Tips and strategies to secure your cryptocurrencies against phishing scams.
The crypto world has attracted a substantial audience over the years. The bull run and Bitcoin price surges have drawn massive popularity to the cryptocurrency world, from institutional investors, major corporations, to retail investors. However, the recent surge in popularity has also drawn the attention of malicious actors and hackers finding new ways to steal crypto funds from users.
Most fraudsters manipulate traders through a method known as phishing. Phishing is a process that hackers use to steal private user data like login credentials and credit card numbers. These hackers can access your wallets or accounts and maybe steal your digital assets with this information.
Security is a significant concern in the cryptocurrency world. Bitcoin investors should always be wary of these bad actors looking to steal their digital assets. Moreover, you should deploy tools and resources that helps traders protect themselves against such scams. The key to a successful trading career is always to ensure your safety first to protect yourself.
Seven Ways To Protect Your Crypto Account Against Phishing Attacks
This article will discuss ways to prevent investors and traders from falling into a phishing scam. Here are some tips to help you avoid falling into their traps.
1. Ensure you are using the correct address
Most trading platforms will guarantee safety to users when trading. Some of these platforms are accessed via software or mobile applications, and others are online-based. Online-based crypto platforms are accessible through browsers using a URL.
Fraudsters will customize a link almost similar to that of the genuine trading platform. These replicas are URL links that look similar to that of a trading platform address, prompting you to enter your login details. The details get stolen, and the scammers use them to log into your real wallet.
Always double-check the website link from your legitimate trading platform to avoid these criminals. Always protect yourself from exposing personal information to the wrong address. To be on the safer side, check on the address bar. Secure websites will often have a logo of the company facilitating the trade. Always remember this, especially if your platform is accessible via a website.
2. Beware of fake social media accounts
The enemies of the crypto world have not been left behind even on social media networks. They create a fake account using a real company's name and also, in some cases, tend to use even actual logos for the company.
Fraudsters know that by using social media platforms, they reach most people around the globe. Most investors end up confusing the fake account with the official page for the company.
Investors might end up being convinced to perform transactions or send money to the criminal only to realize later that they were deceived and end up losing money if they fall into this trap. Moreover, they can be deceived into giving up their private keys or login details to their investment accounts.
3. Be cautious of the links you click
Cybercriminals send malware in the form of links to a user's phone and computers. This is often done through images and QR codes embedded in emails and SMS messages to trap unsuspecting victims.
When clicked, these links might direct you to a site where the fraudsters steal and access your personal information like your account password and private keys that can be used to access your crypto wallets. Avoid clicking on third-party links sent anonymously to shield yourself from these malicious actors.
4. Fake customer support team
Fraudsters will always try to find a way of hacking into your wallets, even through a phishing email. Sometimes they even pose as a customer support team to get into your account. They send emails that might suggest an issue with your account and inquire about data like passwords.
Some emails might have content telling you to change your passwords or ask you to pay a certain amount of money to prevent your account from being shut or any other cunning reason they might give. Always contact your trading platform to know about their official customer support team emails.
Notably, authentic trading platforms do not ask for sensitive details from their customers. When you get such emails, report them or forward them to your official trading platforms, and do not share any sensitive details with them.
5. Be careful when receiving information from unknown senders
Most fraudsters will try getting their targets via mobile number, mostly by using a text message. Most often, these text messages will ask for sensitive information. Be cautious about this strategy and don't give out any confidential details.
Genuine trade platforms do not ask for personal data from traders but instead use mobile numbers for verification and sending security codes.
Protect your account using the two-factor authentication. Two-factor authentication is a security feature most crypto platforms offer. The code is sent through the mobile number of the trader. Enabling this security feature ensures you are safe from fraudsters. Only you can log in to your account, access your wallet, send bitcoins and withdraw funds when you enable this feature.
6. Trade wisely
It is recommended to store your Bitcoins or any other cryptocurrencies in to your digital wallet. In the event that the exchange gets hacked, your cryptocurrency funds also become vulnerable to the hacker.
To ensure complete security, XanPool offers a non-custodial way of exchanging cryptocurrencies. Also, a user can enter their desired crypto wallet address to directly transfer your coins in to your wallet.
When selling your bitcoins through P2P platforms, don't hand them over to the buyer before the payment is verified. This will help you from getting into losses during the trade. If you can't prove the payment, contact your platform's moderators.
7. Safety First
Ensure that details like your password, bank details, and email address are private. Do not share these details to secure your account. Use a different password for every account you have to ensure your wallets' safety in case you have multiple accounts.
In conclusion, fraudsters are enemies of progress in the cryptocurrency sphere. They make investors focus more on the safety of their digital assets rather than trading. Now that you know how to avoid them, you can have a smooth trading experience avoiding all the traps set by them. A survival tip is always to be cautious.