Cryptocurrencies are exclusively digital assets, meaning that they reside on servers, databases and other digital networks. Although this does indeed help them to avoid “physical theft”, it also makes them vulnerable to hack attacks, which are easier to do and cover. However, there are numerous ways that cryptocurrency exchanges have been battling these hackers, numerous protocols have been implemented. However, none of them are a way to stop the hacker in his/her tracks, they are ways to just prolong the hacking period to points like 100 years and even more.

However, there is always a chance that a hacker may be the luckiest person in the world, and his script will guess the composition of most of the password on crypto exchange accounts. Therefore it is imperative that you take your own measures. Here are some methods you can use.

Install mining blockers on your Smartphone

It may be quite hard to comprehend this method. Why would there be a mining blocker for a smartphone? Well, the thing is that a new type of hacking has been cited in South Africa. Hackers connect to unsuspecting victims’ phones and use their computing powers for mining cryptocurrencies. This isn’t theft, naturally, but it could severely damage your smartphone, while also exposing other banking documents and exchange information you may have on it. If you follow this link, you’ll find out that South Africa was a perfect place for this type of scam to take place. The police have already come out with suggestions to install special software to prevent phone hackings.

These blockers are usually Google Chrome extensions, but if you have different browsers, make sure to find a compatible extension.

Disable password autofill

It is usually a bad idea to save give your financial and Gmail account password the autofill function. If your device is accessed by an unauthorized person, you may have your account completely wiped clean. The best way to do this is to have your passwords in written form. You can have the paper on you at all times, for example save in the back of your phone case and look at it when you need to access one of your platforms. This way it stays away from sunny and wet areas and will not be damaged, while also keeping you safe.

De-sync your Gmail account

De-syncing you Gmail account may be quite uncomfortable in the long run as you would lose the password autofill. This could get very annoying down the line if you use your mail quite a lot, but there are ways you can combat this issue. You can just de-sync the phone connection, meaning that crypto apps and wallets you have on your phone will not be accessed through the email. However, there is another problem connected to this. If you mail account which is used to verify your exchange account is hacked, there is a chance you may lose your password. Here’s what’s best to do in that case.

Get an additional phone that has absolutely no connection to the internet. Switch the notification and authorization systems of your exchange account to SMS. Since the phone you get the authorization notifications is not connected to the internet, there will be absolutely no chance that a potential hacker may track your authorization history and try to deduce the passwords.

In addition to that, you’d have a safe phone number. The reason why that number needs to be secure is for the sake of your family members and loved ones. Hackers completely lack empathy, therefore if they get their hands on your phone number, they may use it to contact your relatives and ask for money. So at this point, the security of your personal data is even more important.

Switch to a hardware wallet

This also comes with some inconvenience as you would have to do a lot of transferring back and forth in order to be secure. Meaning that every time you want to trade cryptos, you’d have to transfer the coins from your wallet to your exchange account. Thanks to the fact that a hardware wallet is rarely connected to the internet, a hacker would have to spend quite a lot of time trying to access it. An amount of time which is just not worth it. Furthermore, you can opt for several hardware wallets and spread your assets out. Sure it could be hard to track them, but at this point, if the hacker is lucky, you’d still be able to retain most of your assets.

Disable double-factor authentication with a Hardware key

If you want to avoid the SMS checks I mentioned earlier, than a Hardware key is your way to go. It’s quite an easy tool to use. It’s best if you go for two keys actually, as you’d have a primary one and a backup one. Nobody will be able to access the wallet with only one key, they’d need both. However, you will be able to do it with only one. Therefore if 1 of the keys is lost, then you’d still have the backup.