Moving to a world of mobile payments, digital currencies, and online storage of wealth, can put anyone on a path to financial ruin if they don’t take adequate security measures. The rapid growth in cryptocurrencies like Bitcoin has resulted in an explosion of cybercrime, which in turn is bringing attention to the inadequate computer and smart phone security practices of many people. From passwords that sound like a child learning to count, to sharing personal information with anyone and everyone, computer and online security measures from 1997 aren’t going to cut it in 2018. Everyone needs a basic understanding of computer threats and how to protect themselves. This is one instance where a healthy dose of paranoia is a good thing – everyone really is out to get you… for your data.
Cryptocurrency comes with additional security risks, some of which can be reduced or eliminated when common sense prevention measures are taken. The risks are everywhere: downloading wallets of new cryptocurrencies and ICOs that contain malware, computers getting highjacked for mining, wallet theft, exchanges getting hacked (or your account only), crypto apps have security vulnerabilities, and more. While you can’t control which exchange gets hacked, you can do a lot to limit your losses in other areas. At the very least, these 5 basic steps are a good place to start:
- Update your antivirus software
- Change and strengthen passwords
- Change your email address if you are getting unsolicited email
- Know what phishing emails and other security threats look like
- Be careful what you download!
Online Security and Fraud Prevention – https://www.dnotesedu.com/digital-currency/security/
Identity Theft can Drain you Financially and Emotionally – https://www.dnotesedu.com/2018/03/fraud-prevention-identity-theft-can-drain-you-financially-and-emotionally/
Protecting Your Cryptocurrency – What is the Best Bitcoin Wallet for You? – https://www.dnotesedu.com/2018/03/protecting-your-cryptocurrency-what-is-the-best-bitcoin-wallet-for-you/
Risk Reduction Strategies in Cryptocurrency Investing: Part 1 – Education
Risk Reduction Strategies in Cryptocurrency: Part 2 – Research
Risk Reduction Strategies in Cryptocurrency: Part 3 – Diversification
Risk Reduction Strategies in Cryptocurrency: Part 4 – Dollar Cost Averaging
Risk Reduction Strategies in Cryptocurrency: Part 5 – Security Precautions