Five Secure Ways to Avoid Crypto Theft in 2023

Cryptocurrencies came as a savior for many who wanted to own assets in a more decentralized manner. People wary of traditional means of banking poured their money into a supposedly safer way of owning assets. Cryptocurrency has seen its fair share of ups and downs since its inception, but mostly were related to market forces and legislation issues. Recently, there has been a rise in crypto theft, which will also affect the investors who have tied their savings to this money medium.

Digital assets have become a way of living as people get rid of hard-paper currency in favor of digital wallets. These wallets usually have top-notch security measures in place and present the owner with flexible options for usage. However, in 2023, Coinbase lawsuits have been on the rise due to the ever-growing influence of crypto-jacking and crypto theft. Cybercriminals have found a new way of stealing as they target people’s hard-earned assets stored in crypto wallets.

Cybercriminals can theoritically easily steal money from crypto accounts due to their anonymity and untraceable nature. Thus, the strengths of crypto currency often become a saving grace for criminals who want to exploit people off their hard-earned money. Here are five ways to secure your digital wallets and cryptocurrency assets so that cybercriminals cannot get in.

1. Use Hardware Wallets

The use of hardware wallets is an excellent method via which you can keep your digital assets safe. These physical devices store your cryptocurrency offline, thus making your assets extremely safe and secure against online attacks. It especially reduces the threat of phishing attacks and online hacking attempts; the two most common ways hackers get into your system. There are many trustworthy software in the market, but you must choose a hardware wallet that comes from a reputable source. Counterfeit products are abundant in the market and cause more harm than good.

2. Use Strong Passwords / 2-factor Authentication

Strong passwords have been advised to customers who have had an online presence for a long time. Crypto wallets are no different, and you must remember what’s at stake here: your hard-earned savings. For this reason, a strong, unique, and unpredictable password is your best bet against hackers who want to crack your account. The stronger the password, the more time hackers require to crack it, and on top of it, you should enable two-factor authentication. Thus, whoever tries to hack into your wallet will need a password and access to your cell phone.

3. Be Wary of Phishing Attempts

Surfing the web comes with its dangers as more and more hackers find the online web space conducive to their activities. Phishing attempts are a common mode of finding a person’s details to hack into their financial accounts. It is important to use anti-virus software while surfing the web and ensure that the webpage you’re viewing has the ‘HTTPS’ added before the webpage’s name. HTTPS is a secure protocol that ensures data sent to and from a particular website is encrypted and thus cannot be hacked into. Suspicious email addresses and webpages should be avoided and not clicked when surfing the World Wide Web. Also, never disclose your personal information to anyone online, however trusted their credentials may seem.

4. Regularly Update Software and Wallets

In the modern world, keeping track of all the changes happening around us is important. We must be informed about the latest developments in cybercriminal activity, how to thwart them, and the best defenses available against them. Regularly updating your wallets and software linked to your crypto exchange is one way of ensuring safety. You can also download the latest security patches and improvements to your wallet and software, including protection against newer threats.

5. Practice Cold Storage / Regular Monitoring

Assets that need not be moved for long periods must be stored in cold storage options. It means securing your cryptocurrency holdings in an offline storage option away from the dangerous world of cyber criminals. Such hardware wallets contain all your private keys safely stored in an offline place, but you must monitor your assets regularly for any suspicious activity.

In addition to these five secure practices, you must keep up with the latest threats by joining crypto communities and learning about the latest developments; diversifying your crypto portfolio is another way to stay one step ahead of the hackers. In summary, using strong passwords, offline storage, and two-factor authentications can greatly increase your chances of securing crypto exploits. Keeping yourself and your software up to date is the best protection against these cybercriminals.

Five Secure Ways to Avoid Crypto Theft in 2023 was last updated November 3rd, 2023 by JW Bruns