New Delhi: Owing to the high returns from the investment in cryptocurrencies, many newbies are coming in the market expecting high returns. However, those who wish to invest in the decentralised currency should be aware of risks in the market. Cryptocurrencies market is full of fraudsters who target the new entrants.
Despite the Unique Selling Proposition (USP) of the digital currencies, it may cause you loss due to the absence of crypto regulation in India. According to blockchain data platform Chainalysis, a record $14-billion haul was reported in 2021. It is 80% more that the previous year, which registered $8 billion frauds.
However, we will tell you in this article about five the ways that you should follow to avoid any loss.
Five ways to secure your account form crypto criminals:
1. Two-factor authentication
It is recommended to use mulit-factor authentication as it adds extra security to your crypto wallets. For this purpose, an authentication app like Google Authenticator or Duo Security are said to better than SMS-based 2FA.
2. Use of hardware wallet
It works like a digital wallet but the key of wallet kept offline. It protects your account as the key can not be accessed via the internet. However, this service is mostly offered by security experts.
3. Spread your crypto assets
Market experts suggest to spread your crypto assets in different digital wallet. They say if anyone gets your password without your permission, he will not be able to access all your crypto assets at once.
4. Password manger
In the world of digital word, a strong password is very important for anyone. It is advised to make a password with 16 characters. However, it is not easy to remember a big password. Here comes a password manger that helps to make a strong password and it also remembers it.
5. Update personal device
What ever device you use to access any service online, it becomes important to keep it up to date it with latest virus. One can use strong anti-virus and firewall to get advance level of security.
