How to keep your crypto safe?

Cryptocurrencies are gaining traction in our digital world with the efficiencies of decentralization and promises of transaction security. Yet while the transactions may be easier and more difficult to fake, organizations dealing in cryptocurrency must still take security precautions.

Here are some crucial security measures you can quickly and personally implement to keep your crypto safe.

1) Store your Crypto in Multiple Wallets

It’s just like the saying goes, “Don’t put all your eggs in one bucket.” Without any limitation to the number of wallets you can create, you can have multiple wallets to diversify your portfolio.

With crypto theft on the rise, two wallets or more will prove more secure – one wallet for your daily transactions and the other(s) to secure your crypto portfolio. If one of your wallets gets affected, the others will help brace for impact.

2) Use multiple strong passwords

Never use a single password for all your accounts. A study undertaken in the U.S showed more than 70% of millennials use a single password for most of their accounts. If the security of one account gets breached, it leaves the rest vulnerable to attacks.

Security specialists advise using a sound and tried system to secure crypto accounts. Also, to better safeguard your crypto, use a unique and strong password for each account.

3) Use secure internet only

Are you aware that one in every three people experiences a cyberattack every day? With most of these cases targeting devices connected to an insecure internet? Yes! That’s how vulnerable your cryptocurrency is when connected to unsecured internet connections.

But how do you avoid these attacks? By consistently using secure internet connections when dealing with your crypto. Altogether avoid insecure networks like public Wi-Fi connections.

To add extra security to your crypto, you can use a VPN. With a VPN, you can easily change your device location and IP address, making it highly secure in navigating the internet.

4) Don’t share your private key

What is a private key? It’s a key used to confirm the people exchanging crypto are the actual owners of the crypto wallets. To keep your crypto secure away from scammers, keep your private key a secret. Hoffman, chief officer for information security at Netenrich, says, “The only way to truly secure your private key is to store it in cold storage. Then erasing any digital traces of the key.”

5) Don’t use provider-hosted wallets to store large funds

These are wallets that are provider-hosted. They allow storage of your private key on the provider’s servers. It might sound like a hassle-free method for storing your private key, but it’s the most insecure. Using hosted wallets means you give away any control of your private key.

But why are provider-hosted wallets so risky? Hosted wallets store your private keys on the provider’s servers. Storing your private key in these servers opens them to a whole lot of risks. Risks like cyber-attacks, take over by the government or a legal entity, or even a business failure. The key to avoiding all these risks is to use cold storage for any of your private keys.

6) Avoid getting phished

Phishing is online fraud in the form of traps that attempt to get hold of your crucial data, like credit card numbers or passwords. These online traps come in fake emails, malicious websites, or tempting ads. Phishing scams rank top of the list as one of the most common scams in the cryptocurrency industry.

To prevent getting phished:

• Avoid unknown or suspicious links.
• Don’t fall for ads that sound too good to be true.
• Never give out any personal information about your cryptocurrency.

Always double-check for legitimacy before giving out any crypto information to websites, apps, or emails. For instance, always check for any suspicious domain names when using a website. Scammers create imposter websites using domain names pretty much similar to legitimate sites. And to make it even worse, their branding is so much like those of legitimate websites.

7) Have one device for cryptocurrency

Do you want to step up your crypto security? Having a single device for your crypto activities will do just that. Use a single device, phone or pc, for sending, receiving, and accessing your cryptocurrency.

Why a single device? If you think about it, it’s easier to manage the security of a single device than to manage security for multiple devices.

8) Add 2FA to step up your security

Turning on 2FA for service changes the security requirements, forcing you to provide at least two proofs of identity when accessing a secure service for the first time on an unknown device. After you successfully meet that challenge, you usually have the option to categorize the device as trusted, which means that 2FA requests should be relatively rare on the devices you use regularly.

How to add 2FA Authentication to your FGS account?

( If you are using the Website )

All you have to do is to click on the Dashboard. Under Account Security, you will find - 2-Factor Authentication (2FA). Please choose your preferred 2FA Authentication option.

( If you are using the Mobile App )

All you have to do is to click on Me then Security. Next is to click on Google Authenticator and then follow the instructions shown on the app.

Wrap Up

The cryptocurrency industry is constantly evolving, and it is your sole responsibility to protect your digital funds by securing your wallet with essential safety precautions. Update yourself with the latest security news, attack techniques, and prevention strategies.