Cryptocurrency's ever-changing landscape presents both opportunities and risks. To ensure your digital assets remain safe, it's important to follow best security practices. Here’s how you can protect yourself from fraud and unauthorized access.
1. Recognize Common Crypto Scams
Phishing Scams
Phishing scams are attempts to steal sensitive information by pretending to be legitimate entities. Scammers may use fake websites, emails, or messages to trick users into revealing private data.
How to stay safe:
- Never share your private keys or recovery phrases with anyone.
- Double-check URLs before entering any login credentials. Scammers often create fake sites that look similar to real ones.
- Beware of unsolicited emails or messages requesting sensitive information.
- Double-check email addresses to verify their legitimacy.
Investment Scams
Scammers often promise guaranteed returns on cryptocurrency investments to lure victims. These scams may involve Ponzi schemes, fake ICOs (Initial Coin Offerings), or fraudulent trading platforms.
How to stay safe:
- Avoid investment offers that promise "guaranteed" high returns with little or no risk.
- Research investment platforms thoroughly before committing any funds.
- Check for legitimate business registrations and read independent reviews.
- Be cautious of high-pressure sales tactics urging you to invest immediately.
Impersonation Scams
Scammers may pose as customer support representatives from cryptocurrency exchanges, wallet providers, or regulatory authorities. They try to trick users into revealing account credentials or sending funds to fraudulent addresses.
How to stay safe:
- Always verify the legitimacy of a company before engaging with customer support.
- Use official support channels listed on the company’s website.
- Never provide account details, passwords, or 2FA codes to anyone claiming to be customer support or fraud team.
If someone asks you for this, please report it to local authorities immediately and reach out to us via live chat at the bottom right-hand corner of your screen, or you can email us at support@mercuryo.io.
There are numerous other types of crypto scams, including Giveaway Scams, E-Commerce Scams, and others. It is essential to remain vigilant and stay aware of new scam trends.
2. Review Transactions Carefully
Once a cryptocurrency transaction is completed, it cannot be reversed. That’s why it’s crucial to double-check every transaction before proceeding.
Steps to follow:
- Confirm transaction details carefully before sending crypto.
- Recheck recipient wallet addresses to ensure accuracy. A single mistake can result in permanent loss of funds.
- Be cautious when dealing with new or unknown addresses.
3. Create a Strong Password
A strong password safeguards your personal information and finances.
Steps to follow:
- Use a mix of characters: include uppercase, lowercase, numbers, and special symbols.
- Make it long: aim for at least 12-16 characters.
- Avoid common patterns: avoid "password", personal info, and repeated characters.
- Update regularly: change passwords every 3-6 months and don’t reuse them.
4. Enable Two-Factor Authentication (2FA)
Two-factor authentication (2FA) adds an extra layer of security to your accounts, making it harder for attackers to gain access.
All Mercuryo Wallets must be protected with 2FA. In this article, you can find out how to enable it.
