As cryptocurrencies become more popular, concerns about their security have become more pressing. Every year, cybercriminals steal huge amounts of digital assets. Exercising caution is necessary to protect your cryptocurrency investments in this dynamic environment. This article will outline five security best practices to help you protect your digital assets from various threats.
How can I secure my cryptocurrency balances?
لتأمين أرصدتك من العملات الرقمية، يجب أن تنتبه دائمًا لما يمكن للمحتالين القيام به وأن تتخذ إجراءات وقائية استباقية. فيما يلي بعض الخطوات التي يمكنك اتخاذها لتأمين أصولك الرقمية.
1. Secure your seed phrase
The seed phrase (also known as the recovery phrase) is the gateway to your wallet and cryptocurrency balances. It is a string of 12 to 24 words that acts as the master key to your wallet in case you lose access to your wallet or need to migrate your wallet to a new device. Here are some tips on how to secure your seed phrase.
Store your seed phrase somewhere offline
The moment you have your seed phrase, avoid saving it in folders on the device itself or in a cloud storage account. Storing the phrase on the Internet may expose it to the possibility of hacking. The safest approach is to store them somewhere offline.
One way to do this is to invest in a hardware wallet that can generate your seed phrase and store it offline. Another option is to keep a backup copy of your seed phrase inside a vault. You can use a paper backup, but it is safer to use a metal plate with the initial phrase engraved on it.
Break down your initial statement
If you want to enhance the security of the seed phrase further, you can split it into multiple parts and store them in different secure locations. Keep copies of your initial statement in various physical places, such as bank vaults, safety deposit boxes, or with trusted individuals. Ideally, no one but you should have access to all parts of your seed statement.
2. Be careful not to impersonate social media accounts
Social media platforms have become a breeding ground for cryptocurrency scams, with scammers creating fake accounts that closely mimic trading platforms or well-known celebrities. Here's a reminder from the real Vitalik Buterin, warning users about thousands of fake accounts claiming to be him.
These malicious parties attempt to trick and defraud users by spoofing or spoofing known accounts. Here are some steps to protect yourself from social media account spoofing.
Check for verification marks: Look for blue marks or verification codes in accounts. But you need to realize that they can be faked or bought.
Check ID: IDs are usually an indicator of fake accounts. Smart scammers will try to make the names as similar to the original names as possible. For example, "@Vita1ikButerin" instead of "@VitalikButerin".
Scrolling: Browse the account and try to see some old posts. This should give you an idea of the validity of the account.
3. Avoid public WiFi networks
Public WiFi networks are notorious for their lack of security and vulnerability to cyberattacks. Opening your cryptocurrency wallet or making transactions while connected to a public WiFi network can put your assets at risk.
Public WiFi networks are vulnerable to a range of cyber threats, including:
Evil Twin Attacks: Hackers create unsecured hotspots with trustworthy names (for example, “Guest WiFi Hotel”) to intercept your data when you connect.
Man-in-the-middle (MitM) attacks: Those with malicious intent can intercept data sent between a WiFi router and a user's device, which could lead to access to sensitive information such as personal login information.
Password decoding attacks: Fraudsters use software to try several username and password combinations to unlock the router's management interface.
Avoid using public WiFi networks when opening cryptocurrency accounts or performing transactions.
4. Beware of fraudulent live videos
Scammers have turned to platforms like YouTube and Twitch to spread cryptocurrency fraud. Scammers usually use stolen video content to run fake live streams promoting fake giveaways. In some cases, they use hacked YouTube accounts with millions of followers and try to convince users to participate in giveaway campaigns by sending some cryptocurrencies to specific addresses.
For example, you can find a video of Elon Musk, Cathie Wood, and Jack Dorsey discussing cryptocurrency and blockchain technology, but scammers may use a real video to promote their fake or stolen channel and a fraudulent giveaway.
Be sure to do your due diligence before engaging with any live video, especially those related to cryptocurrency giveaways. In the vast majority of cases, the gift campaign will ask you to send money first before receiving anything, but you will lose your money if you do.
Verify the legitimacy of the channel by looking at factors such as the number of videos, the presence of verification badges, and the date the channel was created. But be careful and make sure to check multiple data points because hacked accounts may appear real at first and even have millions of subscribers.
Additionally, you can check the official social media accounts of the people participating in the video. If the promotion is real, you will be able to find some information from multiple reliable sources.
5. Beware of AI deepfake scams
Deepfake technology (artificial intelligence) is used to create fake videos that look real. They combine existing photos and videos to make it look like people are doing or saying things they never did. As you can imagine, scammers are starting to use deepfakes to create very sophisticated scams.
Hackers use deepfakes to pretend to be other people or pretend to be experts. Hackers often trick their victims with fake competitions or investment opportunities, urging them to rush to meet deadlines.
So, what can you do to protect yourself from deepfake scams?
Pay attention to the face: Ultimately, deepfake technology stitches many images together to create content, so pay attention to the blinking patterns and lip syncing.
Inconsistent audio: Robotic voices or strange differences in volume level may indicate the use of deepfake technology. Be sure to listen carefully to detect any discrepancies in sound quality.
Questions: When confronted by what you suspect is a deepfake designer, be sure to ask several questions that only a real person would know. Make sure you have some background information to verify the information against other sources.
Concluding thoughts
It is your sole responsibility to protect your cryptocurrency assets. In this article, we explain in detail the five best practices for keeping your coins safe:
Secure your initial phrase.
Beware of impersonating social media accounts.
Avoid public WiFi networks.
Beware of fake live videos.
Beware of deep fake technology.
As time progresses, scammers become more sophisticated, devising complex schemes. Ultimately, knowledge and vigilance are your strongest allies. Stay informed, stay safe, and protect your digital wealth.