Cyber security and investment experts offer good advice on how users can protect cryptocurrencies, such as Bitcoin and Ethereum, from hackers. Some of the guidance is based on even experts falling victim to cryptocurrency hacking.
Cryptocurrency exchanges such as Coinbase and digital wallets like Blockchain.com have increased in popularity, but newcomers are often unaware of security shortcomings and can be easy targets for attackers, CNBC reports.
For example, hackers can use “phone-porting” attacks to take over accounts or phishing attacks to compromise home computers, in order to steal cryptocurrency.
Several experts offer good security tips for users of cryptocurrency products to protect their investments, to include:
- Use unique email for that account with long, strong password.
- For Coinbase, reduce chance of email compromise by enabling Google authenticator app in lieu of SMS for two-factor authentication (2FA); enable Coinbase Vault and 2FA for any sends off-site.
- Don’t discuss cryptocurrency publicly and on social media.
- Work with your cellphone provider to lockdown security via passcode and enable “do not port” SIM card on your account.
- Diversify your cryptocurrencies across different exchanges.
- Use a “cold wallet” application to store your bitcoins offline (such as on clean dedicated PC not connected to internet).
- Store tokens in a hardware wallet.
- Look into using decentralized exchanges.