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In the fall of 2021, cryptocurrency value skyrocketed. Ethereum and Bitcoin had their highest values ever, causing a huge stir in interest in online currencies from experts, hobbyists and newbies alike … and in cybercriminals seeking huge paydays. Since then, cryptocurrency value has cooled, as has the public’s opinion about whether it’s worth the risk. Huge cryptohacking events dominate the headlines, leaving us to wonder: Is cryptocurrency losing its credibility?
In this article, you’ll learn about recent unfortunate crypto hacks and a few cryptocurrency security tips to help you avoid a similar misfortune.
A crypto wallet is the software or the physical device that stores the public and private keys to your cryptocurrency. A public key is the string of letters and numbers that people swap with each other in crypto transactions. It’s ok to share a public key with someone you trust. Your private key, however, must remain private — think of it like the password that secures your online bank account. Just like your actual wallet, if it falls into the wrong hands, you can lose a lot of money.
A malware called Mars Stealer infiltrated several crypto wallet browser extensions, including the popular MetaMask. The malware stole private keys and then erased its tracks to mask that it had ever gained entry to the wallet.1
One way to completely avoid a breach to your software crypto wallet is to opt for a hardware wallet. A hardware wallet is a physical device that can only be opened with a PIN. But there is some risk involved with a hardware wallet: if you drop it down the drain, all your crypto is gone. If you forget your wallet PIN, there is no customer service chatbot that can help you remember it. You are solely responsible for keeping track of it. For those who are confident in their hardware’s hiding spot and their personal organizational skills, they can benefit from its added security.
For anyone less sure of their ability to keep track of a hardware wallet, a software wallet is a fine alternative, though always been on alert of software wallet hacks. Keep an eye on crypto news and be ready to secure your software at a moment’s notice. Measures include un-downloading browser extensions, changing passwords, or transferring your crypto assets to another software wallet.
In the case of the Mars Stealer malware that affected MetaMask, being careful about visiting secure sites and only clicking on trustworthy links could’ve helped prevent it. Mars Stealer made its way onto people’s devices after they clicked on an infected link or visited a risky website. Stick to websites you know you can trust and consider springing for well-known streaming services and paying for software instead of torrenting from free sources.
Cryptocurrency enthusiasts often spread their crypto investments across various currency types and blockchain environments. Software known as a bridge can link numerous accounts and types, making it easier to send currency.
The cross-chain bridge Horizon experienced was on its Harmony blockchain, where a hacker stole about $100 million in Ethereum and tokens. The hacker stole two private keys, with which they could then validate this huge transaction into their own wallet. To hopefully prevent this from happening in the future, Horizon now requires more than just two validators.2
According to one report, in 2022, 69% of all cryptocurrency losses have occurred in bridge attacks.3 If you exchange cryptocurrencies with other users and have various accounts, it’s almost inevitable that you’ll use bridge software. To keep your assets safe, make sure to extensively research any bridge before trusting it. Take a look at their security protocols and how they’ve responded to past breaches, if applicable.
In the case of Horizon, the stolen private keys were encrypted with a passphrase and with a key management service, which follows best practices. Make sure that you always defend your private keys and all your cryptocurrency-related accounts with multi-factor authentication. Even though it may not 100% protect your assets, it’ll foil a less persistent cybercriminal.
Phishing attacks on bridge companies in conjunction with software hacks are also common. In this scenario, there’s unfortunately not much you can control. What you can control is how quickly and completely you respond to the cybercrime event. Remove the bridge software from your devices, transfer all your assets to a hardware wallet, and await further instructions from the bridge company on how to proceed.
Decentralized finance, or DeFi, is now one of the riskiest aspects of cryptocurrency. DeFi is a system without governing bodies. Some crypto traders like the anonymity and autonomy of being able to make transactions without a bank or institution tracking their assets. The drawback is that the code used in smart contracts isn’t bulletproof and has been at the center of several costly cybercrimes. Smart contracts are agreed upon by crypto buyers and sellers, and they contain code that programs crypto to perform certain financial transactions.
Three multi-million-dollar heists – Wormhole, Beanstalk Farms and Ronin bridge – occurred in quick succession, and smart contracts were at the center of each.4 In the case of Wormhole, a cybercriminal minted 120,000 in one currency and then traded them for Ethereum without putting up the necessary collateral. In the end, the hacker cashed out with $320 million. Beanstalk Farms lost $182 million when a hacker discovered a loophole in the stablecoin’s flash loan smart contract. Axie Infinity’s Ronin bridge was hit for $625 million when a hacker took control over and signed five of the nine validator nodes through a smart contract hole.4
To be safe, conduct all crypto transactions on well-known and trustworthy software, applications, bridges, and wallets that are backed by a governing body. What you lose in anonymity you gain in security by way of regulated protocols. Hackers are targeting smart contracts because they do not have to depend on large-scale phishing schemes to get the information they need. Instead, they can infiltrate the code themselves and steal assets from the smartest and most careful crypto users. Because there’s almost no way you can predict the next smart contract hack, the best path forward is to always remain on your toes and be ready to react should one occur.
