CoinStove Staff
The brands listed on this site are carefully researched, and we may earn fees from some. However, our recommendations are driven by our independent opinions. The information provided on this site is for educational purposes only and we strongly encourage you to do your own research before making any decisions.
I thought I would cover online security since we are transitioning to a digital age. We will also be trading value across the internet with web3. So I thought this article was quite important to pen down.
Times are not like back in the day where thieves would physically steal things. With the transition to a more digital age, thieves are shifting to more sophisticated ways of stealing. We have all seen this happening with delivery trucks and trains in the US.
Sourced from CNN
These scenes are shocking. It certainly shocked me! However thieves are becoming more savvy and shifting their tactics and focusing online.
Cyber Attacks and Scams
According to a study done by the University of Maryland there is a cyber attack happening every 39 seconds.
Hackers usually target large numbers of computers at the same time in brute force attacks. They run automated scripts that look for vulnerabilities. They usually try using the most common passwords and sometimes they are successful.
However it is not just cyberattacks that are increasing there’s also a large number of scams. They are either run through social media or via email. Email scams have become quite sophisticated. In fact even I am sometimes am in doubt whether an email is a scam or not and I’m pretty savvy online.
Scam emails nowadays mimic the branding of an exchange or any website to a tee. The only way I can tell if it is a scam is by checking the originators email address. So that is something you need to check if you are in doubt.
Crypto is quickening the transition to online money and we need to become more savvy to safeguard our interests. After buying cryptocurrency the last thing you want to do is get scammed. Occasionally I see tweets like these and my heart sinks. Unfortunately this person got scammed badly;
Sourced from Twitter Whale Alert account
How to Increase Our Online Security
One thing we need to do is always keep vigilant. Additionally we have to make sure we are aware the best practices for online security. Luckily there are some simple steps to take so that to ensure better security.
That is to say increasing your online security is pretty easy and straightforward to implement. The only thing you need is to set aside some time to set things up properly.
Firstly with crypto we need to use the best security we can get. That means using cold storage. Hardware wallets have had an amazing track record and have the best security. For some reason there are many people owning crypto, but have not heard about or opt to use hardware wallets.
Hardware wallets are definitely the way to go unless you are actively trading cryptocurrency. However if your crypto is idle you should consider shifting it onto a hardware wallet.
Another thing that I like to use is more secure Two-Factor Authentication. I use personally use security keys. These keys I like normal keys that will grant you access to an online platform. To clarify they are like keys you use for a physical door except with a USB connector.
With security keys even though a hacker will not be able to access your account. Even if they have your email and password. There are a couple of good security keys on the market. I personally use Yubikeys. I use them to secure the crypto exchanges I use if the exchange supports them.
Most importantly I try to make sure I stay out of trouble. This is because even though I have my Ledger and Yubikeys I have to remain vigilant of scams.
Another thing I can suggest is using a password manager. The password manager can create strong robust passwords that are highly unlikely to be hacked. Moreover it is really user friendly. You can opt for a password manager that you can secure with your security key. This would be a perfect combination.
If you implement these steps you will greatly improve your online security. Then all you have to do is make sure that you do not fall for scams. Please always stay vigilant online.
