Cryptocurrencies like we all know are absolutely digital, and the great part about them is that their users have absolute control over their funds through their private keys. This control to the end-user also comes with a lot of responsibility.

The phrase “Not your key not your funds” is born from this quality of cryptocurrencies. By implication, all a cyber criminal needs to take control of a user’s fund is to get into their wallet application in their device and get a copy of their private keys.

Phishing is one effective way of doing this. This term means a social engineering attack which involves a third party impersonating a trusted entity and luring users of the trusted entity into giving away their usernames, passwords, private key, credit cards details, and several personal information.

Phishing attacks have grown to become a very popular way of crypto theft as it allows cybercriminals to get personal user information. However, being mindful of crucial preventive measures can shield one from such attacks. Shortly we will be looking at ways of protecting your funds.

Take care during software upgrades and while using web apps

Cryptocurrency wallets like every software are constantly having ongoing updates. However, given the possibility of getting into a counterfeit software or URL, with hidden malware, used for phishing attacks, users need to be mindful when having such updates. Also, users ought to double-check the URL of the website they are visiting or downloading the software from.

To curb this, website/app owners alert users to double-check on the URL or app being visited or used. The image below is a perfect example of what this looks like.

Sadly there have been cases of phishing attacks, a practical example was the one with an Electrum wallet user who lost $15 million worth of Bitcoin, following a phishing attack on the users’ wallet. Being mindful of details and paying rapt attention to confirm you are in the right place, will drastically reduce your possibility of falling prey to phishing attacks.

Users ought to take care with browser extensions

Life has been made easier with browser extensions like Google Chrome extensions. Their special functionalities are additive to the user’s device, which the user wouldn’t have had ordinarily make them very resourceful. Although, browser extensions are a sweet spot to propel phishing attacks on non-techies. To stop this, however, confirm every extension before plugin them into your browser.

Cointelegraph reported in March 2024 about a Google Chrome extension user who had lost 1.4 million XRP because of a scamming Ledger Live extension. As a way to curb this, you need to examine whether you are acquiring the right extension or, better still, do not use an extension if you are not comfortable with them.

Tell your phishing experience to the community

If you fall prey to a phishing attack, it is great to tell your experience to other users, so others don’t repeat the same bitter experience. There are opportunities for you to quickly notice and hinder a hack. A great way to pass this information is using social media or forums.

Know the source of the crypto app or service you use

There are various platforms with claims of rendering payment services using cryptocurrencies; however, all are obviously not genuine. It is advisable to use trusted web service providers that guarantee user data safety and minimal collection of user data.

This is why users prefer platforms where minimal data collection is required. In other words, users want to surf freely their various crypto related services without giving off personal information.

Though it’s not easy to accomplish such detached usage due to trackers (like cookies, pixels and several other tools.) Some platforms, such as 1xBit, a crypto casino and sportsbook provider, do not require any KYC procedure, thanks to randomly generated login and password.

Also, 1xBit is a major crypto casino, accepting over 25 cryptocurrencies for users to choose from. Evenmore, new users can claim up to a 7 BTC welcome bonus for their first 4 deposits, and they can comfortably withdraw their rewards without charges.

Conclusion

The truth about the existence of phishing attacks has already been established, and sadly on a day-to-day basis, people fall victim. Being mindful of the tips outlined and explained above, while carrying out any activity that entails exposing personal data, will give immunity to not just you, but your loved ones and by extension, the general crypto community.

As a rule, habitually verify and confirm the authenticity of every destination you are visiting on the web and do not tap on links, email addresses or any other file from untested and unverified sources.