Don’t let these costly hacks be what stops you from exploring crypto! Crypto is great as a side hustle if you’re committed to security and are strategic in your investments. Make sure you follow the best practices outlined and arm all your devices (mobile included!) with top-notch security, such as antivirus software, a VPN, and a password manager, all of which are included in McAfee +.
Privacy, excellent security habits, and an eagle eye can help you enjoy the most out of cryptocurrency and sidestep its costly pitfalls. Now, go forth confidently and prosper in the crypto realm!
1Cointelegraph, “Hodlers, beware! New malware targets MetaMask and 40 other crypto wallets”
2Halborn, “Explained: The Harmony Horizon Bridge Hack”
3Chainalysis, “Vulnerabilities in Cross-chain Bridge Protocols Emerge as Top Security Risk”
4Protocol, “Crypto is crumbling, and DeFi hacks are getting worse”
5Cointelegraph, “Beanstalk Farms loses $182M in DeFi governance exploit”
The post Cryptohacking: Is Cryptocurrency Losing Its Credibility? appeared first on McAfee Blog.
Here’s one way you can help reduce your chances of identity theft: remove your personal information from the internet.
And chances are, you have more personal information posted online than you think.
According to the U.S. Federal Trade Commission (FTC), consumers registered 1.4 million identity theft complaints in 2021, all part of a year where consumers reported losing $5.8 billion to fraud overall—a 70% increase over the year prior.
What fuels all this theft and fraud? Access to personal information.
Scammers and thieves can get a hold of personal information in several ways, such as through phishing attacks that lure you into handing it over, malware that steals it from your devices, by purchasing your information on dark web marketplaces, or as a result of information leaked in data breaches, just to name a few.
However, scammers and thieves have other resources to help them commit theft and fraud—data broker sites, places where personal information is posted online for practically anyone to see. Which makes removing your info from them so important, from both an identity and privacy standpoint.
Think of data broker sites as huge repositories of personal information. Search your name and address online and you’ll see. You’ll likely find dozens of sites that turn up information about you, some of which offer a few pieces for free and others that offer far more information for a price.
Data brokers collect and then aggregate personal information from several sources, including:
Data brokers also buy personal information from other data brokers. As a result, some data brokers have thousands of pieces of data for billions of individuals worldwide.
What could that look like? A broker may know how much you paid for your home, your education level, where you’ve lived over the years and who your lived with, your driving record, and possibly your political leanings. A broker may also know your favorite flavor of ice cream and your preferred over-the-counter allergy medicine thanks to information from loyalty cards. Further, they may also have health-related information from fitness apps. The amount of personal information can run that broadly, and that deeply.
With information at this potential level of detail, it’s no wonder that data brokers rake in an estimated at $200 billion U.S. dollars worldwide every year.
On the legitimate side, it’s used by advertisers to create targeted ad campaigns. With information sold by data brokers, they can generate lists based on highly specific criteria, such as shopping histories, personal interests, and even political leanings as mentioned above. Likely without you being aware of it—and likely with no way to contest that information if it’s incorrect.
Other legitimate uses include using these sites for background checks. Law enforcement, reporters, and employers will use data brokers as a starting point for research because the leg work has largely been done for them. Namely, data brokers have aggregated a person’s information already, which is an otherwise time-consuming process.
If this seems a little shady, it’s still legal. As of now, the U.S. has no federal laws that regulate data brokers or require data them to remove personal information if requested. A few states, such as Nevada, Vermont, and California, have legislation in place aimed at protecting consumers. Meanwhile, the General Data Protection Regulation (GDPR) in the European Union has stricter rules about what information can be collected and what can be done with it. Still, the data broker economy thrives.
On the darker side, scammers and thieves use personal information for identity theft and fraud. With enough personal information gathered from enough sources, they can create a high-fidelity profile of their victims. One that gives them enough information to open new accounts in their name.
So, from the standpoint of both privacy and identity, cleaning up your personal information online makes a great deal of sense.
Let’s review some ways you can remove your personal information from data brokers and other sources on the internet.
The process starts with finding the sites that have your information. From there, you can request to have it removed. Yet as mentioned above, there are dozens and dozens of these sites. Knowing where to start is a challenge in of itself, as is manually making the requests once you have identified the sites that post and sell information about you.
Our Personal Data Cleanup can do the work for you. Personal Data Cleanup scans some of the riskiest data broker sites and shows you which ones are selling your personal info. It also provides guidance on how you can remove your data from those sites and can even manage the removal for you depending on your plan. It also monitors those sites, so if your info gets posted again, you can request its removal again.
