers with the guarantee that if they are targeted by or fall victim to this activity they can be refunded.

Baanx.com deliver a simple way of managing digital assets safely by bridging the gap between markets and the crypto world. It eases the process of converting cryptocurrencies to derivative financial assets, thereby fostering the adoption of cryptocurrencies. This development in Cryptobanking will inevitably drive an influx of transition between the fiat assets and the legitimate cryptocurrencies

Baanx.com is a cutting-edge business that provides support to their customers through automation, AI and robo-advisors. However, if all this does not resolve the problem users can escalate their issue directly to a team member. This ensures incidents can be reviewed on a case-by-case basis and allows the team to guide you through the process to resolve and reimburse you for your loss.

The business also has a number of other security precautions in place including two factor authentication processes when using the function. Baanx.com has additional benefits of being able to temporarily freeze your Cryptocurrency within the app allowing you to avoid any losses that may be incurred from drops in the market.

Overall Baanx.com is leading the way in Cryptosecurity and providing you with the best opportunity to hold onto your Cryptocurrency with minimal effort.

For more details visit:

Website: https://baanx.com/

Whitepaper: https://baanx.com/docs/baanx-whitepaper.pdf

Written By: Sarah Murray — Baanx Communications Manager