A Secure Way to Use Crypto

A Secure Way to Use Crypto

Security while using the cryptocurrency is quite important today. During the rather short existence of bitcoins, hackers made several attempts to hack online wallets, many of which were successful. The security of cryptocurrency in this case is under great threat. An analysis made by the American company Foley & Lardner showed that 71 percent of large traders and crypto investors consider hacker attacks and hack to be the most serious factor that has a negative impact on the market. Respondents note that the threat of cyber attacks for the global cryptocurrency industry is very high.

There are some unobvious ways to protect your money from hackers:

1. Apps on Google Play and the App Store


• do not install mobile applications that are released by unverified publishers and that do not solve immediate problems;

• add two-factor authentication for the most important applications on your smartphone;

• be sure to check the links in the application on the official website of the project.

Victims of the hackers are mostly the owners of smartphones with Android operating system, which does not use two-factor authentication. The fact is that the open operating system Google Android makes user data more open and vulnerable. When the application is launched, the user enters the data to access his accounts in social networks or mail services, and thereby provides hackers the access to them.

One of the most famous attack related to the hacking of the Android system is an attack on the traders of an American Poloniex exchange. Last year, many applications of Poloniex appeared on Google Play, although the exchange itself did not release the official Android version. The victims of hackers were more than 5.5 thousand traders.

2. DO backup

When there is no backup copy of the wallet, cryptocurrency is in the risk zone. Even if you have protected the equipment from hackers and turned off the Internet altogether, the laptop may fall and break.

A reliable way to make a backup using a seed-key or seed-phrase. Andrew Bard, Computer 21 member, LLC, comments: “Seed phrases are the password that will recreate your wallet if you have lost it or if someone has stolen it. Seed allows you to reload the wallet and transfer money before the hackers uses the cryptocurrency. I explain to my students that seed is your money, it is for 100% your money. ”

3. Ignore BOTS


• ignore bots;

• protect your Slack channel, for example, using Metacert or Webroot security bots, Avira antivirus software or even Google Safe Browsing built-in.

Since 2017, Slack bots created for trading cryptocurrencies have become the main trouble. Usually, hackers create a bot that notifies users of problems with their wallet. The idea is to get the person to click on the link and he will enter the private key. And it works — even though the members of the crypto community react quickly and block the bots at about the same speed as the hackers create them.

The most successful attack of hackers with the help of bots is the breaking of a group in which the development of the Enigma coin was discussed. Then the scammers earned 500 thousand dollars in Ethereum on trusting users.

4. Recommendations while using crypto

• use an another browser for cryptocurrency operations;

• turn on incognito mode;

• do not download extensions and applications for working with coins;

• get a separate smartphone or computer only for operations with coins;

• download antivirus and install network protection;

• do not use WI-FI. Do not do crypto transactions through public Wi-Fi, even if you are using a VPN.

Today, Browsers offer a lot of extensions to customize the user interface, store passwords and more convenient work with online wallets. The problem is that such offers work on the basis of JavaScript, which is extremely vulnerable to attacks. In addition, extensions can use a computer for hidden mining.

Also, it is very important to Update your software in time. Using the latest version of software will allow you to get the necessary stability and security fixes. Updates will make it possible to prevent problems of various levels of criticality, add new features and help your wallet remain reliable. Installing updates for all other programs on your computer or phone is just as important for keeping your wallet around more secure.

5. SMS authentication


• turn on redirect to prevent hackers from accessing your data;

• make two-factor authentication via SMS to receive text passwords to confirm transactions and log in to accounts.

Many users prefer to use mobile authentication (using push notifications) because they are used to doing this, and the smartphone is always at hand. A cybersecurity company, has demonstrated how easy it is to intercept a password confirmation message using the Signal System 7 (SS7) push protocol.

Specialists were able to access the text message by detecting weaknesses in the cellular network. The demonstration was made on the example of Coinbase, and the results shocked the users of the exchange. At first glance, this looks like the vulnerability of a trading platform, but the real reason is in the cellular system, said Positive Technologies. This example proves that any system can be accessed directly via SMS.

6. Cloned sites


• never use the sites of exchanges and cryptocurrency applications that do not use the HTPPS protocol;

• when using Chrome, configure the extension — for example, Cryptonite. It shows that the site address is changed, and you are in the hands of hackers;

• If you received a push notification from any website related to the cryptocurrency, copy the link into the address bar of the browser and compare it with the address of the source site;

• If something seems suspicious, close the window and delete the letter from your mailbox.

Such method of hacking, as phishing, has been known and widely used since the “dotcom revolution”. Hackers create full copies of initial websites with the domain which has one different letter. The purpose of this trick — including replacing the address in the address bar of the browser — is to lure the user to a hackers website and force him to enter a password from an account on the exchange or a wallet.

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