As of September 2022, Google accounts for just over 92% of search engine market share worldwide. Aside from being a search engine, Google offers a myriad of other services and applications, such as Gmail and Google Maps. While Google offers plenty of tools for productivity, travel, work, and play for free, they still come at a cost—the gathering and analysis of your personal information.
You can limit the data Google associates with you by removing your name from Google search results with a removal request. This will disable anyone online from getting any results if they search your name. (Note that this will not remove your information from the original sites and sources where it’s posted.) Moreover, Google collects all your browsing data continuously. You have the option to turn on “Auto Delete” in your privacy settings to ensure that the data is deleted regularly and help limit the amount of time your sensitive data stays vulnerable.
You can also occasionally delete your cookies or use your browser in incognito mode to prevent websites from being tracked back to you. Go to your Google Chrome settings to clear your browser and cookie history.
As discussed above, data brokers can collect information from public social media profiles. You can minimize your presence on social media to the bare minimum. Make a list of the ones you use or have used in the past. If there are old accounts that you no longer use or websites that have gone by the wayside like Myspace or Tumblr, you may want to deactivate them or consider deleting them entirely.
For social media platforms that you still may use regularly, like Facebook and Instagram, consider adjusting your privacy settings to ensure that your personal information on these social media platforms is the bare minimum. For example, on Facebook you can lock your profile, while on Instagram you can stay private.
If you’ve ever published articles, written blogs, or created any content online, it might be a good time to consider taking it down if it is no longer serving a purpose. Depending on what you’ve posted, you may have shared personal details about your life. Additionally, you might be mentioned by other people in various social media posts, articles, or blogs. It is worth reaching out to these people to request them to take down posts with sensitive information.
Social media and online articles that host your personal information are often used when businesses or hackers are doing “internet scrapes” to find better ways to use your targeted information. Asking your friends or third-party sites to remove that information can help protect your privacy.
Another way you can tidy up your digital footprint online involves deleting all the unnecessary phone apps that you no longer need or use. Even when apps are not open or in use, they may be able to track personal information such as your real-time location and even your payment details if you have a paid subscription to the app.
Some apps even sell this data as it can be extremely advantageous to other companies, which they use to target certain consumer segments and profiles for advertising. Try to share as little information with apps as possible if you’re looking to minimize your online footprint, and provide them access to your photos, contacts, and location only on as-needed basis and only when the app is in use. Your phone’s app and location services settings will give you the tools to do it.
In addition to the steps above, comprehensive online protection software can keep you more private and minimize your risk of cybercrime. It can include:
So while it may seem like all this rampant collecting and selling of personal information is out of your hands, there’s plenty you can do to take control. With the steps outlined above and strong online protection software at your back, you can keep your personal information more private and secure.
The post 5 Steps to Removing Your Personal Information From the Internet appeared first on McAfee Blog.
Your digital footprint grows with every internet account you make. While your old Tumblr account may be fun for reminiscing, dormant accounts are actually one of the most significant sources of user data on the internet. These accounts can be used by data brokers or third parties to access your personal information.
To improve your data security, it’s good practice to remove public-facing information by deleting unused accounts. Simply put, having less personal data stored on the internet reduces the risk of theft and/or non-consensual data usage.
Deleting, canceling, unsubscribing, or removing your account can be a long process, depending on the service. This article will walk you through the simplest ways to delete unwanted accounts from various social media platforms.
Deleting unwanted accounts protects your information and prevents the monetization of your data. Your internet accounts often hold personal information like your name, age, email, or home address. What’s more alarming is that some platforms may even have credit card details, phone numbers, and bank account information.
When left unattended, internet accounts become vulnerable to being suspended or taken over by the platform. This means that if your accounts are left inactive for too long, you might be handing some or all of your data over to the tech platform.
For example, even if you believe an old Google account doesn’t have any sensitive information stored, it may be linked to other platforms you use (like Amazon or Google services like Gmail and Google Play). This exposes all of these accounts to several data privacy vulnerabilities.
Moreover, a recent survey found that 70% of surveyed adults admitted using the same password for more than one service. People who don’t use password managers or reuse passwords are at a greater security risk than others, as multiple accounts can become compromised at once. Whether the platform is now out of service or you are cutting down on your app usage, deleting dormant accounts will minimize security threats and safeguard your data.
Every platform has a different process for deleting accounts: Some take only a few clicks to complete and others are a little longer. Companies usually don’t want a user to stop using their services, so account deletion pages are often hidden in a complex web of tabs that you have to navigate.
In addition, some subscription services might require that you send an email to customer support to close your account. You can go to justdelete.me, an online directory that lets you access direct links to account deletion pages of various web services.
Remember to download your personal information and data before pulling the plug on your account. Most platforms let you download your data before initiating a deletion request, which saves you from losing important details and files. It is also important to check whether your Google account is used for your YouTube channel or connected to other online accounts.
