How to Protect Your Cryptocurrency
Helpful tips to secure your digital assets
Cell Phones
Some hackers will troll social media in search of discussions with investors centered around cryptocurrency. If they target your conversations, they will look up your posted phone number and email address.
The next step is to call your cell provider and trick them into transferring your phone number to their own phone. After accomplishing that the criminal can access your business cryptocurrency account by resetting the password.
To avoid this type of attack you can contact your cellphone provider and ramp up your security to the highest level. Add complex passwords and authentication questions only you would know the answers to.
SIM Swap Scams1
One of the most important steps you can take is to establish a password or PIN that is required before making changes to your mobile account. Each of the carriers offers this feature to their customers in a slightly different way.
AT&T offers a feature they refer to as “extra security.” Once activated, any interaction with AT&T, whether online, via phone, or in a retail store will require that you provide your passcode.
Sprint asks customers to set a PIN and security questions when they establish service with Sprint, so no additional steps are needed to use this feature.
T-Mobile allows their customers to establish a customer care password on their accounts.
Utilize Two Factor Authentication
You can protect your cryptocurrency with two factor authentication. That entails using more than just a strong, complex password for your cryptocurrency accounts.
Take a similar approach with your business email accounts. Use the highest levels of security you can and create long, hard to break passwords.
You can also create an email account you only use for your cryptocurrency transactions for your business.
Computers
Difficult and complex passwords should also be used for your business computers. Use antivirus software and be wary of phishing schemes and phony websites or emails.
When making cryptocurrency transactions, make sure you are using the correct wallet address. Recovery could be difficult if not impossible if a mistake is made.
Entrust a Relative or Friend or write legal document
If you are the only person who knows how your business cryptocurrency is stored it is more secure. On the other hand, if something happens to you, how would your benefactors access it? Would your business fold without this knowledge?
Use Multiple Cryptocurrency Exchanges
Don’t buy, sell, or exchange cryptocurrency using only one website or business. Instead, diversify among several and store your digital money in more than one place. This will help you to protect your cryptocurrency.
Store Digital Currency Offline
Consider using a storage device not connected to the internet to keep your digital currency safe. Then, lock the device up in a secure location such as a safety deposit box.
FTC Your mobile phone account could be hijacked by an identity thief