As a crypto user, there is an excellent chance that you may have created accounts with crypto trading platforms or exchanges. You may also have accounts with decentralized finance platforms. With the importance and value attached to cryptocurrencies, scammers are always looking for ways to fleece people of their crypto holdings.
For example, when requesting help regarding a crypto account with exchanges like Coinbase and Binance, scammers will also hurry to offer assistance on social media. Sometimes, these scammers program bots to quickly reply to you, asking you to send your log-in details so that they can help salvage the issues that are being faced.
Use the following tactics to ensure that your funds in these crypto accounts are not affected.
- Do not give out your log-in details
No crypto exchange or trading platform will request that you send your log-in details via email or social media. If an issue is noticed, they do not need your login details before they can rectify the problem.
- Use a strong password
While creating a password, ensure that it is vital. It should not contain details about you that are easy to predict. For instance, the password should not be your date of birth. The password should be unique and long. It should contain symbols, lowercase, uppercase, and numbers if it can.
- Use Two-Factor Authentication (2FA)
While having a password is essential, it is crucial to combine it with 2FA. If your password becomes compromised, the 2FA reduces the chance of your crypto account being scammed. Different 2FA apps can be used in conjunction with one’s crypto account. Some exchanges come with the services themselves.