To help you get rid of accounts you no longer use, we’ve broken down deleting accounts from some of the most popular social networks. The steps described below are for a desktop browser and may not apply to Android or iOS devices (unless specified).
Facebook’s user privacy policy enables it to store a large amount of user information, including personal messages, posts, search history, name, age, birthdate, and even metadata from posted photos and videos.
Follow these simple steps to delete your Facebook account:
LinkedIn collects information on users and uses it for targeted advertising. As a result, it amasses quite a lot of your data, from professional details to personal preferences and even your online behavior trail.
Follow these simple steps from your desktop to delete your account:
It’s simple to delete your Twitter account, but you’ll have to wait 30 days for your data and tweets to clear. To delete your account, you first need to deactivate it.
Once you’ve decided to delete your account from the micro-blogging site, follow these steps from your desktop:
Remember to revoke third-party access to your Twitter account to avoid having your account reactivated in the 30 days following deactivation.
Since Facebook and Instagram are both owned by Meta, they share a lot of data for targeted advertising. You can adjust the privacy settings of your Instagram account from the mobile app, but you will need to log in from a web browser like Chrome to delete your account.
To delete your Instagram account:
Your information and data will be permanently deleted after 30 days and you won’t be able to retrieve it. However, completing a deletion process may take up to 90 days.
Tumblr has a fairly simple process to delete your account:
Follow these steps to delete your account from the popular picture-sharing platform:
Pinterest servers continue to store your data after deletion, but your information won’t be visible to other users.
There are different steps to deleting your email account depending on which email service you use. Backing up email data usually takes more time because of the sheer volume of data a mail account can hold.
Complete the following steps to delete your Google account:
Here’s what you need to do to delete your Yahoo email account:
Deleting your Yahoo account also deletes the linked information from Yahoo’s other services.
Follow these steps to delete your Microsoft account on Outlook 2010, 2013, or 2016:
Leaving old information scattered across the internet makes you susceptible to identity theft. There are multiple ways to keep your identity and data secure online, including McAfee’s Total Protection plan.
Total Protection lets you choose from multiple affordable subscription models that provide comprehensive security against identity theft and potential data breaches and offers web protection and several related benefits. In addition, having access to 24/7 online security experts and a 30-day money-back guarantee make the Total Protection plan an easy, reliable, and safe choice. You can also have peace of mind with McAfee’s Personal Data Cleanup feature where our teams will work to find your personal information online and assist in removing it.
The post How to Delete Old Accounts Containing Personal Information appeared first on McAfee Blog.
Whether you think you might have a virus on your computer or devices, or just want to keep them running smoothly, it’s easy to do a virus scan. How to check for viruses depends on the software and device you have, so we’ll go through everything you need to know to run a scan effectively and keep your computers, phones and tablets in tip-top shape.
First, let’s cover a few of the telltale signs your device might have a virus. Is your computer or device acting sluggish or having a hard time booting up? Have you noticed missing files or a lack of storage space? Have you noticed emails or messages sent from your account that you did not write? Perhaps you’ve noticed changes to your browser homepage or settings? Or maybe, you’re seeing unexpected pop-up windows, or experiencing crashes and other program errors. These are all examples of signs that you may have a virus, but don’t get too worried yet, because many of these issues can be resolved with a virus scan.
Each antivirus program works a little differently, but in general the software will look for known malware that meets a specific set of characteristics. It may also look for variants of these known threats that have a similar code base. Some antivirus software even checks for suspicious behavior. If the software comes across a dangerous program or piece of code, it removes it. In some cases, a dangerous program can be replaced with a clean one from the manufacturer.
The process of checking for viruses depends on the device type and its operating system. Check out these tips to help you scan your computers, phones and tablets.
If you use Windows 10, go into “Settings” and look for the “Updates & Security” tab. From there you can locate a “Scan Now” button.
Of course, many people have invested in more robust antivirus software that has a high accuracy rate and causes less drain on their system resources, such as McAfee Total Protection. To learn how to run a virus scan using your particular antivirus software, search the software’s help menu or look online for instructions.
Mac computers don’t have a built-in antivirus program, so you will have to download security software to do a virus scan. There are some free antivirus applications available online, but we recommend investing in trusted software that can protect you from a variety of threats. Downloading free software and free online virus scans can be risky, since cybercriminals know that this is a good way to spread malware.
Whichever program you choose, follow their step-by-step instructions on how to perform a virus scan, either by searching under “help” or looking it up on their website.
Yes, you can get a virus on your phone or tablet, although they are less common than on computers. However, the wider category of mobile malware is on the rise and your device can get infected if you download a risky app, click on an attachment in a text message, visit a dangerous webpage, or connect to another device that has malware on it.
