New forms of crime are developing with the evolution of new digital technologies. The number of digital money users is rising day by day. Hackings and thefts are increasing simultaneously. In 2022 the digital assets sector hits a record- the amount of $3,8 billion in stolen cryptocurrencies! (according to CNN reporting). There is no virtual currency user who is not concerned about its security. The question is how to deal with the dark side of crypto and whether is it possible to avoid it.
FEW THINGS TO KNOW ABOUT CRYPTO THEFT
Crypto stealing assigns to the illegal transfer of cryptocurrency from one person to another. Usually, it is made via phishing individuals to reveal personal information, by hacking, or social engineering scams.
There are many creative tricks that thefts use to steal digital properties. Some of them are altering it into other coins, splitting the money, putting it through mixers, etc.
The most important to be aware of is a “peel chain” tactic. It transfers money in quick transactions between digital wallets or other related platforms. The origin of stolen cryptocurrencies stays hidden. Those transactions are hard (or impossible) to track. You sure understand where the difficulties of revealing the crime come from.
The stolen cryptocurrency can rarely be recovered. Law enforcement does its best to develop capabilities to fight digital criminality. It takes time, while the digital sector is growing fast.
TIPS TO PREVENT CRYPTO THEFT AND HACKING
The advice is to do your best to protect yourself from crypto theft and hacking. Here are some tips that might help on that mission:
- Choose the most reputable exchange/wallet that has a strong security protocol. Do your research or ask crypto consultants about the reputation of some you are interested in. A bad voice is easily heard so you can avoid the unsecured and choose the promising one.
- Consider using cold storage. It is the type of crypto wallet that securely keeps your private keys offline. This is more resistant to hacks and frauds than online ones.
- Create heavy passwords for your crypto accounts. Combine letters (both small and big) and numbers so make them long enough. Set two-factor authentication for extra security. Never share this information with anyone. Keep it private.
- Observe your wallet accounts. Often scan your account activity. Notify any mistrustful activity to exchange or wallet provider straight away.
- Be careful about phishing scams. Never click on links that ask for your personal information. It might be a scam hook or can cause a hack attack. Avoid sharing sensitive details like your email address or phone number. Be wary of offers that promise unrealistic repayment. If something appears too good to be true, it’s probably fake.
- Update your software and antivirus regularly. It will help protect against theft exposures.
Remember, the crypto industry is brutal. There is no foolproof solution to prevent all forms of theft. The best way to try to save yourself from stealers and swindlers is to stay informed, careful, and wary. Take steps to secure cryptocurrency holdings and mitigate the risks of theft. If you become a victim of a crypto crime, report it to the authorities instantly.