Security-wise cryptocurrency wallets are not unlike other digital products but come with a unique set of strengths and weaknesses.
Due to the robust in-built security system intrinsic to blockchains, the human factor becomes the most prominent venue to a security breach.
Losing access to your wallet
- Don’t lose your seed phrase. It’s fine to lose the local password or private key. But seed phrase is the ultimate password to your blockchain address. It is best to write it down somewhere and store it in a safe place. The safest (but also most difficult) route is to memorize your seed.
- Pay close attention to who can gain access to a device that you have Temple wallet installed on. If you store password and keys on your computer, they can be compromised. Never enter your seed phrase when there are strangers in the room who can look over your shoulder. When not actively using your wallet lock it by logging out.
The popular scammer techniques
- Phishing. A social engineering technique that involves stealing user data by manipulating the user to click on a malicious link or paste his credentials on a fraudulent site.
Be aware of such widespread confidence tricks as impersonation of a support chat administrator. Remember, in the MadFish support group admins will never DM you first, ask for your passwords or send web forms to fill. It is always safer to talk to the team in the main chat.
- Surveillance. Scammers can steal data via simple spying techniques. Avoid logging into your wallet using public Wi Fi. If you need to use Temple in a public space, check for the surveillance cameras around you that can potentially capture your monitor.
- Malware. Your device or important software (like a browser) can be infected with malicious programs that steal encrypted data or install fake copies of Temple extension.
Here are some easy steps to protect your wallet against cyber attacks.
● Use separate browsers (ideally, separate devices) for web-surfing and cryptocurrency operations.
● Use one browser’s tab at a time to make transactions.
● Keep the wallet locked when it is not in use.
- When holding, move funds from a “hot” wallet to a “cold” one. For that matter, Temple wallet supports Ledger Nano S devices.
- Store funds in several separate wallets to minimize loss if one of them is compromised.