Fortunately, you can protect your devices with mobile security software. It doesn’t usually come installed, so you will have to download an application and follow the instructions.
Because the Android platform is an open operating system, there are a number of antivirus products for Android devices, that allows you to do a virus scan.
Apple devices are a little different because they have a closed operating system that doesn’t allow third parties to see their code. Although Apple has taken other security precautions to reduce malware risks, such as only allowing the installation of apps from Apple’s official app store, these measures aren’t the same as an antivirus program.
For more robust protection on your Apple devices, you can install mobile security software to protect the private data you have stored on your phone or tablet, such as contacts, photos and messages.
If safeguarding all your computers and devices individually sounds overwhelming, you can opt for a comprehensive security product that protects computers, smartphones and tablets from a central control center, making virus prevention a breeze.
New online threats emerge every day, putting our personal information, money and devices at risk. In the first quarter of 2019 alone McAfee detected 504 new threats per minute, as cybercriminals employed new tactics. That’s why it is essential to stay ahead of these threats by using security software that is constantly monitoring and checking for new known threats, while safeguarding all of your sensitive information. Virus scans are an essential part of this process when it comes to identifying and removing dangerous code.
Most antivirus products are regularly scanning your computer or device in the background, so you will only need to start a manual scan if you notice something suspicious, like crashes or excessive pop-ups. You can also program regular scans on your schedule.
Of course, the best protection is to avoid getting infected in the first place. Here are a few smart tips to sidestep viruses and other malware:
The post How To Do A Virus Scan appeared first on McAfee Blog.
Imagine – your favorite brand on Instagram just announced a giveaway. You’ll receive a free gift! All you have to do is provide your credit card information. Sounds easy, right? This is a brand you’ve followed and trusted for a while now. You’ve engaged with them and even purchased some of their items. The link comes directly from their official page, so you don’t think to question it. Don’t fall prey to crypto scams, download reputable mobile security protection.
This is the same mindset that led to several Bored Ape Yacht Club (BAYC) NFTs being stolen by a cybercriminal who had hacked into the company’s official Instagram account. Let’s dive into the details of this scam.
Bored Ape Yacht Club, the NFT collection, disclosed through Twitter that their Instagram account had been hacked, and advised users not to click on any links or link their crypto wallets to anything. The hacker managed to log into the account and post a phishing link promoting an “airdrop,” or a free token giveaway, to users who connected their MetaMask wallets. Those who linked their wallets before BAYC’s warning lost a combined amount of over $1 million in NFTs.
Despite the large price tag attached to NFTs, they are often held in smartphone wallets rather than more secure alternatives. MetaMask, the crypto wallet application, only allows NFT display through mobile devices and encourages users to use the smartphone app to manage them. While it may be a good method for display purposes, this limitation provides hackers with a new and effective way to easily steal from users’ mobile wallets.
BAYC does not yet know how the hacker was able to gain access to their Instagram account, but they are following security best practices and actively working to contact the users affected.
This scam was conducted through the official BAYC account, making it appear legitimate to BAYC’s followers. It is incredibly important to stay vigilant and know how to protect yourself and your assets from scams like these. Follow the tips below to steer clear of phishing scams and keep your digital assets safe:
A seed phrase is the “open sesame” to your cryptocurrency wallet. The string of words is what grants you access to all your wallet’s assets. Ensuring that your seed phrase is stored away safely and not easily accessible by anyone but yourself is the first step to making sure your wallet is secure.
With all transactional and wallet data publicly available, scammers can pick and choose their targets based on who appears to own valuable assets. To protect your privacy and avoid being targeted, refrain from sharing your personal information on social media sites or using your NFT as a social media avatar.
Phishing scams targeting NFT collectors are becoming increasingly common. Be wary of any airdrops offering free tokens in exchange for your information or other “collectors” doing the same.
Phishing scams tend to get more sophisticated over time, especially in cases like the Bored Ape Yacht Club where the malicious links are coming straight from the official account. It is always best to remain skeptical and cautious, but when in doubt, here are some extra tips to spot phishing scams:
As crypto and NFTs continue to take the world by storm, hackers and scammers are constantly on the prowl for ways to steal and deceive. No matter the source or how trustworthy it may seem at first glance, always exercise caution to keep yourself and your assets safe!
The post Instagram Hack Results in $1 Million Loss in NFTs appeared first on McAfee Blog.
If you’re thinking about crypto, one of the first things you’ll want to do is get yourself a good wallet.
Topping the several important things a new cryptocurrency investor needs to think about is security. Rightfully so. Cryptocurrency is indeed subject to all kinds of fraud, theft, and phishing attacks, just like the credentials and accounts we keep online.
