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These tips by The Blockchain.com Team, in their very first Crypto Security Awareness Week, provides the best practices to keep your crypto safe and to help those new to crypto as well as long time HODLers using Blockchain.com.
Although this article is predominantly for Blockchain.com members, it's worth taking note to protect yourself, your crypto and your crypto wallet, whichever service you use.
This week Blockchain.com share tips on how to spot phishing scams, highlight the worst places to hide your secret private key recovery phrase, and remind you to set up two-factor authentication.
To get us started we’re going to share three common cryptocurrency scams you should be aware of.
Fake Coins — too good to be true
Some scammers will pretend there’s a new coin, that doesn’t actually exist, and invite you to get in early and see the same returns some early bitcoin investors have got. It’s important to check with independent regulators before investing with any firm, but especially if it’s a crypto coin you’ve never heard of before and seems too good to be true.
Fraudulent Websites — they can look deceivingly real
We’re always seeing fake versions of Blockchain.com popping up on the internet, and as fast as we’re getting them taken down, new ones are appearing. Before inputting your login or security details, check the name in the URL at the top of your browser (which may have the proper letters switched out for other characters). For example, copy and paste it into your notes app to check the “L” isn’t actually an upper-case “I”.
Social Media Scammers — be sceptical
Scammers might reach out to you on social media, telling you if you send them your crypto they’ll help you make a higher return. Remember, if it seems too good to be true - it probably is. We encourage you not to send your coins to people who approach you on social media, regardless of how genuine they might appear.
Today, one of the most unique, important, and often-misunderstood component of a crypto wallet: holding your private keys. For the Blockchain.com Wallet, we refer to this as your Secret Private Key Recovery Phrase.
Keep your Secret Private Key Recovery Phrase…well, secret.
We’re serious. Don’t share this recovery phrase with anyone. Not even us. Anyone who has access to your recovery phrase will have unlimited access to funds in your Private Key Wallets and can restore access to those wallets via ANY Blockchain.com wallet account.
If someone approaches you and requests that you share the code, don’t. If someone is insistent that you screen share or share access to your recovery phrase, be suspicious. Private Keys are the tool to keep your crypto fully in your possession, but they are only as secure as your security practices:
Stay safe. Hide your Secret Private Key Recovery Phrase. Secure your crypto.
2FA is an extra layer of security that helps ensure that you’re the only one who can access your account, even if a bad actor gets your password. For Blockchain.com, it means a one-time code generated via SMS, an Authenticator app, or a hardware device like a Yubikey.
How can you enable 2FA on Blockchain.com?
In your app, head to Settings, and then enable 2-Step Verification. On a desktop, head to Security, and then enable Two-Step Verification.
Stay safe. Enable 2FA. Secure your funds.
Hope this helps - stay safe.
