5 steps to help you avoid being scammed in the virtual currency world.

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2021-03-24 10:41:07

If you’re a crypto investor, chances are the majority of your assets are in exchange wallets. Although it appears secure, in reality your property could be in danger and fall victim to attacks but the Mt.Gox incident.

Scams everywhere:

“Fake Vitalik” – “Fake McAFees”, the Twitter pages of the famous people you are following can easily be faked even with a green tick (a sign that helps you distinguish which is a real account, what is cheat). But unfortunately, this blue tick is very easy to be faked in today’s era.

And it seems that the list of scams is growing longer. But do not worry too much because cryptocurrencies have been, are and will always be facing problems out of control, vulnerable to attacks by hackers or possibly losing data due to a faulty code.

Until now, we have always trusted financial systems with advanced security networks. However, in the transition period of the times, when banks and financial institutions are gradually being replaced, it means that security and confidentiality are also in the hands of users. Here are 5 steps that can help you better protect your property.

Have a strong password:

This is the first rule, the simplest rule, but often forgotten by users.

Never use your lover’s name, your puppy’s favorite food, your favorite city, or a few lines from an Elvis song. Adding a few numbers at the end doesn’t help either.

Ask yourself how long will it take for your password to crack. Be smart and choose a very strong password like XcomBiT # 3wel1 @ # 45. A random combination of uppercase, lowercase letters, symbols and numbers will make hackers difficult.

Another tip is to always keep your account 2FA secure, use Google Authenticator or Authy at each login. We recommend using different passwords for websites and writing them all down on one sheet of paper, then keeping them in a safe place.

Do not save passwords on your phone, cold storage is the way to go. Invest in a hardware wallet and use it to generate strong keys with your own signature.

Always check before trading:

With a nascent industry, you run the risk of losing money forever if you enter the address incorrectly (millions have been lost this way). The advice here is that you should deposit a small amount before making the transaction. Remember, unlike credit cards, there are no refunds in Bitcoin.

A smarter way is to simply copy – paste the address or scan a QR code whenever available.

Verify real – fake:

Always keep a mindful of the information on the screen. What address are you accessing? Is the malicious website detected by the antivirus program? A fake Binance address with a wrong word? Or is a domain name simply wrong?

Being careful all the time and having to double check everything is the key to preventing you from being cheated in these cases. As a matter of fact, you should bookmark the most frequently used websites, as well as always access them from the bookmark toolbar. You can also use some extensible platform like MetaMask, it will automatically detect fake MyEtherWallet.

In case you buy a Trezor or Ledger, buy it directly from Amazon or a verified seller. Never buy on Ebay or on second hand sites, as these sites are vulnerable to compromise. At that time, the system will send all of your private key information to the fraudster. The best security measures you’ve taken won’t work in this case.

Use a cold wallet:

We are not talking about a food freezer. “Cold” here is offline. Get in the habit of keeping only the money you are willing to trade on your online wallet.

Buying a hardware wallet to store coins or print your wallet to keep it like a paper wallet will help you keep your portfolio safe and secure.

Don’t be in a hurry to believe, always verify:

Currently, several online services have been created to detect fraudulent websites and services. Badbitcoin.org is an example. This is considered to be a trustworthy site, providing a complete list of identified or reported scams by users. Another service is @thatsascam on Twitter is also quite helpful. This is a bot that specializes in detecting spam accounts. These bots test accounts with virtual followers based on retweets. Please know how to take advantage of such tools to minimize the situation of phishing traps.

According to Bitcoinist
Compiled by CHK.com



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