That may sound intimidating - but the good news is that just a few small changes to how you manage your accounts can greatly reduce your risk. These tips don’t just apply to your crypto accounts either; they can help secure your entire digital life.
Common Threats: What You’re Up Against
One of the most serious risks is something called an “account takeover” (ATO) — when someone else gains access to your account and uses it to commit fraud. A particularly frequent method used by bad actors is the “SIM-swap” attack.
In a SIM-swap, a scammer contacts your cell carrier and impersonates you to trick them into transferring your phone number to a new SIM card — one they control. Once they’ve hijacked your number, they can intercept your text messages, including two-factor authentication (2FA) codes sent via SMS. Combined with stolen passwords, this gives them a dangerous level of access to your email, financial accounts, and more.
There are simple, proactive steps you can take yourself to make your accounts far more resilient.
Step 1: Use a Password Manager
Strong, unique passwords are your first line of defence. Aim for at least 16 characters filled with a mix of symbols, numbers, and letters. Instead of trying to memorise complex passwords, use a trusted password manager like Bitwarden to generate and store them securely.
Step 2: Enable Strong Two-Factor Authentication (2FA)
Two-factor authentication adds an extra layer of security by requiring something you know (your password) and something you have (like a device or key). When possible, use the strongest form of 2FA supported by a platform:
Best option: A hardware security key like a Yubikey
Good alternative: An app like Google Authenticator or Duo Security
Do not use SMS 2FA.
If a service doesn’t offer any form of 2FA, it may be time to reconsider using that provider.
Other Smart Habits for Staying Safe
Be discreet
Avoid flaunting your crypto holdings online. Just as you wouldn’t broadcast winning the lottery, don’t share your assets or wallet details in public forums or social media.
Watch out for scammers
Some fraudsters will impersonate customer support reps to trick you into handing over sensitive info. Reputable customer service reps will never request your password, 2FA code, or remote access to your computer.
Double-check URLs
Phishing websites are common ploys. Make sure the link you’re about to click is legitimate. Before entering credentials:
Look for subtle misspellings or extra characters in the web address.
If you’re clicking a link from an email, copy and paste it into a plain text editor to inspect where it’s really taking you.
Bottom Line
A few smart security steps — like using a password manager and upgrading your 2FA - can significantly reduce your risk of fraud or theft. Pair those steps with vigilance, and you’ll be well equipped to protect your crypto and your digital identity.
Stay safe out there.
03 August 2025
Topic:
Security
Protect Your Crypto FAQs
Q. What is an account takeover (ATO) and how can it affect my crypto?
An account takeover occurs when a hacker gains access to your accounts and commits fraud or theft, often targeting your crypto assets.
Q. What is a SIM-swap attack and how do I prevent it?
In a SIM-swap, scammers trick your mobile carrier into transferring your number to their SIM card, intercepting 2FA codes and access. Prevent this by using more secure forms of 2FA and alerting your carrier to protect your account.
Q. How should I create strong passwords for crypto accounts?
Use a password manager to generate and store long, random passwords (at least 16 characters with symbols, numbers, and letters).
Q. What is the best kind of two-factor authentication (2FA) for securing crypto accounts?
The best option is a hardware security key (like Yubikey). The next best are authentication apps (Google Authenticator, Duo Security). Avoid SMS 2FA due to risks from SIM-swapping.
Q. Is it safe to use a crypto service with no 2FA?
Services without 2FA put you at greater risk. Strongly consider alternatives that offer secure authentication.
Q. Why should I avoid sharing my crypto holdings and wallet details online?
Being discreet prevents you from becoming a target for scammers and hackers.
Q. How do scammers impersonate customer support reps to steal crypto?
They may ask for your password, 2FA code, or remote access. Legitimate support never requests this info; always verify identities.
Q. How do I spot phishing websites that target crypto users?
Look for subtle misspellings or extra characters in URLs. When in doubt, copy the link and inspect it before entering credentials.
Q. What are some other smart habits for crypto safety?
Use password managers, strong 2FA, and vigilance. Be cautious with emails and links, and research security tips regularly.
Q. What’s the bottom line for protecting my crypto?
A few clever habits - like strong passwords, secure 2FA, vigilance, and discretion, significantly reduce your risk of theft or fraud and help keep your digital assets safe.