Crypto Wallet

Who is Renee Wang (CEO of CastBox)?

Apparently, blockchain technology and cryptocurrencies promise flawless security. Blockchain technology makes it impossible for any hacker to steal your cryptocurrency. Blockchain boasts of the ultimate model of online security. But in reality, it is not as secure as they have made it look. Yes, you got it right! Your digital wallet has some surprising security risks. And some cryptocurrency investors are well aware of it. And we are not just guessing it. The information is coming from the founder of the Castbox. A revolutionary, fast-growing, and high-rated podcast App. People are calling this App the Netflix of podcasting. We are talking about Renee Wang CEO of CastBox. The App that she created is actually developing a blockchain protocol. It is called Cast Box. It is to incentivize all the content creators. Based in Beijing and San Francisco, Wang has some valuable security tips to share with us all.

What is a Crypto Wallet and What Are Cryptocurrency Crimes?

You need to first understand the popular types of crimes in the cryptocurrency realm. One popular type is the phone-porting attack. It is usually conducted on the traders in cryptocurrency. Crooks monitor and observe social media forums. They try to find any cryptocurrency discussions going on. People tend to publish their phone numbers and email ids for a quicker connection. Once they get these things, they use different social engineering techniques. They pose as victims and then they get in touch with the telephone providers. Then they trick the rep at the customer support department. They convince them to transfer that phone number that they noted to a number that they have. After that, they simply log into the hacked wallet, reset the password, and exchange amount. If you are the victim, you will probably end up getting all your funds snatched from your account. What a nightmare!

And when it comes to security breaches, your phone number is not your only weakness. Hackers may access your PC too. There are many types of cryptocurrency frauds and thefts. Some are Ponzi schemes, phishing attacks, and ransomware.

What Can You do to Save Yourself from Cryptocurrency Frauds

Do you know that nothing teaches anyone about security quicker and better than a hacking attempt by cybercriminals can! Have you experienced this nightmare? Of having your crypto wallet hacked and losing a good $10,000 worth of Bitcoins? If yes, you would know what we are talking about. After such attacks, people become more conscious of their security. But you don’t need to essentially experience one to secure yourself. There is no doubt that Bitcoin and various other cryptocurrencies have eased up internet payments. The only problem is to keep the security intact. Just as you take your traditional net banking security seriously, you also need to ensure the security of your crypto wallet. Once your coins are stolen, you should know that there is actually no way to reverse it. Unfortunately, the blockchain technology system is decentralized. And that’s why this theft is irreversible. One of the biggest thefts was a whopping 19,000 BTC, which were worth $5 million. They were stolen from Bitstamp, the Bitcoin exchange.

Securing Crypto Wallet

Pertaining to the aforementioned security vulnerabilities of crypto wallet, we are going to suggest some effective security measures to secure. You can be negligent about the security of your crypto wallet. And thanks to Renee Wang for enlightening us with these useful tips. Stay put and take advantage!

  1. Encrypt Your Crypto Wallet
  2. Make Use of Two-Factor Authentication
  3. Keep your Cryptocurrency Client and System Updated
  4. Backup the Active Wallet
  5. Create Multisig Addresses and Use Them
  6. Diversify Risks
  7. Get in Touch With Your Phone Carrier
  8. Do Not Overshare on Social Media
  9. Take Advantage of the Google Authenticator
  10. Maintain Anonymity

Let’s discuss.

Encrypt Your Crypto Wallet

You must have created a complex password for your crypto wallet with really high strength. But it’s not enough. The first thing that you should do when you open your crypto wallet is to take care of the encryption. You need to encrypt your cryptocurrency wallet essentially. Encryption keeps malware away. And it effectively protects your wallet against any theft and hacking attempts. Usually, desktop wallets have various encryption features to secure your crypto wallet. It is advisable to take the help of some third-party encryption tool. As you know crypto wallets are actually online wallets. You can easily encrypt it with secret phrases and passcodes. Also, make sure you use a secure connection to access your crypto wallet.

Make Use of Two-Factor Authentication

Are you using online storage providers? If yes, you need to understand that the risk of malware attacks is always possible. Even if you think that you have chosen the most trusted and reliable service, you should still take a few more steps. After all, it’s never enough when it comes to online security. Renee Wang highly recommends using a two-factor authentication system for all the web-based wallets. And that essentially includes your cryptocurrency wallet. It is not at all difficult to create a two-factor authentication code. You can easily use it and make your wallet more secure.

Keep your Cryptocurrency Client and System Updated

In this technically advanced world, there is no room for using outdated software and systems. And since our concern is about the security of your online wallet, it requires recurrent updates of your system. Run a virus and malware scan frequently on your system too. Consider investing in an effective security solution that can protect your operating system and other products. Also, ensure that the physical storage of your system is malware-free. this will avoid sudden crashes which happen due to a damaged hard drive and corrupted files.

Backup the Active Wallet

A malware attack can make you lose all the contents of your crypto wallet. Therefore, it is advisable to always back up your crypto wallet by making multiple copies and storing them safely. Also, if your cryptocurrency wallet is inactive, destroy all the remaining copies after you have finished overwriting all the files. If you have a Linux system, consider using a shred command.

Create Multisig Addresses and Use Them

Creating a multisig address is a good idea. Make sure that every signature comes from a new and different device. Why? Because it adds yet another security level to you already implemented two-factor authentication. Hence, making security more intact. Now, you will need more than two different parties to authenticate your transactions with their unique private keys. You can link your trusted friends and family members to your computer. This is a great security hack for corporate transactions.

Diversify Risks

You don’t need to store all your cryptocurrency in a single wallet or exchange. It is a good practice to diversify your risks. It is almost impossible to make a theft from many wallets at a time. Especially when you set various email addresses and passphrases for all of them.

Get in Touch With Your Phone Carrier

You must contact your phone service. Ask them about all the possible options of security, which they can offer. Adding passcodes, pins, and secret questions always add another layer of security. Also, ensure enabling the option ‘do not port’ for a new SIM card.

Do Not Overshare on Social Media

You should refrain from sharing any details related to your cryptocurrency wallet on social media forums. Hackers and crooks are on the outlooks to get all such information.

Take Advantage of the Google Authenticator

If you are a mobile user, you should use Google authenticator. It secures your wallet with a solo IP in the whitelist. It is a VPN that is used to access all the online exchange.

Maintain Anonymity

Always maintain anonymity. Use a versatile cryptocurrency client. And make sure you can change the address with that client for every new transaction. Using an escrow service that acts as an intermediary temporarily is a good idea. Last but not least, use a secure connection. Like one of the Spectrum internet plans to avoid any problems due to a flawed and insecure connection.

Hope it was helpful!