Sometimes multi-millionaire hacks happen on crypto wallets, of course, those situations worry holders and investors, because anybody wants to lose their money. However, this tragedy occurs when the safety measures aren’t taken seriously. It is important to highlight that the Bitcoin blockchain has never been hacked because the high-security standards prevent hackers attacks, so they seek to take advantage of personal wallets or exchanges.
So, it is important to know how wallets work. The wallets don´t store directly your cryptocurrencies, it must contain a private key that allows the exchange of Bitcoin or other cryptocurrencies online, that means that the key represents your digital identity on market, so if anyone gets access to it, that person can conduct fraudulent transactions on your behave or stole your money.
In El Dorado, we want to keep your savings and investments safe, so in order to help you to protect your crypto, we have put together these recommendations, which will help you to improve your security measures and make your cryptocurrencies safe as a bank vault.
1. Use strong passwords
Sometimes, when people create a password, they take the task lightly. For example, using the same passwords on different platforms or devices, creating easy combinations, or not changing the password for a long period of time. In fact, a recent study revealed that three-quarters of United States millennials use the same password on more than 10 devices, apps, or social networks, making it easy for hackers to get access. Don´t make it easy for them! Create unique and strong passwords on each platform, including alphanumeric characters, special characters, upper case, lower case, and hard-to-guess combinations.
Maybe you are wondering, how am I to remember it all? Well, you can use secure password managers like LastPass or 1password. Also, you can set up the login including two-factor authentication (2FA) or Multi-factor Authentication (MFA). Using those options, you will need an additional step after introducing your password, considerably improving the security levels.
In fact, at El Dorado we include the 2FA option as a mandatory step to access your account, so every time you need to login you will receive a message with a code, you just need to introduce that code to enjoy El Dorado services.
2. Use multiple wallets
In general terms, there are no limits to creating wallets, so you can split your investments into different wallets to avoid having all your money stay in a unique address. For example, you could use one wallet for daily or frequent transactions and another to keep your savings or investments. Even though El Dorado just provides you with one wallet per cryptocurrency, you can share out your balance between different crypto.
3. Use a secure internet
If you want to use your wallet or make transactions on any platform, you should make sure that you are using a secure internet connection. Avoid the public Wi-Fi networks! Those can be used by hackers to get access to your personal information. Even if you are connected to your private network it is necessary to use a safe VPN, this tool constantly updates your IP address and location, so you can keep your navigation activity private, and hard to track by third parties.
4. Secure your personal device
When was the last time you updated your antivirus? Or that you did an antivirus check on your device? These measures are basic and easy to do, but usually are ignored, causing vulnerabilities and risks, so if you want to keep your finances safe, you need to secure your personal device, a good option is to install a quality antivirus and firewall. Also, it is necessary to constantly check the security status of your PC, laptop, or smartphone, so that if any infringement occurs, you can get the notification and avoid a tragedy.
5. Be careful with phishing
Phishing is a technique used by cybercriminals posing as legitimate institutions like banks, exchanges, or companies, usually via email, to obtain sensitive information like users and passwords. Phishing scams via malicious ads and emails are pretty common in the cryptocurrency world, so you need to avoid suspicious or unknown links and make sure that the emails received are from the real company.
Some years ago, a hacking group “CryptoCore” stole $200 million dollars in two years, targeting companies and exchanges in Japan and the United States. How did they do it? CryptoCore identified the email accounts of the cryptocurrency exchange’s employees and security executives, then they embedded malicious links in documents attached via emails and ads.
So, in order to avoid these scams, you need to identify that the mailer address is the official and make sure that links are redirecting you to a safe website. You can recognize a safe web if a little padlock is visible on the left side of the URL bar. Also, you should avoid sending sensitive information through online forms.
In the case of El Dorado, the official email address is firstname.lastname@example.org, so you just need to check that you are receiving emails from that address to know the message is legitimate and have secure links that only redirect to the official website or social networks. In any case of receiving emails from another direction, you have to ignore it, send the message to spam, and notify the irregularity through our official channels.
How do we keep El Dorado safe?
Through El Dorado, you can receive international payments, save money using stablecoins, and exchange cryptocurrencies for fiat money using your smartphone. So, it is important for us to keep your account and money safe. Here we explain how we do it.
- Mandatory 2FA authentication: That means that after introducing your password you need to introduce a code sent to your number to log in successfully.
- Escrow: This measure protects your money when you exchange in our P2P marketplace.
- SSL secured platform: This protocol creates an encrypted link between a web server and a website, protecting your data and navigation.
Do you already use some of the security measures? Or, are you going to implement it hereafter? We hope we have helped you with these tips, which should be taken seriously to avoid being a victim of hacks or malicious activities. If you want to save money using stablecoins or exchange cryptocurrencies for fiat money, you can do it with El Dorado, where you can find a secure and easy-to-use platform. Your crypto finance safety is guaranteed!