11 Tips To Improve Your Cryptocurrency Security

By Javanx3d on ALTCOIN MAGAZINE

One of the biggest problems in the cryptocurrency space is similar to those faced by online banking when it first entered the mainstream (and still faces today), and that is how to preserve one’s online security to avoid being scammed, phished, or straight-up having money stolen from rogue actors online. Some of the big hacks in the past several months in the crypto space had at least some small part in end-user bad-security practices helping to compromise others in the respective communities. No matter if you are a newbie to crypto, or you’ve been in the game since it cost more than a few Bitcoin to buy a pizza, it is always a good idea to check out the latest tips and best practices to keep one’s hard-earned crypto #SAFU!

11 Tips To Safeguard Your Cryptocurrency

Tip #1 — Use 2FA (Two-Factor Authentication)

This is a no-brainer. Preferably the Google 2FA app if the exchange or site you are using with a password gives it as an option. SMS 2FA does not equal the same security posture that you will see with Google due to the attack vectors that the bad guys will use to try and take over your accounts (SIM swapping on mobile phones for example). The son of Google 2FA will be Universal 2nd Factor (U2F), so it pays to pay attention to new developments in this space to keep your hard-earned crypto safe!

Tip #2 — Always Use A Strong Password For Your Crypto Accounts

Passwords are like underwear. You should change them often. When you choose a new password, if the exchange you are using (or your stand-alone crypto wallet) doesn’t enforce good standards, you should use one that is at least eight characters in length and includes a minimum of one number, one special character, one upper and one lower case letter. Hackers have a number of ways that they can obtain your password, so you will need to make sure that you change it on a recurring basis. Also, to avoid frustration, make sure you know the policies of the exchange that you are using so you don’t inadvertently put your account in timeout by changing the password if you are going to need to move coins or funds around shortly after the change.

Tip #3 — Consider KYC Or Additional Tier Verification On Your Exchange Accounts

Although many crypto enthusiasts run away from exchanges that demand KYC or additional level or tier verification, this grants consumers an additional layer of security. If you are apt to make a mistake or think you might be targeted by hackers, conducting this step could be the very thing that helps you recover an unplanned loss from a hack in the cryptosphere. If you are investing in the masternode coin space, then you should also consider making sure that the service or coin that you are investing in has undergone a thorough vetting process such as that provided by SWYFT Trust who has recently partnered with Simple POS Pool to deliver the backing that masternode coin enthusiasts who have been burnt by recent projects like LRM, LGS, LPC, and more have longed for.

Tip #4 — Consider Storing Your Coins Offline

With the exception of perhaps Binance and Coinbase, there is a huge bias to storing large amounts of crypto in a compatible offline wallet or other secure location for the average consumer. While this action does put the onus on one to preserve their personal computer or hardware wallet security, it does provide the peace of mind that if you had stored a lot of coins on a smaller exchange, that you would not be as vulnerable to a hacker attack.

Tip #5 — Make Sure You Secure Your Account When Using An Exchange API

Many a cryptocurrency enthusiast has found themselves on the losing end of incorporating an exchange API while not adopting common personal security practices. While using API’s is great in that you can have a much better, shared, trading experience when you use one without an eye towards security, things can go awry very quickly. You should consider using additional security measures like restricting access by IP address, changing one’s key’s regularly, and more to help keep your crypto funds #SAFU!

Tip #6 — Always Use A Secure Internet Connection

So, one of the things that catch most crypto users once is assuming that free Internet connections means that they are safe. Unfortunately, in today’s world, this is further from the truth. The more public the WiFi, the more likely that there is a nefarious soul sitting nearby that you would never suspect that may try to pull off a Man in the Middle attack or some other exploit in order to take your hard earned crypto and put it into their wallet. The same risks pose true if you are the type to never change the password for your home or work WiFi password, or still insist on being “That Guy” who continues to use an 80211.b network or outdated tech!

Tip #7 — Always Update Antivirus Software

So many a veteran crypto user has fallen into the trap of putting off paying for their no-longer-free anti-virus software or simply delaying upgrading the software to avoid working through potential de-confliction with existing wallets and so forth. Unfortunately, for many people, this proves to be just the enabler that bad actors need to get a footfall into your computer or mobile device that stores your cryptocurrency. You should also do your due diligence to make sure that when you download an update to the software that it is coming from a reputable source, as the bad actors are always looking for a way to spear phish attractive targets who can earn them more free money.

Tip #8 — Lock Your Phone

Why should you make things easy for would-be criminals? The list is long of consumers who have not only failed to put a password or thumbprint on their phone let-alone enabled 2FA on sensitive accounts who have been hacked. Just by enabling this basic level of security, one will enjoy more protection than most people who own some cryptocurrencies on the marketplace.

Tip #9 — Consider A Secure Password Manager

It's just too bad that in today’s online security environment that most strong passwords are almost too hard to understand. Most consumers should consider using a secure password manager to keep track of their important credentials across all important accounts. If you do choose to go this route, of course, it shouldn’t be said that your most complex password for all of your accounts should be for the password manager service/account!

Tip # 10 — Pick Unique Emails For Big Accounts

Most people are lazy. This holds true for the crypto space as well. If you want to go the extra mile for protecting your hard-earned crypto, then you should use a unique email account for each of your big crypto exchange accounts and more. This helps ensure that if you get one account hacked on either the server-side or your side of things that you have created a personal “firewall” to help keep from losing all of your holdings. As time goes on, hacks get increasingly sophisticated, so the odds of getting your personal info shared amongst nefarious characters has never been higher. Even better is to use email accounts that you don’t actually use for email so you can try to mitigate phishing attempts.

Tip #11 — Avoid Phishing Attempts

You should almost never click a link in an email. Like never if you can. Go manually enter the Website address if you receive an activation email from what you think is a legitimate source. It is very easy to spoof emails nowadays, and most phishing attempts go as far as to replicate the legitimate site down to the login and password screen to where one thinks it is a legitimate site. If you do insist on clicking on links, please do us all a favor and check the URL at the top of your Web browser to make sure that the site is where you think you should be. If you do find that you have given up the “keys to the castle” take immediate action. Like as soon as you can. Nothing is more important. You may already be cleaned out, but you might not be. If so, and you repeat the same password and email on other accounts go change those as soon as you can as the bad actors will take advantage!