The world of cryptocurrencies has created an extremely secure environment for the development of commercial activities. It is completely impossible to counterfeit this type of currency, let alone forcibly access cryptocurrencies for which you don’t have the appropriate data.
Therefore, it could be considered one of the safest ways to generate income passively and gradually. Just by having one of the most powerful trading bots available on the market and configuring it efficiently, we can earn money without having to spend a lot of time in front of the computer making manual trades.
But no matter how safe the cryptocurrency trading world is, the human factor is always within it. This means that if the right measures aren’t taken, huge losses can occur.
That is why in this article, we will study the biggest security risks for crypto-users and which security measures are the most efficient to avoid any future problems.
Counterfeit Identities: A Way to Divert Cryptocurrency Deposits
One of the biggest rules in the world of cryptocurrency trading is to always verify the identity of the person to whom you are sending money.
While anonymity is one of the most precious values in this world, you must verify that the wallet to which you deposit is the one that will give you the goods or services you are paying for.
This type of situation is widely used by certain scammers on different platforms to offer fake services. Then they take advantage of the fact that the transactions cannot be reversed.
Additionally, this type of identity confirmation should also be done when buying cryptos to ensure that the seller is legitimate. Make sure they’re an entity that allows day-to-day trading and where you can legitimately purchase cryptocurrency.
DDoS Attacks: Overloading Your Server With Information
This type of cybersecurity breach requires much more experience from the person performing it, but this does not mean we should not be prepared to counter this type of attack. It is particularly frequent on servers or platforms that handle large amounts of cryptocurrencies to generate breaches in the security of transactions.
A DDoS attack is a basic hacking technique in which a server is overloaded with false information and traffic. As a result, the server crashes, and a reasonable amount of time is generated to breach security.
As a result, the hacker seeks to deceive users within the attacked page, making them make their transactions to different wallets or simultaneously seek to steal private information from them.
If you host trading servers like these, you must invest heavily in software capable of combating such an attack. Additionally, using reputable web services minimises the possibility of this happening since they already have additional protections within their servers.
Phishing: a Style of Social Hacking
As we have said before, one of the biggest security flaws in the world of cryptocurrencies lies within the human factor. Phishing is precisely designed to attack this flaw and take advantage of it to obtain private information.
When it comes to crypto, phishing is an attack that uses different means to deceive the user to obtain the necessary information and credentials to access where crypto assets are stored. For this purpose, it is very common to use emails pretending to be a company, text messages, or even fake social networks to gain trust and collect this sensitive information.
At the same time, phishing is also used to take advantage of several users and make them transfer their cryptocurrencies to alternate wallets. To do this, the scammer usually claims to be someone he isn’t or offers fake products and services.
A very clear example is where a user impersonates the customer service department of a reputable website to obtain passphrases and access accounts or wallets.
How Can You Avoid Falling Into These Scams?
Although for some of these methods, it is necessary to be able to acquire security software or ways to always be able to check with whom we negotiate, the key point is to take some time and learn the basic cybersecurity measures.
Sometimes we can’t avoid falling prey to a scammer or hackers, but knowing how they operate increases the precaution against such situations, making them null or infrequent. Remember that scammers often take advantage of users’ ignorance to guide them so that they end up violating their security.
Additionally, it is advisable to make transactions or always work with reputable sites highly recommended by the crypto community. On these sites, there is less chance of finding people willing to seek to carry out scams due to the security measures and staff dedicated to removing their accounts from the platforms.
Finally, although maintaining anonymity is one of the advantages of working with cryptocurrencies, the ideal is always to know who you are dealing with. This way, you can avoid misunderstandings or annoying moments when carrying out any type of transaction involving cryptocurrencies.
