10 ways to keep your crypto and wallet safe

The crypto market is rising rapidly, led by Bitcoin. For the first time in the history of digital currencies, it surpassed $100,000 at the beginning of December. As the value of virtual currencies increases, so does the prevalence of fraud and malware designed to steal cryptocurrencies. 

Cybersecurity company ESET has provided 10 recommendations for investors to keep their cryptocurrencies and wallets safe.

ESET's latest Threat Report reveals that the detection of crypto stealers across Windows, Android, and macOS has increased by 56 percent. The FBI announced that it received more than 69,000 public complaints in 2023 regarding financial fraud related to cryptocurrencies such as Bitcoin, Ether, or Tether. Although these accounted for only 10 percent of total financial fraud complaints received, they represented nearly half of the total losses, amounting to $5.6 billion. 

This represents a 43 percent annual increase in stolen cryptocurrency across all major types of cybercrime tracked by the FBI, ranging from malware and identity theft to ransomware, phishing, and romance scams. Furthermore, the majority of cryptocurrency losses in 2023 stemmed from investment scams (71 percent) and call center scams, including technical or customer support fraud and government impersonation scams (10 percent). 

The growth in these types of crimes is a reflection of the increasing role cryptocurrency plays in global finance. However, the decentralized nature of virtual currency, the speed of irreversible transactions, and the ability to transfer funds worldwide make it popular among cybercriminals and make it difficult for victims to recover their assets once stolen.

HOW CAN YOU KEEP YOUR CRYPTO SAFE?

Do not put all your funds into a single crypto wallet. Diversify the risk and consider putting at least the majority of your funds into cold (hardware) wallets, which are not connected to the internet and are therefore better insulated from digital threats. 

Choose your wallet providers carefully based on reviews, and ensure that internet-connected (also known as hot) wallets are MFA-protected, while cold wallets are kept under lock and key.

Reduce the risk of phishers obtaining your passwords by enabling two-factor authentication (2FA) for all the crypto apps you own.

Do not use public Wi-Fi when you are out, and definitely do not access your crypto accounts while using it, as there may be digital eavesdroppers around.

Always keep your devices and laptops up to date and use security software to reduce the impact of information or crypto stealers.

Use a VPN from a reputable provider for an extra layer of security against phishing, malware, and other threats.

Only download software from trusted sources and official websites, and check user reviews and developer ratings.

Minimize your exposure to risk by limiting the amount of software you download. With this in mind, periodically remove unused extensions or software.

Regularly check for unusual activity in your crypto accounts.

Stay vigilant against phishing messages and investment opportunities that seem too good to be true.

News Source: 12punto