Ten out of ten people in the world use crypto for purchases. In Indonesia, 27% of 494 respondents claimed to have used this technology. Unfortunately this increasingly popular payment method is also used by cybercriminals to access investor funds.
Then the risk arises of loss of savings in this digital currency. There are various ways to steal funds from crypto wallets, cryptocurrency exchanges and Initial Coin Offerings (ICOs).
Increasingly high public interest in using cryptocurrencies to transact and invest indeed increases the risk of theft. In fact, there was a theft of a digital token worth US $ 530 million from Coincheck in 2018. About four years ago even 120 thousand bitcoins were stolen from a customer’s wallet at Bitfinex.
Some of these cases show how easily cybercriminals access the network directly. If all the money in a cryptocurrency transaction is stolen, it could be that the currency will be nullified, of course this is detrimental to investors.
The owners of cryptocurrencies are not necessarily experienced in cybersecurity, so they cannot protect funds and cope when incidents occur. The cryptocurrency market policy is also inadequate and there is no risk assessment mechanism.
Tips for Safe Using Cryptocurrencies
- Digital currency exchange and ICO are the main targets of cybercriminals because they provide access to theft of large amounts of funds. For those who still want to use crypto for investment and transactions, here are tips to keep safe.
- Do not click on links to online banks or web wallets, and always verify web wallet addresses.
Use a cryptocurrency hardware wallet - Before entering into a transaction, check the recipient’s address, shipping amount, and estimated related costs
- Write mnemonic phrases that can be used to restore crypto wallet when lost or forgotten password
- Installing a security solution in the form of internet security software such as Avast Internet Security, Eset Internet Security, Kaspersky Internet Security, Norton Internet Security and others. This is to protect the device used to access the crypto wallet and sale on crypto exchanges.
These are some tips that can be done if you still want to invest or make transactions with cryptocurrencies.