Much like any banking service, all cryptocurrency wallets carry a certain level of risk. The risks are low but not zero.
Blockchain technology is very difficult to hack. Your main dangers lie in where you store your personal information, such as your passwords. There are also risks in the way you make your transactions.
We aim to educate our users on the safest way to use our MyMonero wallet, giving you the best and safest possible experience.
Let’s take a look at some ways your information could get compromised by cyber-criminals and how to prevent it.
- PHISHING
Can hackers gain access to your device or system?
Cybercriminals use phishing to manipulate people into taking unsafe actions, which can make their personal information vulnerable.
Attackers can use deceptive communications, such as emails, SMS, and fake websites, to impersonate trustworthy people or companies.
If you click on a malicious link, this could potentially download malware onto your device and make sensitive, personal information vulnerable to hackers.
What is the best defense against phishing?:
- Enter personal information only on secure websites
- Delete suspicious emails, and do not click on any links within them
- Check correctness of email addresses that you receive emails from
- Keep your browser up to date
- Up to date operating system and security patch
- Use antivirus software
- Use a web application firewall
- Data encryption
- Install an anti-phishing toolbar
- Keep yourself up to date with phishing techniques, viruses, trojans, spyware, adware, and other sorts of malware
2. COPY AND PASTE
Since CyberCriminals can hack into your devices via phishing, they can hack into your clipboard.
When you copy and paste something on your device, it is temporarily stored in your device’s memory; this is called your clipboard.
If a cybercriminal hacks into your clipboard, the things that you copy and paste on your device become compromised. For this reason, we don’t suggest that our users copy and paste their Mnemonic Seed or passwords within their devices. Most hackers would do this type of hack at random, and so no matter how much XMR you have loaded onto your MyMonero wallet, you could be at risk of being targeted. It is safest to write your Mnemonic Seed down manually and not to save it digitally.
Copying and Pasting a recipient’s wallet address to make a payment can also open you up to risk. Since hackers can access your clipboard, they can also change the copied wallet address before you paste it. This would cause your payment to go to their address instead, and you can’t reverse such a transaction.
3. MNEMONIC SEED
Even if you manually type your Mnemonic Seed onto your device notes or into a document app, such as Google Docs, Pages, etc, hackers could access your device apps and gain access to your Mnemonic Seed. This could cause your MyMonero Wallet to become compromised. The safest way to store your Mnemonic Seed would be to write it down and keep it somewhere safe physically.
4. PASSWORD
Saving passwords on your devices can make them vulnerable to hackers.
Any hacker with access to your Mnemonic Seed and your password will have complete access to your MyMonero Wallet.
5. CRYPTO-JACKER
CryptoJackers are cybercriminals who hack into business and personal computers, laptops, and mobile devices to install harmful software.
This software uses the computer’s power and resources to mine cryptocurrency.
This also allows them to steal cryptocurrency from your digital wallets.
6. ANTIVIRUS SOFTWARE
Having good quality antivirus software loaded and active on all your devices (computers and mobile phones) is one of the best ways to prevent cybercriminals from accessing your personal information. Antivirus software is a program that helps protect your devices against viruses, worms, Trojan horses, and other unwanted threats. An excellent example of antivirus software that you could use is Malwarebytes. This software is easy to use, especially since it can work on desktop computers, laptops and mobile phones. It also operates on various operating systems, such as Microsoft Windows, macOS, Chrome OS, Android, and iOS.
7. FAKE APPS/WALLETS
It is always best to research the apps and wallets that you choose to use or download.
Cybercriminals have created fake apps to impersonate MyMonero and other well-known cryptocurrency wallets. They aim to have you exchange your currency through their wallet or app. Doing this can make your funds vulnerable to theft.
It is strongly suggested that you only use the official MyMonero Application or desktop website, www.mymonero.com
