The trend of investing in cryptocurrencies, both from retail and institution, is picking up pace as the industry matures and gains adoption. But an often overlooked consideration is thinking about user security and best practices to safeguard their crypto assets. Statistically, the trend of crypto hacks is on the rise, and now is never a better time to start taking immediate action and fortifying the security of your assets, before it’s too late.
This article will show you why it is important to secure your crypto with double-factor authentication and how to do that with your Matrixport account.
Crypto Hacks on the Rise
Hacks in Crypto are becoming more prevalent and hackers have grossed over $3 billion across 125 hacks in 2022 so far. Hackers are becoming more sophisticated and at this rate, this year could potentially surpass 2021 in total value hacked.
Breaking down crypto hacks by categories, most hacks were targeted at centralized exchanges back in 2019 but as of today, more than 95% of the hacks originated from DeFi protocols. Hence, putting your crypto assets in a centralized custodian platform like Matrixport helps to significantly reduce the risks of hacks, but more can be done to further safeguard your assets and have peace of mind.
Adding another layer of security such as setting up two-factor authentication (2FA) remains one of the best practices by industry standards today.
While having a strong password is a good deterrence against hacks, it is still not foolproof. What if someone figures out your password in some way or another through sophisticated strategies? You risk losing complete control over access to your crypto funds stored in any centralized platform and that’s definitely not a position you want to put yourself in at any time.
However, if you have a 2FA setup such as Google Authenticator, the hacker would now need a piece of second information that is only exclusively available from your phone. This means that even if the hacker discovered your username and password, they are unable to log in to the account unless they also have access to your phone where the 2FA information is stored.
How to Protect Your Account with 2FA?
Setting up 2FA is an easy process that takes no more than a few minutes to enhance the overall security of your assets. We strongly recommend our users to enable the 2FA immediately after logging in. Here are a few measures you can take.
1. Step up 2FA on Matrixport
Step 1: Go to account security settings within your Matrixport App
Step 2: Click on “Google Auth”
Step 3: Click on continue to start the process
Please remember to also save the backup key of your Google Authentication in a safe place. In the event that you lose your phone, this backup key will be used to restore your 2FA information or you won’t be able to log in without a 2FA code.
Once you have Google authentication installed on your phone, the final step is to verify it with an SMS code and a 6-digit code which is retrieved by opening up the Google Authenticator. After verification, the 2FA will be successfully enabled on the Matrixport App and you can now have greater peace of mind over the security of your assets.
Besides, we also recommend our users to extend 2FA protection to their emails, use strong passwords and protect one’s self from phishing attacks.
2. Set up 2FA on Your Email Account
Do enable 2FA on your email account that is used for financial transactions. Most email providers let you enable 2FA in the settings of your account with just a few clicks. This way, even if someone gains access to your email address and password, they will not be able to login to your email account as they won’t have the 2FA codes.
3. Use Strong Passwords
It is recommended that you set different passwords with high security factors on different platforms and change them regularly (once in every three months is recommended by security experts). By avoiding theft on one account, you will be able to protect your other accounts’ information from being leaked together.
4. Protect Yourself from Phishing Attacks
Do not download or open unknown or unsolicited programs or files, as well as URL links. Always remain vigilant when communicating with strangers on phone calls, messengers or social media. Also, be careful of phishing websites to prevent personal information from being leaked, which frequently leads to financial losses.
The information provided in the publications are meant purely for informational purposes and should not be relied upon as financial advice.