One challenge you will face when you embrace crypto payments is how to secure your crypto payment wallet from hackers. Cryptocurrencies are becoming more profitable everyday. Hence, fraudsters are constantly devising new ways to gain access to your wallet and steal your funds. But in this article, I will show you the basic things you need to do to protect yourself.
How to secure your crypto payment wallet from hacks
1. Choose a safe and secure crypto payment wallet
Choosing where to store your cryptocurrency for ease of payment is the most important decision to make. The crypto payment gateway you choose should be safe for your assets. Though there are several options in the market, many are not secure.
You may have heard incidences of some crypto payment service providers’ servers being hacked, and people’s funds stolen. An example is a recent loss of funds by over 8000 wallets on the Solana Blockchain due to exploitation. A good reason why you should ensure that the payment wallet you choose is safe and secure. This is the first step in keeping your crypto assets protected from hackers.
Moreso, there are many fraudulent applications out there that imitate the correct application softwares from trusted payment gateways. You need to ensure that the one you are getting is the right one. To do this, always cross-check with the payment gateways’ official social media accounts or website.
2. Protect your wallet with a strong password
Standard practice is to avoid using the same password across all your online accounts. Your crypto payment wallet should have a unique password different from ones you use for other activities online.
Your password should not be easily guessable. A password is guessable when it is a combination of your name and special dates like your birthday. Avoid making your password simple to guess!
You can use a combination of letters, numbers and symbols to create a strong password. Using a variety of lowercase and uppercase letters will also make it more difficult to crack. To help you with this, you may consider using password managers, like google password manager.
After setting up a strong password for your wallet, keep it personal! A second party should not have access to it, unless you really consider them trustworthy.
3. Use 2-factor Authentication (2fa)
This adds a second layer of protection to your account. It involves the use of email, personal contact or an authentication app to get a one time passcode whenever you want to access your wallet.
The essence of setting up 2fa is to protect your account from sophisticated hackers. Thus, it prevents anyone good enough to crack your password from accessing your wallet. They would need a second access to your phone or email to do anything.
When using 2fa, it is advisable that you set up a secure authentication app for your device. Enabling Google Authentication may be better than using email or personal contact. However, this also requires that you protect your device from second party access.
4. Avoid Phishing Links like a plague
Never click on any link you receive from a random person online. Block such persons instead.
Beware of links that promise to give you some freebies online if you click on them. What many of them do is to install malwares on your device. They can use this malwares to gain access to your wallet login details which gives them remote access to your funds.
There are also some malwares that can steal funds you are trying to send out by pasting a different address than the one you copied. Therefore, you really need to be wary of random links you see online. Even some that are sent from your friends should be carefully examined. They may not be aware of the risks in the links.
5. Do not Reveal your Secret Login Details
You should know that your passwords, pins, pass codes and seed phrases are private. Not even the CEO of any reputable wallet developers have the right to see it. Official wallet supports do not need any of the information to assist you with any issue involving your wallet.
Treat anyone asking you for these information as a scammer. Never share them with anyone for any reason whatever it may be. If you do so, prepare to lose your funds to fraudsters.
This article have shown you how to secure your crypto payment wallet by doing 5 simple things. None of the items in the list should be taken for granted. Instead, you need to take the security of your cryptocurrency payment wallet personal. You can keep your funds safe from hackers and other malevolent personnel seeking access to them.
Do you think there are more things one need to do to ensure their wallets are safer? Drop a comment below and we may add them up in a next update. Looking forward to reading your suggestions.