You should think about the strength of your password once you start transacting. Too many users, including some experienced ones, don’t pay as much attention to their passwords as they should.
And that invites severe consequences. The statistics are pretty alarming as well. In 2018, hackers stole 1.7 billion USD, 4.5 billion USD in 2019, 1.9 billion USD in 2020, and about four billion USD in 2022.
Is your crypto password easy to hack? Then it would be better to create a secure crypto password for your account.
If you want to know the importance of a secure password and why so many crypto experts repeatedly emphasize this point, here is the information.
How do hackers steal your crypto?
Hackers are an intelligent lot. They have various technological tools and tricks at their disposal, which they use to break into people’s accounts far more quickly than you might think. They use different tactics to steal your money, including phishing, creating fake hardware wallets, and infecting systems with malware.
Although not all hacking tactics involve password breaching, many do. If yours is weak or one that attackers can easily crack, you will lose all your money.
What is the solution?
The answer is pretty straightforward. You need to use stronger passwords or complicated ones that attackers find hard to crack. Instead of a simple one consisting of a few letters, create one with several characters involving alphabets, numbers, uppercase, lowercase letters, etc.
You should also avoid using a single password across multiple platforms. Sometimes to save themselves the hassle of creating new passwords, people reuse a single one for their emails, bank accounts, transactions, etc.
Third-party apps are most critical. Any sensitive data leaked to third-party apps like Facebook or LinkedIn stand a good chance of being hacked. Once attackers get access to sensitive data, they can easily steal coins from your crypto wallet.
If you use a single password, stop doing so immediately. Create multiple passwords for various accounts while keeping a separate one for your crypto account.
What are the tips for a strong password?
If you cannot create a strong password or find it confusing to do so, use these tips to help you out.
- Make it long and complex – Do away with the practice of simple five or six-letter passwords. They are useless for security reasons. Instead, create those with at least 15 characters, combining special characters and numbers.
- Use two-factor authentication – It is a reliable way of securing your account against possible attacks. It involves a two-step authentication process for accessing your account, rather than a single one. If your exchange has the 2FA options, turn it on at all times. However, instead of using it on your email, use it on your phone with an app.
- Avoid reusing an old password – Once you have used a password, avoid using it ever again. Reused passwords are more likely to be hacked than unique or new ones.
- Exclude personal information at all times – If you tend to use birthdays, names of cities, pets, or sport teams, avoid doing that. Hackers can easily guess this kind of information after a while, especially if they have access to your social media profiles.
Unless you create a secure crypto password, hackers might steal it at any time. It is better to put some time and effort into creating one that provides optimum security against potential attacks.