But here’s the catch. Lost or stolen cryptocurrency is terrifically difficult to recover. By and large, it doesn’t enjoy the same protections and regulations as traditional currency and financial transactions. For example, you can always call your bank or credit card company to report theft or contest a fraudulent charge. Not the case with crypto. With that, you’ll absolutely need a safe place to secure it. Likewise, in the U.S. many banks are FDIC insured, which protects depositors if the bank fails. Again, not so with crypto.
So, when it comes to cryptocurrency, security is everything.
Cryptocurrency theft offers hackers an immediate payoff. It’s altogether different from, say, hacking the database of a Fortune 500 company. With a data breach, a hacker may round up armloads of personal data and information, yet it takes additional steps for them to translate those stolen records into money. With cryptocurrency theft, the dollars shift from the victim to the crook in milliseconds. It’s like digital pickpocketing. As you can guess, that makes cryptocurrency a big target.
And that’s where your wallet will come in, a place where you store the digital credentials associated with the cryptocurrency you own. The issue is doing it securely. Let’s take a look at the different wallets out there and then talk about how you can secure them.
Broadly, there are two general categories of wallets. First, let’s look at what these wallets store.
A wallet contains public and private “keys” that are used to conduct transactions. The public key often takes the form of an address, one that anyone can see and then use to send cryptocurrency. The private key is exactly that. Highly complex and taking many forms that range from multi-word phrases to strings of code, it’s your unique key that proves your ownership of your cryptocurrency and that allows you to spend and send crypto. Needless to say, never share your private key.
With that, there are two ways to store your keys—in a hot wallet or a cold wallet.
Hot Wallets:
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Cold Wallets:
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As you can see, the benefit of a hot wallet is that you can load it up with cryptocurrency, ready for spending. However, it’s the riskiest place to store cryptocurrency because it’s connected to the internet, making it a target for hacks and attacks.
In addition to that, a hot wallet is connected to a cryptocurrency exchange, which makes the transfer of cryptocurrencies possible. The issue with that is all cryptocurrency exchanges are not created equal, particularly when it comes to security. Some of the lesser-established exchanges may not utilize strong protocols, likely making a target for attack. Even the more established and trusted exchanges have fallen victim to attacks—where crooks have walked away with millions or even hundreds of millions of dollars.
While the funds in cold wallets are far less liquid, they’re far more secure because they’re not connected to the internet. In this way, cold wallets are more vault-like and suitable for long-term storage of larger sums of funds. But cold wallets place a great deal of responsibility on the holder. They must be stored in a physically secure place, and be backed up, because if you lose that one device or printout that contains your cryptocurrency info, you lose the cryptocurrency altogether. Within the cold wallet category, there are a few different types:
Several manufacturers make storage devices specifically designed to store cryptocurrency, complete with specific features for security, durability, and compatibility with many (yet not always all) of the different cryptocurrencies on the market. An online search will turn up several options, so doing your homework here will be very important—such as which devices have the best track record for security, which devices are the most reliable overall, and which ones are compatible with the crypto you wish to keep.
Storing cryptocurrency information on a computer or laptop that’s disconnected from the internet (also known as “air-gapped”) is a storage method that’s been in place for some time. However, because computers and laptops are complex devices, they may be less secure than a simpler, purpose-built cryptocurrency device. In short, there are more ways to compromise a computer or laptop with malware that a determined hacker can use to steal information in some rather surprising ways. (Like noise from a compromised computer fan passing information in a sort of Morse Code or generating electromagnetic signals on a compromised computer that nearby devices can use to skim information.)
Ah, good old paper. Write down a code and keep it secure. Simple, right? In truth, creating a paper wallet can be one of the most involved methods of all the cold storage options out there. Bitcoin offers a step-by-step walkthrough of the process that you can see for yourself. Once done, though, you’ll have a piece of paper with a public address for loading cryptocurrency into your paper cold wallet, along with a private key. One note: Bitcoin and others recommend never reusing a paper cold wallet once it’s connected to a hot wallet. You should go through the process of creating a new cold paper wallet each time.
Physical coins are a special case and are relatively new on the scene. They’re a physical coin minted with a tamper-resistant sticker that indicates the actual value of the coin. Like other methods of cold wallet storage, this calls for keeping it in a safe place, because it’s pretty much like a wad of cash. And like cash, if it’s stolen, it’s gone for good. Also note that a cryptocurrency holder must work with a third party to mint and deliver the coin, which has its own costs and risks involved.
With that look at wallets, let’s see what it takes to secure them. It may seem like there’s plenty to do here. That’s because there is, which goes to show just how much responsibility falls on the shoulders of the cryptocurrency holder. Of course, this is your money we’re talking about, so let’s dive into the details.
Whatever form your storage takes, back it up. And back it up again. Cryptocurrency holders should make multiple copies just in case one is lost, destroyed, or otherwise inaccessible. For example, one story that’s made the rounds is of a IT engineer in the UK who accidentally threw away an old hard drive with his cryptocurrency key on it, one that held 7,500 bitcoins, worth millions of dollars. Redundancy is key. Back up the entire wallet right away and then often after that.
