You must be very careful while dealing with online services that offer crypto wallets. Be wary of fake sites and catfishing. If you have forgotten your password, all you need is your seed phrase. However, if you don’t have the seed phrase, you can’t recover your wallet. Many hackers use search engine manipulation, lurk in fake chat rooms, and display fake crypto wallet sites. They will then trick users into sending their seed phrases to fake sites, which in turn, will lead to the theft of your cryptocurrencies.
Catfishing
If you have ever been the victim of catfishing on cryptocurrency wallet sites, you’re not alone. Almost half of all crypto wallet users have had their accounts hacked at some point. You can protect yourself by following these few tips. First, don’t give out your wallet passphrase to anyone. Second, never click on strange links or email addresses that seem unfamiliar. Third, make sure to verify the source of any PII.
Phishing
Be wary of scammers posing as celebrities and demanding money through social media. These scams use psychological manipulation and deception to trick victims into believing they are dealing with an established entity. The scammers may impersonate a celebrity, work colleague, or friend in order to lure victims into sending cryptocurrency. Beware of QR codes that ask for cryptocurrency in exchange for real or virtual goods. These scams are illegal and should be reported to the FBI.
Google Ads
Before you can advertise on Google, you should first ensure your cryptocurrency wallet site is registered with FinCEN or a federal or state-chartered bank entity. If not, you should ensure that you comply with local laws. Additionally, you should register for a certified Google account if you intend to run ads on the Google network. Google will remove prior Certifications for Cryptocurrency Exchanges on August 3, 2021, and all companies that advertise on Google must request new certifications.
Strong passwords
Although bitcoin operators take measures to ensure the security of their systems, it is still the responsibility of users to protect themselves from outside attacks. One way to do this is to create a strong password that consists of letters, numbers, and symbols and is at least 16 characters long. Strong passwords should be difficult to remember, be unique, and be related to a verified email address. This way, an intruder can’t request a password reset link via this method.
Cold wallets
A cold crypto wallet is one way to store your cryptocurrencies. While a hot wallet is free to set up, you’ll have to pay when you want to trade. A cold wallet is expensive, but it offers a streamlined experience and advanced reporting features. Some of these services also allow you to convert your cryptocurrencies, such as bitcoin. Another difference between the two types of wallets is security. While a hot wallet is generally more secure, cold wallets have their own security concerns.