When we buy or sell cryptocurrency, we rely on trusted wallets to keep our funds safe. However, no wallet is ever completely safe from cybercriminals, and many people have been victims of hacks in which their funds were either partially or entirely stolen.
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How to Know If Somebody Has Hacked Your Bitcoin Wallet
There is usually a straightforward way to tell if somebody has hacked your wallet. If you come across a transaction that you did not directly authorize, an imposter has likely gained access and control of your wallet. If your bank account connects to your crypto wallet, cybercriminals may also attempt to access its funds. As a result, you should review your bank account’s recent transactions to look for any unauthorized withdrawals.
Suppose you establish alerts for both your bank account and your cryptocurrency wallet. In that case, you will be alerted of any transactions that occur via any relevant app, if you have one installed, or through SMS or email.
Some wallets also support two-factor authentication, which prevents transactions from taking place unless you provide a second layer of verification. So, if your Bitcoin wallet has this feature, it’s best to use it for an extra layer of security.
How to Protect Your Wallet from Hacking
Cryptocurrency is growing at a very high rate. As more people invest in cryptocurrency, attack chances are also increasing. More people are reporting crypto wallet hacks, and many investors are losing their digital assets. However, this brings the need to secure your wallet to safeguard your coins. Here is how you protect your coins.
Change Your Password Regularly
Unfortunately, in today’s environment, you can assume that your passwords will all be compromised. So, the key to password security is to create a complex one, keep it safe, and change it frequently. Do not recycle passwords you already use when selecting a password for your crypto wallet or any other sensitive site. Furthermore, your password should not contain any personal information. Instead of saving passwords in your browser, you can keep them in a password manager such as LastPass or 1Password. Finally, change your password every six months or so.
Stay Alert on Phishing Activities
Phishing is a targeted attack in which an attacker poses as a legitimate entity to obtain your private information, and you’d be surprised how many people fall for it. To avoid phishing, don’t log in to your Bitcoin exchange unless you are confident that you are on the right site. Furthermore, do not respond to texts, emails, or chats that request personal information. Finally, always double-check the details before transferring any payments.
Avoid Public WIFI
Do not open your digital Bitcoin wallet or accounts via public WIFI. Additionally, whenever possible, use a VPN to conceal your IP address and location. VPNs can be used on any gadget to protect your data and prevent eavesdropping and tracking of your activities. A VPN, in essence, creates an encrypted tunnel that keeps your web activity private and secure while also giving you access to your data. Furthermore, you should incorporate this into your online security procedures, not just for Bitcoin trading.
Safeguard Your Crypto Wallet
While additional security layers can often make performing actions within your wallet take a little longer, they are necessary to safeguard your funds from malicious parties. So, if you have a cryptocurrency wallet, make sure it has some valuable security features and use them whenever possible. After all, you should consider every security measure regarding your valuable crypto holdings.