We’ve put together a guide on how to protect your digital assets from cybercriminals
As crypto grows in popularity, it has attracted cyber-criminals and scammers. Investors and exchanges have been targeted. As a result, all stakeholders need to adopt security procedures that mitigate the risks to digital assets. There are three main pillars to keeping digital assets secure: proper digital security hygiene, educating yourself to detect and avoid scams and fraud, and robust security architecture.
Security Best Practices
Every cyberattack has a human element, and most online threats can be effectively countered with the appropriate user action. For crypto investors, some of the basic and effective security protocols to take are:
- Securely storing your cryptocurrency in physical or offline wallets that prioritize data security
- Using strong passwords and not reusing the same password for multiple accounts
- Enabling two-factor authentication and using an authentication app.
- Understand social engineering attacks like email phishing, a common method used by cybercriminals to obtain account credentials.
How to Avoid Scams and Fraud
Digital Assets are a relatively new phenomenon. As the space evolves and new cryptocurrencies enter the market, the lack of experience of many new crypto users inevitably leads to an environment ripe for scammers and fraudsters.
Educating yourself and staying informed about the industry is an essential element of avoiding some of the most common scams.
Some of the most common scams have been around forever and are re-purposed for the crypto space, while others have been devised specifically to target crypto users. Some of the most popular older scams to be aware of are malware, phishing attacks, and Ponzi schemes.
New, crypto-specific scams to watch out for are fraudulent wallets and exchanges, mining scams, and fraudulent Initial Coin Offerings (ICOs.)
Using a Secure Trading Platform
One of the most critical steps to take for online security is dealing with trusted and reputable cryptocurrency platforms that leverage the highest compliance, regulatory, and security standards to protect your funds.
At Coinberry, we take the security of our users’ assets very seriously, which is why we’ve partnered with Gemini Trust Co. to provide our customers with the best on-platform wallet security. Gemini’s Cold Storage has several layers of security that are geographically distributed, access-controlled contained in offline, cold storage.