How to protect your Crypto wallet from hackers

Over the years, the crypto industry has grown very and this has attracted the attention of both crypto investors and cybercriminals who want to get into the wallets of crypto enthusiasts.

With the advancement of hacking technologies, cybercriminals now have many methods of accessing the wallet of individuals.

With the right steps and procedures, you can prevent cybercriminals from hacking into your wallet. To prevent hackers from accessing your crypto portfolio, you have to learn how wallet security can be compromised. Here are some of the crypto security best practices to prevent hackers from having access to your crypto wallet.

1. Make Use Of Multiple Wallets:

Don't put all your cryptocurrencies in one wallet, for instance, you should have a wallet where you store airdrops, where you make daily transactions and the one where your main portfolio is stored. When it comes to how to protect your crypto wallet, this is one of the best ways to reduce the impact of any hacking activity on your crypto wallet. Even your cryptocurrency investments should be spread across multiple wallets to prevent huge losses.

2. Use a Secure Internet Connection:

For questions like "can your crypto wallet is hacked?", making use of a public Wi-Fi or unsecured internet is one of the ways you can give a hacker access to your device. While trading online or making use of your crypto wallet, use a secured internet and you can make use of a VPN for maximum security. The work of a VPN is to make sure that your browsing activities are kept safe from hackers and it helps to change your IP address and location.

3. Change Your Passwords Regularly:

When you are known to have a particular password in many different places or sites, it may become very easy for hackers to guess your password and access your crypto wallet. Changing your password regularly and having different/complex passwords is one of the answers to "how to protect your crypto wallet". Also, make use of two-factor authentication (2FA) that is available on your wallet or device to ensure maximum protection from hackers. To ensure you don’t repeat passwords, you could get an online password manager that can always generate very strong passwords for you.

4. Beware of Phishing:

Phishing is another way hackers get access to individuals' crypto wallets and steal their cryptocurrencies. Beware of malicious advertisements and emails you click on as hackers make use of this to defraud unsuspecting individuals of their cryptocurrencies. Hackers create an email or an ad that looks like that of the original crypto company and then lead individuals into inputting their security keys and other vital information.

5. Secure Your Local Device:

When your device, which may be a PC or mobile device, is not secured, someone can easily access your crypto wallet and transfer your cryptocurrencies to another one. Also, have firewalls and anti-virus installed on your device to prevent malware or cyber attack. If your device has a fingerprint or face detector feature, then enable them to ensure maximum security.

6. Make Use Of a Cold Wallet:

There are two methods you can make use of to store your cryptocurrencies this includes a hot wallet and a cold wallet for cryptocurrency. There is almost zero possibility of a hacker getting into your portfolio when you make use of a cold wallet. Even exchanges such as the Japanese exchange BITpoint confirmed in 2019 that when they had a cyber-attack, their cold wallet was not affected. Cold wallets for cryptocurrency are encrypted and this secures your secret keys, making it impossible for anyone to have access except you.

How Wallet Security Is Compromised

Learning how wallet security is compromised will help you to deploy some of the crypto security best practices to prevent hackers from getting into your wallet. Here are some of the ways the security of your crypto wallet can be compromised to enable hackers to gain access:

● Phishing:

Phishing is one of the popular ways hackers can get into your wallet and it is very effective once an individual falls for it. Hackers create sites and emails that look exactly like the original ones and make use of it to defraud unsuspecting individuals of their investments by making them input vital security information. Always check the site that you are visiting to make sure that you are in the right place. For instance, https://yellowcard.com is not the official site of Yellow Card, rather it is https://yellowcard.io. Also, make sure that the site has an SSL certificate (padlock sign at top left) to ensure that all the details you input are encrypted.