Your Ultimate Guide To Mobile Phone Security For Crypto Users
Generally, the safest way to store cryptocurrency is using a hardware wallet. Most users rely on software wallets, though, while some still retain their crypto holdings on public exchanges. It is generally recommended that a mobile phone software wallet is not the most secure option, but if it is the best option you have, there are steps you can take to help improve your security and prevent the theft of your Bitcoins.
Using freely available apps and services like Google Maps, you can track mobile phone location for free, so if your phone is stolen or lost, you have a chance of getting it back before any damage is done. According to junior crypto editor, Alex Popa, though, sharing your location with another device using Google Maps only gives that device access for 24 hours, which makes it useless for helping in cases of phone theft. Commercial spy apps and phone tracking software are more effective.
Secure Your Phone
Mobile phones are extremely convenient, including for crypto users. Exchanges offer mobile apps, and there are plenty of mobile wallets available, as well. Using these means you can take advantage of the most recent price changes without having to run back to your house to log on to a PC.
But, with this convenience comes additional security threats. You’re more likely to lose a mobile phone than your PC, and while many of us spend time downloading, installing, and updating antimalware and other security software on our computers, we are less vigilant with mobile devices. We tend to assume that our phones do all of that for us.
Follow best practices when it comes to physical mobile phone security. Don’t leave your phone unattended for any length of time. Use a screen lock, avoid connecting to insecure networks, and turn off Bluetooth and NFC when they’re not in use. Look for signs that your phone might have been compromised, such as odd app behaviour, unexpected connections, and sudden high battery usage.
Biometric Logins
Most modern mobile phones offer biometric login, which uses fingerprint, thumbprint, or facial recognition. Although these aren’t entirely infallible, they do offer additional layers of security that help protect your mobile phone and prevent others from accessing what is on the phone.
Set these up so that if your phone does get stolen, the thief will find it more difficult to get access to your crypto wallet, banking app, and other details held on your phone. You will also find that a lot of apps can be set up to use the same biometric details to perform sensitive actions like sending payments or requesting withdrawals.
Enable these features, so if you leave your phone unlocked, thieves will still find it difficult to steal your money or details. To turn biometric features off, the user must use those biometric details to disable them.
Choose A Secure Wallet
Wallets themselves do not hold crypto balances, rather they give access to the blockchain where the crypto is stored.
Having a wallet means you retain the keys that enable access to that crypto, whereas leaving crypto on an exchange means that the exchange typically retains the keys. This means that your wallet doesn’t necessarily have to update with your latest balance. You still own the Bitcoin or other cryptocurrency even if it isn’t showing in your balance.
A wallet only really needs to connect to the Internet when you want to transfer payment to another wallet address. Therefore, cold wallets, which do not connect to the Internet except when you send crypto, are considered more secure.
There are lots of crypto wallet options available, including hardware and software wallets. Hardware wallets are the most secure. They look like small flash drives but contain nothing other than a crypto wallet.
The device is not connected to the Internet, which makes it impossible to hack and means the only way criminals can get hold of your crypto wallet is if they have physical access to the device. Software wallets can be installed on desktops or other computers.
Some are connected to the Internet, enabling fast and convenient payment options, but this connection puts your crypto balance and your wallet at risk. If somebody is watching your line activities or tracking your computer or mobile phone activity, they may be able to gain access to your crypto balance.
Mobile phone wallets are considered the least secure, but if they are your only option they are still more secure than storing your balance on an exchange. Although exchanges have improved their security features, hacks and thefts do still occur with some of the biggest exchanges. If the exchange has the keys to your crypto balance, and these get stolen, you will lose access to your funds and not be able to recover the balance.
Use Strong Passwords
When you install a wallet, add a crypto exchange app, or even when you sign up for banking or other accounts, you should always use as secure a password as possible. The most secure passwords:
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Are at least 12 characters long
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Include lowercase letters
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Include uppercase letters
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Include numbers
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Include special characters like !,”, £, and @
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Do not include any commonly used strings like “password”
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Do not contain sequential characters like abcd or 1234
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Do not include any personal information
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Are changed every few months
Store Your Recovery Phrase Away From Your Phone
A wallet is just a means of accessing your crypto balance, which is stored on the blockchain. If you lose or uninstall your wallet, or if it stops working, that doesn’t mean you have lost your balance, but it can be very difficult to regain access to.
Wallet details are stored on the blockchain, and every bit of cryptocurrency has a wallet address associated with it. When you sign up for a wallet, you receive what is called a recovery phrase or seed phrase. If you do happen to lose access to your wallet, you can use this seed phrase and still gain access to your crypto using a different wallet.
A recovery phrase is twelve words long and when you receive your recovery phrase, you should store it securely. Don’t email the phrase and avoid storing it on your phone.
Activate 2FA
Two-factor authentication is available on most apps, and certainly all good crypto apps and wallets. When logging on to apps with 2FA active, you will receive a text message, a phone call, or a code via a 2FA app. This code remains active for a few minutes and must be entered on the app you’re accessing to be able to log in.
This second layer of authentication is more secure than just using simple passwords and it can help protect all accounts and information on your phone.
Ensure You Have Good Security Software
You can get antivirus and antimalware software for mobile phones, and if you’re using yours for crypto trading or have a software wallet on your phone, you should install and use a good-quality app. This will help prevent hacking and can prevent the installation of malicious software, both of which are common methods used to gain access to apps and accounts.
Avoid Using Public WiFi
Public WiFi connections are available in a lot of coffee shops, restaurants, and other public areas. They are convenient and they can offer a great way to get online when you’re away from home, but they are not secure.
You never really know who’s watching your online activity and who might have access to the details on your phone. You should certainly avoid using public networks for crypto trading or accessing your wallet.
Consider A VPN
A Virtual Private Network (VPN) obfuscates or hides all of your data while you’re online because your data is passed through a third-party server before being transmitted online.
VPNs are commonly used to avoid geo-restrictions and to give access to different content libraries on streaming sites, but they can also be used to prevent online snooping and data theft. If you do have to use a public WiFi connection, you should have a VPN running, and it is a good idea to use one whenever you are online.
Update All Your Software
Always install and update your operating system. These updates include patches for the latest security holes and known breaches and they can include additional security settings to help protect you and your data. Similarly, if you have antivirus software installed, this needs regular updating to provide proper protection.
Your wallets and exchange apps should be updated whenever a new version is available. Any apps or software you use, especially if it connects to the Internet, should be updated with any new updates and versions. The word puzzle game you play every morning might not contain any personal data, but hackers might be able to find a way to use it to gain access to whatever else is on your phone.
Set software to update automatically. You can always let it update at night when you’re not using your phone, so it won’t get in the way of your daily trades.
Conclusion
Mobile phones are convenient, but they lack the security that computers and laptops typically have, especially if you access your phone using public networks and outdated software. Follow best practices to prevent your phone from getting stolen, use a tracker app in case it does, and only use reliable and regularly updated software on your phone to help protect your data and your crypto portfolios.
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