With redundant backups in place, store them in places that are physically secure. It’s not uncommon for crypto holders to use fireproof safes and safe deposit boxes at banks for this purpose, which only highlights the earlier point that a wallet is as good as cash in many ways.
This will help prevent malware from stealing crypto, whether or not your device is connected to the internet. Comprehensive online protection software will give you plenty of other benefits as well, including identity theft monitoring and strong password management, two things that can help you protect your investments, and yourself, even further.
Updates often address security issues, ones that hackers will of course try to exploit. Keep everything current and set automatic updates wherever they are available so that you have the latest and greatest.
Just as your bank and other financial accounts offer MFA, do the same here with your crypto. Some extra security-conscious crypto investors will purchase a device for this specific purpose for yet greater protection, such as a separate phone with texting capability. This keeps their crypto transactions separate from the multitude of other things they do on their everyday smartphone, effectively putting up a wall between these two different digital worlds.
Two things fall under this category. One, the less you say about the crypto investments you make, the less word gets around, which can help keep hackers out of the loop. Particularly on social media! Two, consider setting up a unique email account that you only use for crypto. The less you associate your crypto accounts with other financial accounts like your banking and online payment apps, the more difficult it is to compromise several accounts in one fell swoop.
Just like hackers send phishing emails with an eye on accessing your bank accounts, credit cards, and so on, they’ll do much the same to get at your crypto accounts. The target may be different, that being your crypto, but the attack is very much the same. An email will direct you to a hacker’s website, using some sort of phony pretense, get-rich-quick-scheme, or scare tactic. Once there, they’ll ask for private key information and then simply steal the funds. And it’s not just email. Hackers have used online ads to phish for victims as well.
As you can see, these security measures rely almost exclusively on you. If something happens to you, that could make recovering your funds a real problem. Consider reaching out to someone you trust and let them know where you’re storing your wallets and information. That way, you’ll have some assistance ready in the event of an emergency or issue.
The very things that define cryptocurrency—the anonymity of ownership, the lack of banking institutions, the light or non-existent regulation—all have major security implications. Add in the fact that you’re your own safety net here and it’s easy to see that crypto is something that requires plenty of planning and careful through before diving into. Getting knowledgeable about security, how you’ll protect your crypto, should absolutely top your list before investing.
The post Cold Wallets, Hot Wallets: The Basics of Storing Your Crypto Securely appeared first on McAfee Blog.
A-list celebrities and social media influencers are now adding their voices to the roar of other cryptocurrency fans asking you to join them in the investments of the future. It’s impossible to deny the grip cryptocurrencies have on the world today, for better or worse. In some industries, they speed the pace of business and for some, it’s a viable way to make ends meet and set up long-term investments. The cryptocurrency realm has also proven to be vulnerable to cybercriminals. For example, the Wormhole hack leaked $320 million, and cybercriminals have targeted crypto platforms with ransomware and mining app scams.
Whether you’re already in the cryptocurrency game or are thinking about taking the plunge, here’s what you need to know about crypto wallets and tips on how to keep yours safe from cybercriminals.
A cryptocurrency wallet, or crypto wallet, is a software product or a physical device that stores the public and private keys to your cryptocurrency accounts. Keys are strings of numbers and letters that encrypt and decrypt crypto transactions and secure crypto accounts. You can think of public keys as the routing and account numbers that appear at the bottom of paper checks. There’s not much a nefarious character can do with that information, and it’s totally normal to give that information to an acquaintance with whom you’re doing business. Private keys are like your online banking password or debit PIN. Those you must guard very closely because in the wrong hands, your hard-earned bank balance could disappear. A crypto wallet also allows you to transfer funds between crypto types and make transactions.
Here are a few basic types of crypto wallets to help you decide which type is right for you.
A non-custodial wallet means that you are the sole keeper of the keys to your crypto assets. If you forget your password, there’s no “forgot your password?” prompt to let you back in. While not having this safety net is a little nerve wracking, noncustodial wallets are considered the more secure option. You don’t have to worry about a security breach of a major corporation leaking your private key. If you’re responsible and confident that you’re prepared to look after your assets by yourself, this may be the best option for you.
A custodial wallet is a little less secure, but you have a third party helping you log in and manage your crypto accounts. Custodial wallets are often web-based, and the biggest tick in their pro column is that they’re generally very easy to use. While reputable custodial wallets take security very seriously, the threat of a breach is always a possibility, especially as crypto accounts are appealing targets to cybercriminals.
