Don't let buying bitcoin bite you!
Bitcoin and cryptocurrencies are quite the buzzwords. As with all things shiny and new, a lack of awareness around threats involved creates a perfect playground for cybercriminals and fraudsters.
Crypto-coins are high on the list of things hackers want to steal from you. Ensuring your accounts or “crypto-wallets” are as watertight as possible is a must.
Beware of these threats:
- Fake icons and wallet scams
There is an increased opportunity for scammers to lure unsuspecting victims into investing hard-earned money into fake coin schemes.
Scammers create fake sites that look like your legitimate wallet or trading platform to trick you into entering your password.
- Hacking your email account
Scammers try to hack into your email account in order to reset your wallet’s password.
Watch out for
- Promises that you "can't loose money"
- Social signup links with high bonusses
- A sense of urgency to "invest now"
Review any coin you wish to invest in properly (coinmarketcap.com) and only choose a wallet that is reputable and that you have researched well and vetted.
Secure your email
Most wallets interact with you through your email. If criminals have access to your email, you are at risk. They could, for example, try to reset your wallet password. Apply two-factor authentication.
Use two factor authentication
Apply two-factor authentication on your wallets and all other critical accounts, such as email, social media etc. This security measure shouldn’t be regarded as optional.
What is 2-FA?
This is the combination of your password with something that you own, such as a one time password app. If someone were to crack your password, they would have to steal your OTP generator as well in order to gain access.
It’s extremely important that you use a strong password. Not only must your password be strong, it must be unique.
If you hold a large amount of coins for a longer period it makes sense to use cold storage such as hardware wallets, to store your keys away from online access.
Keep them safe so they don’t fall into the wrong hands. And write down the recovery passphrase somewhere safe in case it gets lost or damaged.
Always remember that it is your responsibility to adopt good practices in order to protect your money. Make sure you educate yourself,do your research into your coin trader and always… think before you click.