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As the technology and markets evolve and unlock more opportunities for users, it also creates space to maneuver into new, ingenious illicit activity and scams. Everyone trading and investing in crypto is responsible for the security and safety of their account. However, fraud and hacks can target anybody, anywhere, so it’s crucial you take the necessary steps to become aware and 🛡️protect your crypto account. One of the most important steps of this journey is choosing a fully regulated and compliant crypto exchange. By doing this, you have the certainty of a transparent financial ecosystem, safeguarded by active governmental regulation.
But it doesn’t stop there. It also helps to understand and avoid crypto scams & fraud, so you can keep potential threats away as well. Ultimately, you will have to make it a common practice to keep your account safe, with everything this implies. Read all about it in this third blog rounding out the Safe Investing educational series from our Learning Lab.
5 Steps to a Safer Crypto Account
Trading crypto these days can be very accessible. You can instantly buy assets, on desktop or mobile, while at a cafe or on the move. It’s important to understand your crypto account can have greater vulnerability in certain scenarios. Here are some measures that you can take to increase the security of your account and avoid illicit activity that can cost you money:
🛡️ Always Use a Safe Internet Connection
Make sure the web connection you use to handle personal crypto business is not representing a weak link in your security chain. Using a private, secured network, guarded by a firewall and antivirus software can go a long way in keeping malicious activity away. Avoid connecting to your crypto account via open, public Wifi networks. Such web connections can easily be hacked, allowing bad actors to walk away with passwords, identity theft and other sensitive information. Moreover, some public wifi networks can be specifically set up by hackers to begin with, with the sole illicit purpose of scamming those who use it.
🛡️ Use a Strong Password
This might come as an obvious choice. However, using sheer computational power, hackers can potentially break shorter passwords with ease. There have been several cases where early AI technology managed to guess passwords from established social media platforms in little time. The longer and more unusual your password is, the longer it takes, exponentially, for any computational system to potentially break it. With the longer passwords, including plenty of special characters and numbers, the time it can take an AI system to deliver a positive guess extends into tens of years.
🛡️ Use 2FA (Two Factor Authentication)
We encourage everyone to add a second layer of security to their accounts by using 2FA (Two- Factor Authentication). 2FA essentially neutralizes the risks associated with compromised passwords. If a password is hacked, guessed, or even phished, it’s no longer enough to give an intruder access: without approval at the second factor, a password alone is useless. A good option can be the Google 2FA App (easily available for download on App Store and Google Play). The hacker won’t potentially be able to access your phone as easily as they can access your email.
🛡️ Keep Your Computer & Mobile Device Updated
By always having the latest antivirus software and security patches installed, you increase the safety of your account and make it harder for hackers to do damage. Software vulnerabilities can allow cybercriminals to access a person’s computer, enabling them to plant malware on people’s systems. So make sure you constantly update your software across the board to have an edge with the latest cybersecurity developments.
🛡️ Learn to Recognize & Avoid Scams & Fraud
This one will fall very much in your ballpark. You must be aware that scams, hacks and illicit activity come in all shapes and sizes these days. It’s best to be aware and recognize potential threats from a distance. Some important things to remember:
- Never give your credentials and personal information to anybody.
- Don’t click / accept any unknown URLs coming from strangers in the online space.
- Watch out for cloned websites / mobile apps. Make sure the web address and app you want to access and download are authentic and not a scam replica.
- Be cautious of the fake investor scheme, the fake social media advert, and other vishing and phishing attempts.
Read more about some of the newest scams and fraud schemes.
In Crypto, Trust Is Everything
As we are collectively shaping the next level of global crypto adoption, we acknowledge the space needs more transparency, accountability and security. Hacks and malign practices will probably not fade away easily. But this aside, the blockchain economy still needs more work when it comes to user protection.
The next bull run will have to provide a higher level of inclusion to make crypto legitimate on the scale of what e-commerce, the internet and pay-per-view are today. This starts with being regulated and protecting the users’ funds.
Coinmetro is an European Union licensed and regulated exchange, holding a license from the Financial Intelligence Unit of the Republic of Estonia.
Moreover, we hold active registrations with regulators across the globe:
US Financial Crimes Enforcement Network
Australian Transaction Reports and Analysis Centre
Financial Transactions and Reports Analysis Centre of Canada
Watch this interview with Kevin Murcko (Founder, CEO) in Nordic Fintech Magazine, talking about the foundational role crypto regulation plays in the coming years.
💡To learn more about safety and security, visit our Learning Lab and read curated content making your crypto journey meaningful and productive:
Safe Investing (2/3) – The Importance of Choosing a Regulated Crypto Exchange
How to Stay Safe and Invest with Confidence
Let us ask you this: How are you spending this bear market?
💬Do tell in our Discord and Telegram channels. To become a Coinmetro user today, Sign-Up now, or head to our new Exchange if you are already registered and experience our premium trading platform. Should you need any help, feel free to reach out to our world-class Customer Support Team via 24/7 live chat or email at hello@coinmetro.com.
