Cryptocurrency, the latest fintech innovation, has made a remarkable impression on consumers, enterprises, and governments. People’s interest in cryptocurrencies is increasing, and they are exploring other cryptocurrency technologies. Such technology is Blockchain. A blockchain is a digitally distributed public ledge that is decentralized and exists across the network.
Many organizations have invested in cryptocurrencies to facilitate fast, secure, and accurate transactions. The crypto market is highly unpredictable, and there are a lot of risks. Cryptocurrency is showing promising growth. As a result, it is attracting the attention of many cybercriminals. Your financial assets can be the potential target of these cyber criminals. But you do not have to worry, we have got you. Here are the five helpful tips to save your digital assets from cyber criminals.
The Five Helpful Tips for Protecting Your Fintech Data Assets
Avoid Sharing Private Information:
Do not share your private information on any public forums. Cybercriminals use phone porting techniques to hack your mobile. Attackers lurk on various social media applications to scoop out investors’ information that they might leave behind. The information may include phone numbers, emails, chats, etc. They can use it to connect with other investors.
After securing a target, the attacker poses as a victim and calls the investor’s service provider to port the mobile number to another device. Therefore, now the hacker has access to the victim’s cryptocurrency exchange account. They reset the password and can transfer digital assets to any account. Using this attack, hackers can steal thousands of dollars in minutes.
Play Hard to Get for Hackers:
Sometimes tiny preventions can save you from financial fraud or theft. Dan Romero, VP of operations at Coinbase cryptocurrency, suggests that one should disable SMS account recovery as a defense against porting attacks. Moreover, according to him, digital assets are more secure in coin vaults, and a person should enable two-factor authentication to transfer funds.
Furthermore, he is against discussing cryptocurrencies in public or online. He also recommends using all available security options on your smartphone, such as passcodes, and asking the cell service provider for a ‘do not port’ order.
Diversify Digital Financial Holdings:
As advised by Internet security specialist Sanjay Beri diversifying digital financial holdings can prevent the investor’s exposure to a cyberattack. It is an optimal way of protecting your assets. Moreover, he says investors should store their crypto assets in cold wallets (offline wallets), limiting the access of bad actors to investors’ currency.
Furthermore, he insists on having a separate wallet called a “hot wallet” for daily transactions. In simple words, a hot wallet is a checking account, and a cold wallet is a savings account.
Pay Attention while Exchanging Currency:
Cryptocurrency holders should use centralized exchanges only when making frequent transactions, and for exchanging tokens on Ethereum-like platforms, one should stick with decentralized exchanges, as suggested by the Chief Technology Officer and Founder of Zero-x (0-x) Amil Bandeali.
Further explaining the differences between the two, he said that decentralized exchanges do not hold any users’ cryptocurrency. It means that a hacker can only acquire your assets with the private key, otherwise, it is impossible.
Remember the Basics:
Setting up basic security is a child’s play right. However, most investors fall prey to cyberattacks due to negligence in following basic security. Thus, as per the suggestion of Internet security specialist Sanjay Beri, one should make different accounts for each exchange.
Therefore, if a hacker does get access to your account, they would not be able to ransack around your sensitive data. We said it before we will say it again, use strong passwords and make a hard copy to keep them stored securely. Make sure only the account holder (you) can access the hard copy.
Cybercriminals do not rest easy, and they will always try to exploit investors for their assets. Thus, you also do not have the right to neglect the security of your assets. Beware of any suspicious activity and listen to the experts on cryptocurrencies. Only experts can assess the threat of an attack and its preventive measures. Hopefully, you liked our article and support us by leaving a comment below. Peace Out!!!