When you invest in cryptocurrency, you face risks such as no legal protection for your money and the potential for scams and hacks. American businessman, Mark Cuban recently became the victim of a crypto scam that cost him $870,000 in tokens he can’t get back. Cuban, who hadn’t accessed his online crypto wallet for several months, told DL News that he believed he fell for a phishing link and downloaded a malicious version of MetaMask.
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To avoid becoming a victim and losing your crypto too, you must know how to recognize scams and take steps to monitor and secure your accounts. Here are five ways you can start protecting yourself.
1. Recognize Common Crypto Scams
Crypto scams often involve emails that appear to come from your crypto exchange or online wallet provider. For example, the email might say that your account is locked out for inactivity or too many wrong password attempts, and it might urge you to click a link and provide your login credentials. You might also get an email asking for your online wallet’s secret recovery phrase.
In these cases, the email is from a scammer who will use the information you provide to try to steal your crypto. This makes it crucial to not respond or click on anything and to instead contact your crypto service provider if you suspect there’s an issue.
2. Keep Your Crypto-Related Accounts Secure
To protect against online fraud, set up two-factor authentication if your crypto exchange or hosted wallet supports it. This will help keep a hacker out if they somehow get your username and password. It can also signal that something’s wrong if you end up falling for an imposter site and don’t get the prompt for the second login step.
In addition, use strong passwords that you change periodically and access your crypto-related accounts only on secure devices and networks. Avoid sharing any passwords, recovery phrases or private keys as well.
3. Avoid Falling for Imposters
As seen with Cuban’s experience, imposter crypto apps, websites and extensions are unfortunately becoming more common. While you might receive a link to one from a scammer, Decrypt reported past instances of imposter apps and extensions available even on official platforms…
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