Over the years, the crypto industry has grown very much 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.
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:
Although this is one of the oldest hacking methods, it is still effective if allowed to thrive. Hackers infect the device of an individual with keyloggers which helps them to keep tabs on the passwords and PINs that the individual input on their device. For persons asking "can your crypto wallet be hacked by malware?", yes it can as hackers also make use of cross-scripting to steal sensitive details from people by redirecting them to another Web page.
With the use of wiretapping or cloning the SIM-Card, hackers can intercept the 2FA verification process and make use of them to access your crypto wallet. Increasing the security on your device and making sure you are not using a public WiFi will prevent hackers from intercepting a 2FA verification process.
Right from the inception of the crypto industry, cybercriminals have always looked for a way to access individuals' crypto wallets and steal from them. Knowing how your crypto wallet can be compromised such as by Phishing, stealing secret keys, and compromised SMS verification, will help you secure your wallet better. Making use of a cold wallet, having a difficult and complex password, and making use of a secured internet connection are some of the ways you can protect your crypto wallet from hackers.
Disclaimer: This article is meant to provide general guidance and understanding of cryptocurrency and the Blockchain network. It’s not an exhaustive list and should not be taken as financial advice. Yellow Card Academy is not responsible for your investment decisions.
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