The accessibility and usability of cryptocurrencies have reached a large extent. We can buy anything, from a coffee to a high-rise building, using cryptos. Hackers often target the crypto industry and perform phishing or similar attacks.
Cryptocurrency is one of the most popular fields with millions of users worldwide. Not only a single person’s wallet but also an entire marketplace can be prey for hackers. The safety of digital assets mainly lies in the hands of the user.
Similar to conventional banks, crypto is also exhibited to thefts. Even though blockchain could help avoid such attacks, the user has to be more aware of the common security breaches.
So, let us look at different security issues and how to keep them at bay.
Common Security Attacks In The Crypto Community
Phishing attacks, unregulated crypto exchanges, illegal trading platforms, malware, user perplexity, and third-party software usage are some of the most common cyber attacks that happen to the crypto community.
To eliminate them, we must know the security measures to ensure the safety of cryptocurrencies.
- Set Unique Password And Email
The first thing we do to sign-up for a crypto platform is to set a unique password and email address. In general, investors frequently use the same password for all platforms to remember it easily. This will pave the way for security threats and must be avoided strictly. Thus, it is essential to use an ideal password and email address for crypto-related assets.
Do not share the login credentials with anyone.
- Enable Two-factor Authentication
Using two-step authentication and verification, we can employ an added layer of security to the digital wallets. This will help to protect the user from hackers trying to steal their crypto assets.
Whenever a login attempt takes place, the user will receive an OTP for authentication. This will also apply to the places where the transaction occurs.
But importantly, “Don’t disclose the OTP to others.”
- Avoid Fake Apps And Sites
Many fake apps and sites look exactly like the original ones. The traders have to pay attention to the minute details of the site to make sure it is legitimate. It is advised to double-check before downloading an app or site for crypto transactions.
Always use the official application or website for transactions.
- Use Multiple Wallets
We can use two wallets- one hot wallet and one cold wallet, to assure the security of crypto assets. Hot wallets will be suitable for allowing faster transactions online, whereas cold wallets will help to keep the earnings safe offline.
Keep the private keys of the crypto wallet safe.
- Beware Of Phishing Attempts
Phishing is one of the most occurring cyberattacks in the crypto world. New investors are the targeted individuals for this attack. As they lack proper knowledge about the industry, they will easily fall for phishing.
Using the perplexity of the investor, the hacker may gain their personal information. Then, they communicate with the user to gain credibility and make their evil intentions come true.
Cyber attacks and security risks will always be there in every industry. Crypto exchange platforms are no exception to this.
If you want to relax and not worry about becoming a victim of security threats, consult a professional cryptocurrency exchange development services providing company. They will help you create a trustworthy and highly secure crypto exchange platform with excellent security features.