Mark Risher, a Google executive in charge of monitoring email fraud and ID issues warns against showing off cryptocurrency holdings on social media platforms as this could make people prone to scammers and hacker.
Cryptocurrency Hack Schemes
Cryptocurrency has been prone to hacks due to the affluence its ownership gives. From something counted has worthless with hundreds of aspersion, cryptocurrency since its emergence in 2009 has risen to a valuable asset. Thousands of millionaires and also a handful of billionaires have been made from the nascent industry.
Meanwhile, the industry has become an arena for dubious activities as cyber attackers make people lose their valuables. Through wallet hacking, exchange hacking, and a host of others. A sum of $1.1 billion in cryptocurrency was recorded to have been forfeited to hacking during the first half of 2018.
The trend of hacking has created a lack of trust and has also slowed down the growth and development of the industry, as institutions have been wary of fully adopting virtual currencies as it’s considered not safe.
Mark Risher noted a tip on the best means to escape the shackles of hackers.
Mark Risher’s Safety Measures
Google executive in charge of monitoring email fraud and ID issues, Mark Risher in an interview with CNBC stated that crypto holders should desist from social media boasting of cryptocurrency holdings.
Most victims of hack recently were based on the information obtained by the malicious persons through social media, who care less about the status or the personality of the person.
Before hackers strike, they first understudy the details of their victims through the social media, afterwards will get access into their email accounts with the hope of finding a link into their cryptocurrency wallets. This is why it is mostly advised to use two-factor authentication for cryptocurrency wallets.
Hackers mostly attack those that are in the habit of boasting of their cryptocurrency wealth on social media. This gives them adequate information in finding out about the status/history of their targets.
The level of personal information released to the social media should be reduced or completely avoided to stay safe.