Not just for the rich and famous: 8 tips to keep your account secure from scammers

celebrity

For years, scammers have been wreaking havoc in the crypto space, taking advantage of Bitcoin’s anonymity and swift transfer speed by using the digital currency as a blackhat method to trick users to depart with their precious coins.


The latest Twitter attack proves that scammers do not discriminate, even if you’re lucky enough to have reached the dazzling heights of Hollywood, hackers will still try to get their hands on your account.

When 130 high-profile celebrity Twitter accounts, which included the likes of Elon Musk, Kim Kardashian, and Bill Gates got hacked in July, the suspecting message was an all-but-familiar story: double your Bitcoin giveaway for charity. Once a user sends his bitcoin via the promoted wallet address, the coins are never to be seen again. The sender is left without their Bitcoin and the celebrity in question has no idea what just happened.

Unfortunately, this isn’t the only Bitcoin scam cropping up, there are hundreds out there. All of them tarnish the reputation of Bitcoin with the shared mission of leaving you high-and-dry, so it’s important to take extra precautions with your account security.

Here at Bitwala, we’re big on security and against all types of scams. We follow strict internal practices aimed at keeping your cryptocurrency safe.

It is, however, important that you also take certain precautions to ensure that you are the only person with access to your account and even more imperative to make sure that you have strong security on your email. It is vital to understand how to identify and avoid falling victim to these types of attacks.

Eight tips for staying hyper-vigilant:

  1. Stay alert

Read any notifications sent by Bitwala and report any activity that looks suspicious as quickly as possible to us.

  1. Create a strong password

Use a unique, strong password with at least 16 characters and never share it or reuse it on other websites. Password managers make it easy to generate and store strong passwords. Bitwala recommends LastPass, but there are several alternatives.

  1. Enable two-factor authentication (2FA)

This is an added level of security that requires a unique code every time you log in to an account. The code is generated by your device, which is required in addition to your username and password.

  1. Secure your email

Keep your email account secure by creating a strong password and enabling 2FA to ensure that nobody can access your Bitwala account through your email account. Monitor your email account security regularly against data breaches. Bitwala recommends haveibeenpwned.

  1. Check the URL

Before signing into Bitwala or clicking an advert, ensure that you are on www.bitwala.com. Please make sure that you see a lock in front of the domain which signals that you are using https:// encryption and are not exposing sensitive data (identity/account details) to 3rd parties.

  1. Don’t share sensitive information:

Bitwala employees will never ask you for your password, wallet passphrases, 2FA code, mTAN/SMS TAN or ask you to authorise transactions.

  1. Identify Phishing emails

Ask yourself if you’re expecting an email from the sender. Hover over any links to see the real website address they go to before you click on them. Images or buttons can also contain links to potentially malicious websites. If the email seems suspicious do not open any attachments. Attachments with malicious software can be disguised as documents, PDF’s or zipped files.

  1. Telegram Scam

Make sure you’re interacting with the real Bitwala on Telegram.

If you believe your account has been compromised, please let us know by submitting a ticket to the Bitwala Support Centre as soon as possible.

The July Twitter hack was a stark reminder that no matter how rich or famous people are, like anybody else, they’re prone to having their account compromised. The attempted scam will probably go down in Bitcoin history as one of the most notorious, but it won’t be the last. Make sure you’re even more informed of types of email phishing attacks by reading this guide.

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