With the ever-increasing advancement of technology, many areas of our lives have been affected, creating new opportunities for communication, commerce, and economics. One of these areas is cryptocurrency markets, and with the advancement of technology, new methods will be created for profit-seeking people to commit fraud in different ways. In this article, we will try to introduce the methods by which people seeking profit commit fraud and also various cases to observe security in creating and maintaining your wallet.
The cryptocurrency market is one of the markets that has always been exposed to risks and threats due to its infancy and lack of public knowledge about this technology. some of the biggest risks in this market are frauds and cyber intrusions. With the advancement of technology, new methods of fraud have emerged that can have very serious consequences for users of the cryptocurrency market.
In general, no reputable company will send you a private message for guidance and support on any social network. You must follow up the information related to the support of a company's products from the company's own reliable sources.
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Using free services such as free VPNs or cracked software will put you at serious risk, which has been reported many times by witnessing different attacks for different purposes.
Not using valid and strong antiviruses can cause information leakage or complete device access by malicious software.
Not paying attention to the software that we install on our computer or mobile system can be another reason for creating security problems. There are some software that, in addition to the services they provide, also have an internal key logger that records everything on the typing device. It can be copied to the temporary memory and a copy of it will be sent to the hacker. Also, we have already had malware that, by installing it, would replace the destination wallet address with the hacker's wallet address when sending. you should always be extremely careful when installing new software on the device and check that software completely
Providing unlimited access to smart contracts that are used inside the wallet. The way smart contracts work is that the user establishes a p2p connection with the desired blockchain through his wallet and the access that is created inside the wallet. The smart contract creates interaction. If the said smart contract is malicious or attacked by other persons, through this access, hacker or scammer can attack the wallet, which causes the assets to be emptied. Through the following sites, you can check the various accesses of your wallet and cancel them if necessary:
One method of scam in the cryptocurrency market is to trick users by creating web pages that look like legitimate cryptocurrency sites. In this method, users are directed to a page similar to the desired company or site via Email, DM or SMS, and then they are asked to enter their account information. This method is known as phishing.
Therefore, with the advancement of technology, there are new methods of fraud in the cryptocurrency market. In order to prevent this type of fraud, it is necessary for the users of this market to use security techniques that will increase their security margin and reduce their risk in using the wallet to do various things, which can be mentioned below. :
No company will solve your problem via private message or will never be the first person to send you a private message. Always look for the original source to support the companies products.
Free and cracked software will lower your security on the device you use. Always try to use authentic software.
Using free VPNs increases the risk of communicating and keeping security information in your device.
Watch Mode Accounts
Adding an Account in Watch Mode allows you to trace the balance and all transfers that happen inside that Account. However, you cannot access the funds inside it. For instance, you can receive tokens on a Watch Mode Account but you cannot send tokens from it.
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dApps(Decentralized app based on blockchains)
The use of decentralized sites to interact with different blockchains should always be considered. Due to the decentralized nature, anyone with programming knowledge is able to create these decentralized programs with specific goals.
Wallet accesses to decentralized applications(Approval)
Access to your wallet should always be checked at different time intervals and it is recommended to never have unlimited access to smart contracts. Even valid and approved decentralized programs are not exempted and can be attacked by certain individuals or groups.
Security in using the device
Due to the limitations and security in the mentioned issue, it is recommended to prepare and use a separate device to perform tasks that require more security.
For more funds, it is definitely recommended to use hardware wallets, but if you have enough experience in the field of using multi-signature wallets, it can be a good alternative to hardware wallets.
Blockchain, as a new technology, is becoming one of the most important and reliable platforms for storing data and conducting financial transactions in the digital world, But there are possible security risks that can not be ignored and must be taken into account. It caused a lot of damage to people in maintaining their funds. Learning the blockchain has been proposed as one of the main ways to prevent hacking and scams in the blockchain in the long term. By learning in the blockchain, you can follow the experiences and mistakes of the past and prevent them in the future.
This type of learning includes performing detailed analysis on past events, accurate interpretation of collected information and preventing possible problems in the future by using this knowledge. In fact, the purpose of this type of learning from blockchain is to improve security and prevent future attacks.
So learning in blockchain as a method of preventing attacks and hacks is placed in the maintenance and use of self-custodial wallets, which will be very important and vital.