Three simple and effective ways to secure your crypto wallets from hackers (personal experience)
Three simple and effective ways to secure your crypto wallets from hackers (personal experience)

By Infotips | Cryptocurrency Ish | 25 Feb 2020


Internet fraudulence is one thing in the world that prove time and again to be difficult to curb completely. In as much as there is inception of online businesses, hackers will always see meals to feast upon. Internet hacking is all over the world and not just limited to one particular region or continent or country.


What inspired me to write this post is a news I read yesterday on Reddit about how a Chinese crypto whale allegedly lost $45 million worth of bitcoin and bitcoin cash in SIM (Subscribers Identity Module) attack

Though as at the time of writing this post, the news is yet to be confirmed, I still felt a need to highlight few personal tips that I have been using to shield myself from online hackers. The topic of this post pertains to crypto wallet but it can pretty much be applied to all other online business platforms you are registered to or intend to register on. So let’s jump right into it. The three simple ways to secure your wallet from hackers;


1.Use different passwords for different platforms;

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Yes, this is the first line of defense. In one of my conversations with some friends, I have realized that people usually use one password when registering on various platforms they belong to. Their explanation is that they don’t want to be faced with the difficulty of trying to remember their password when they want to log in to the account of various online platforms they belong to.

The truth is hackers feed on this fact, knowing fully well that internet business newbies are usually careless and overwhelmed and as a result use one password all through. What the hackers does now is use your one time email address and password combination to try to log in to your other accounts (more on this later).

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If you are always online looking for more ways to earn money online like me, you would agree with me that not all online making programs are legit. Programs like; get paid to click, surveys, offers, get paid to download, get paid to shop, cryptocurrency faucets etc. are roaming the cyber space looking for whom to devour. When I see some of these programs, I can’t help but laugh hysterically. Nobody will pay you $50 per click, yet you see people happily promoting such obvious trashy scam.

The thing is the owners behind these scams are only interested in your bio data; your name, email address, interest, bank details, etc. when you submit these details, they save it and feast on it later on.


Let me relate a personal encounter with you guys;
I registered for a crypto business opportunity early last year probably February or March (can’t really remember the name of the website though). On the registration page, I saw things like; “list the other crypto websites you are working with” and “crypto wallet(s) you use”. These questions aren’t optional, that implies that for my registration to be complete, I will have to answer those questions. I registered because the reviews I saw about the site was convincing and also for the fact that I was referred to it by same friend that introduced me to the steemit platform (steemit is a legit platform). Note: they didn’t ask me to input my crypto wallet ID and password.


After the registration, few days later, these wolves tried to feast on my innocent wallet. They obviously use the email address and password combination I used in registering on their scam site and try to log-in to the crypto wallets I had earlier provided. I knew this because 2FA (two factor authentication) was activated on my MEW (MyEtherWallet), also I got a message in my email that there was a log-in attempt to my wallet. The scumbags must have been pretty pissed off for their unsuccessful log-in attempts. Funny yet annoying.

Two things to note from my experience;


A. I used a different password to register on the now scam site. The password was far different from the one I used to register on MEW. The password I used in registering on MEW was far different from the one I used to register on my email.

B. I used a crypto wallet that enables 2FA. It might be annoying to go through that process for each of your log-in activity but trust me, it is worth it.

 

2.Use wallets that don’t allow you the privilege to change your password

Most crypto wallets will tell you during registration that the safety of your password and seed words is in your hands. This means that your password and seed words can’t be recovered once lost. The reason for this isn’t farfetched, they configure it this way so that someone won’t be able to change your password details after having access to it. However, if you must write down your password details, be careful about how you write it. Someone might easily transfer your hard-earned coins to their wallet address leaving you with nothing. The next tip will show you a creative way of writing down your password.

3. Always endeavor to log-in to your crypto wallets using only your P.C/Android device

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There is a tool called “keylogger”. A keylogger is a function which records the keys struck on a keyboard. In the hands of a hacker or a cyber-criminal, a keylogger is a potent tool to steal your very important information and of course that includes your log-in details. The tool is available for installation on P.C and android devices. Now, so many fraudsters in disguise as our friends installs this software into their systems so as to harvest the passwords of unsuspecting and ignorant friends/colleagues. They can also install it on your device and retrieve your information later without your consent.


As a security guide, use virtual keyboard instead of physical keyboard while using your device. Also, be careful about who you give your phone/device to. Remember that cryptocurrency is a business and should be treated as such. It shouldn’t be seen as mere fun or merry-go-round in an amusement park. Anytime you want to log in to your crypto wallet, you should do so with your personal device and not your friend’s or siblings’. Also make sure NO ONE is looking onto your screen as you log-in.


Perhaps, the next question on your mind is: “what if my phone gets damaged and I need to continue my online biz activity?” well, here is the deal, It is always best to be patient enough to get your phone working again than log-in to your account with a friend’s phone. As you register on different online programs, endeavor to have a back-up for your different log-in details.


You can write down your password into a booklet CREATIVELY every step of the way. Below is an example of a creative writing of log-in details:
Ex: for this example, I will use a dogecoin wallet with the domain name “dogechain.info”
That is; i. Website: dogechain.info
ii. Password: ABC123456
Now to write the above details creatively into a booklet, it will be something like this:
i. I will use dog chain for dot (dot represents that) info ok
ii. And I will pass that road from ABC1 2 3456
You got the drift right? Shout Alleluia!
If you do it this way, you would succeed in planting confusion in the mind of whoever that might eventually have access to the booklet of your password records since you are the only one that understands what you wrote down.
There you have it! “Three simple and effective ways to secure your crypto wallets from potential hackers”.


These tips, like I said earlier are the ones I used daily. Do you have your personal ways you employ for keeping your crypto wallets secure? You can share it with us all and let’s benefit from it. Remember that sharing is caring!
Thanks for reading!


Infotips
Infotips

A crypto/internet internet business enthusiast. A geophysicist. A songwriter. I am down to earth and I believe that everyone should be given a chance to express their talent/gift.


Cryptocurrency Ish
Cryptocurrency Ish

Cryptocurrency is the rave of the moment as far as finance, commerce and business is concerned. Everyone needs a good knowledge of the updates of the behavior of cryptos. Such knowledge is well illustrated on this blog.

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