The cryptocurrency market is developing quite rapidly. But along with it, the risks associated with fraudulent operations are growing. How to fight fraud, phishing schemes and pyramid schemes? And most importantly - how to protect crypto investments? We will talk about this in more detail.

Two-Factor Authentication

How to protect your crypto investments? Let's look at the example of a user account for any exchange site on BoxExchanger. To make their account on this platform more secure, many users recommend using two-factor authentication (2FA). This security method involves using two steps to log into your account: something you know (a password) and something you have (a device to retrieve the code).

To set up 2FA on exchange sites, you should follow these steps:

• Go to the main settings of your account.
• In your profile, you will see ‘Account Protection’ and ‘Enable 2FA protection’.
• Using the authentication app (Google Authenticator), connect the protection.

If you chose the method using the authentication app, you will need to scan a QR code. The app will then generate a special code that you will need to enter when you log in to the platform.

Don't forget to keep backup codes, which will allow you to regain access to your account if you lose your 2FA device. And remember that the security of your account depends on yourself, so you should treat your information with care, do not share your login details with third parties and regularly update your passwords.

Verify your account with KYC

To keep your crypto investments safe, we recommend verifying your own account with KYC. This is a necessary and important procedure to ensure user safety and regulatory compliance. KYC helps to minimise fraud risks, establish the legality of a client's activities and prevent money laundering.

To undergo the KYC procedure, you need to provide certain information about yourself such as passport details, residential address, selfies with a document and other documents to prove your identity. The uploaded data is scrutinised by the platform's experts, which can take some time.

The KYC process is usually quite simple and intuitive. After submitting the required documents and undergoing verification, you will receive a confirmation of successful completion. This will give you access to more features on the exchange, such as withdrawals to fiat accounts and higher trading limits.

How to store crypto assets

How do you keep your crypto investments safe? It is important to realise that cryptocurrencies are not stored in physical form, but as digital records on a blockchain, so security is key.

So, the rules for safe storage are:

• Choosing a secure wallet. There are several types of wallets: cold (offline), hot (online), mobile, hardware and paper. Cold wallets are considered the safest as they are not connected to the internet, while hot wallets pose a greater risk of hacking.
• Never share your private keys. A private key represents access to your crypto assets, so keep it in a safe place and never give it to anyone.
• Make regular backups of your wallets. In case you lose access to your wallet or it is hacked, a backup will help you regain access to your crypto assets.
• Update your wallet software. Developers regularly release updates to fix vulnerabilities, so keep an eye out for new versions and update your wallets.
• Be careful when using public Wi-Fi networks. Use Virtual Private Networks (VPNs) to protect your personal information when using your wallet on public networks.

By following these simple rules, you can ensure the safe storage of your cryptoassets and avoid losing money due to theft or hacking of your wallet.

Keep a close eye on security

To protect your cryptocurrencies and any investments, you need to be very careful. Phishing attacks are becoming more and more common and sophisticated in today's digital world. However, there are some general rules and guidelines that will help you avoid becoming a victim of such fraudulent schemes:

• Be alert to suspicious links and emails, especially from unknown senders. Don't enter personal information on untrustworthy sites, don't click on suspicious links, and don't respond to emails requesting sensitive data.
• Secure your password. Use unique and complex character combinations for each service, and two-factor authentication where possible. Don't share passwords with anyone, including company or support staff.
• Third, update the software on all your devices. Vulnerabilities in older versions of software can be exploited by attackers to launch attacks. Regularly update operating systems, browsers, and antivirus software.

Use correct passwords

The security of cryptocurrency investments largely depends on passwords. Use more characters - 12-16. Add not only letters but also numbers to your passwords. Do not use personal information (date of birth, first name, last name and so on).

And don't forget to change your passwords regularly to keep your cryptocurrency investments safe.

Monitor account activity

How else can you keep your cryptocurrency safe from scammers? Regularly check your account login history, enable security alerts, review connected devices and remove suspicious ones.

Thus, be sure to enable two-factor authentication, update passwords regularly, favour trusted wallets and monitor activity in your account. Following simple rules, you will be able to protect your crypto investments from fraudsters, reduce the risk of hacking and theft.