With every passing day, cryptocurrencies are becoming more popular and accepted in modern society. People who previously scorned at it are now finally coming around and adapting it as a part of their every day lives. However, with the rise of new crypto users come the increase of security risks around it. Annually, cybercrimes involving the theft of digital assets have hit critical levels. Therefore, it is of utmost importance to be aware of these cases in order to avoid falling prey to them.
How Can I Keep My Cryptocurrency Assets Secure?
In order to keep your cryptocurrency safe, you must always be aware as to how scammers function, what they can do, and how you can avoid it. Below are a few tips on how you can take protective measures against cybercriminals and protect your crypto assets:
Do Not Use Public Wi-Fi
We’re all guilty of falling for the “Free Wi-Fi” service when we’re outdoors. After all, it’s a great perk when you’re sitting down for coffee and realise that you can still stay updated on your devices when you leave your home. However, it is crucial to remember that when you are connected to public wi-fi, you are vulnerable to hackers as well as other users who are connected to the same wifi as you. We expand further on this in our article Why Public Wifi Is A Threat To Crypto, where you can see in detail how your crypto is in danger. In essence, it is advised to avoid doing this ESPECIALLY if you need to perform any financial transaction.
Secure Your Seed Phrase
Alternatively known as “Secret Recovery Phrase”, a seed phrase is vital in keeping your cryptocurrency assets safe from cybercriminals. Your seed phrase is typically a sequence of words ranging from 12 to 24 random characters that holds the key in unlocking your crypto wallet. In order to make sure your seed phrase remains safe, we would recommend writing your password down physically instead of saving it digitally.
Be Aware of Fake Social Media Accounts
A pressing issue that has arose recently with the rise of social media is none other than fake profiles. The way that these criminals work are rather ominious, as they can copy any profiles regardless of follower count. So everyone, from prominent Internet celebrities to the everyday user, are targets.
The criminals will create a profile identical to the existing one, following everyone who has a mutual connection to the exisiting profile, and then will begin messaging the mutual profiles for discreet information. This can include phone numbers and bank details.
Therefore, it is highly advised to stay vigilant and ask yourself why are your friends asking you for information that they would either already have or would suddenly want. Pay attention to the way your “friend” is asking for information as well, as it is the biggest giveaway that they are not who they say they are.
AI and Deepfakes
While AI (artificial intelligence) may have made significant triumphs in the past few years, it has also been the reason for the rising cases of cybercrimes. With the aid of AI, cybercriminals can create and produce fabricated evidence. This can range from fabricated screenshots of social media that do not exist, or in most extreme cases, deepfake images or videos of a person. These deepfakes take a person’s face and likeliness and create a fabricated image or video, often engaging in activities that the original person did not consent to.
The most famous and recent example of a deepfake would be with American celebrity Taylor Swift, who had her likeliness deepfaked into explicit pornographic images on social media platform X. In response to this, the US Government intervened and introduced a bill against deepfakes and AI, which may be a step forward in preventing further cybercrimes like this from happening.
Always Do Your Own Research
No matter how much information we may think that we know, the world is constantly expanding. Every day, new updates and information about crypto is being discovered, which is why it is very important for us to constantly do our own research instead of relying on others. While our friends or trusted sources may be able to help us, ultimately we are responsible for our own actions. Always do your own research, triple check sources to verify information, and stay vigilant when online.
Ultimately, it is up to us to keep our crypto assets safe. With these 5 tips, we at Toobit hope that you will be able to protect your assets and trade crypto safely! Check out other articles on cryptocurrency, blockchain and more at Toobit Academy.
Disclaimer: This content is presented for general information and educational purposes only. It is not a representation or warranty of any kind. It should NOT be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. Users should seek their own advice from appropriate professional advisors. Digital asset prices can be volatile. The value of an investment may go down or up. All users are solely responsible for their own investment decisions and Toobit Academy is not liable for any losses that may incur. This material on Toobit Academy should not be construed as financial, legal or other professional advice.