Hardware wallets, also known as cold wallets, are devices you can fit in the palm of your hand. Most models are Bluetooth-enabled devices that look like small remote controls or are flash drives. The device is secured by a PIN that you should never write down or share with anyone else. Also, you should designate a safe and private spot to store your hardware wallet. Similar to a noncustodial wallet, you are solely responsible for keeping track of the device and remembering the PIN. If you lose it, your crypto accounts are locked, and there’s no locksmith to open them for you. As long as you keep track of it, hardware wallets are very secure. Most models are equipped with malware- and virus-proofing security features.
Software wallets are downloaded and internet-connected mobile or desktop apps. They allow you to make transactions on the run, as you can access your crypto accounts from your phone. In that sense, they’re more convenient than hardware wallets. Additionally, software wallets have the same safety net as custodial wallets: if you lose your phone, forget your password, or require login assistance, the maker of the software can help you access your accounts. Software wallets are very secure when you enable their two-factor authentication login settings; however, since they connect to the internet, there’s always a chance a cybercriminal could break-in. Thus, hardware wallets are considered more secure than the software variety.
Check out these tips to ensure your assets are safe and secure in your crypto wallet:
Cryptocurrency value is reaching galactic heights like the spaceships depicted in prime-time ads. Don’t feel pressured to hop aboard the crypto rocket, but if you do decide to jump on, make sure you do your research carefully and make the best decisions for your crypto goals.
The post What Is a Crypto Wallet and How to Keep Your Wallet Secure? appeared first on McAfee Blog.
The convenience of tapping your phone at the cash register instead of fumbling for loose change in your physical wallet is undeniable. Nearly 40% of Canadians used their mobile wallets more often in 2020 because of the perceived safety of contactless payment, according to one report.1 While digital wallets and tap to pay is becoming more widespread, you may wonder: what exactly is a digital wallet? Are they safe?
A digital wallet, also known as a mobile wallet, is a smartphone app that stores your payment information and enables tap to pay at most point-of-sale terminals. A digital wallet is perfectly safe, as long as you guard your smartphone just as closely as you would your physical wallet.
Here’s why you should secure your digital wallet and three tips to help you do so.
Think about what you store in your physical wallet: credit cards, debit cards, driver’s license, library cards, gift cards, cash. Now, imagine (or if you’ve been unlucky enough to lose your wallet in the past, think back to) the hassle that would ensue if someone stole your wallet or you misplaced it. Not only do you have to cancel your cards, notify your various banks, and wait for replacements, but the niggling worry that a stranger has access to your personally identifiable information (PII) will likely keep you up at night.
Just like you store your wallet in your front pocket when about town and check your seat before leaving a taxi or a plane, look after your smartphone just as closely. Unlike a physical wallet, whose absence is noticed quickly, a digital wallet may be compromised by a cyber pickpocket without you knowing for a while. For example, the BBC reported that researchers found a potential shortcoming in Apple Pay’s Express Transit mode where cyber pickpockets could remotely access mobile wallets.2 Luckily, the researchers’ experiment is unlikely to occur in the real world, but it’s a reminder to everyone to check their monthly bank statements for suspicious transactions. Cybercriminals get smarter and bolder by the day, so it’s not unlikely that they’ll find and exploit a digital wallet shortcoming in the future.
Follow these tips to help you use your digital wallet more confidently.
Always protect your digital wallet with a passcode! This is the best and easiest way to deter cybercriminals. It’s best if this combination of numbers is different than the passcode to your phone. Also, make sure the numbers are random. Birthdays, anniversaries, house addresses, and the last digits of your phone number are all popular combinations and are crackable codes to a resourceful criminal.
Better yet, if your mobile wallet app allows you to protect your account with facial recognition or a fingerprint scan, set it up! If your digital wallet proves difficult or impossible to enter, a cybercriminal may leave it for an easier target, keeping your PII safe.
Another way to secure your digital wallet is to make sure you always download the latest software updates. Developers are constantly finding and patching security holes, so the most up-to-date software is often the most secure. Turn on automatic updates to ensure you never miss a new release.
Before you swap your plastic cards for digital payment methods, make sure you research the digital banking app before downloading. Make sure that any app you download is through the official Apple or Android store or the financial institution’s official website. Then, check out how many downloads and reviews the app has to make sure you’re downloading an official app and not an imposter. While most of the apps on official stores are legitimate, it’s always best practice to check for typos, blurry logos, and unprofessional app descriptions to make sure.
The digital era is an exciting time to make the most of the conveniences technology affords; however, constant vigilance is key to keeping your finances and PII private. Whether you’re looking for additional peace of mind or have lost your wallet, consider signing up for an identity monitoring service like McAfee identity protection. McAfee will monitor your email addresses and bank accounts and alert you to suspicious activities up to 10 months sooner than similar services. Are you curious about how secure your current online habits are? Check your Security Protection Score today and see what steps you can take to live more confidently online.
1Canadian Payment Methods and Trends Report 2021
The post How to Secure Your Digital Wallet appeared first on McAfee Blog.
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