What Are The Safest Ways To Store GIFA Token?

Ransomware attacks involve stealing business data to create a vulnerability in the system for further exploitation. Given that many investor...

Ransomware attacks involve stealing business data to create a vulnerability in the system for further exploitation.

Given that many investors are new to the crypto world and may not know how to keep their investments secure, this article was created as a guideline for you to stay abreast with cybersecurity and increasing threats as hackers are coming up with some ingenious ways of stealing funds. Some of the most prominent theft perpetrated recently is the stealing over $40 million worth of Bitcoin from one of the world’s largest cryptocurrency exchanges, Binance in May 2019.

GIFA Token's crypto exchange is prioritizing efforts and investing heavily in security to make sure users' accounts are protected from bad actors and hackers. However, don't let this statement put your own guard down. No amount of security on our end can stabilize the inadequate personal security when you expose your login detail in public. It is vitally important for GIFX users to take advantage of the account security features and advice the company providing.

Unlike actual cash, which can be taken out of the bank and stored in a safe at home, GIFA Token doesn’t exist in a physical form, which means you can’t store it anywhere like under your bed. However, you can keep your GIFA Token and other cryptocurrencies in digital wallets, which are like bank accounts for digital currencies.

If you want to store GIFA Token or make a transaction of this asset class, then I recommend you to get a GIFA Wallet which is available for (Google's Android and Apple's iOS). You can download it now! Once you installed the App on your device, it doesn’t matter which kind of cryptocurrency you owning or holding; your GIFA Wallet is a multi-currency that can securely store all collections of cryptocurrencies you could find in the market.

As you know that the GIFA Token is a decentralized cryptocurrency that has no control of the government, so it is stored in the digital wallet to keep it safe. A digital wallet will definitely protect your digital currency, but the GIFA Token holders also need to take personal responsibility for securing the wallets and the vital information they kept in their possessions.

Download the new GIFA Wallet App available in both the Apple - App Store and on Google - Play Store.

There are various kinds of cryptocurrency wallets available in the market, but I can't discuss them here, since GIFA Wallet is enough.  People who opt to keep the assets privately on their own should rather do so but make sure they keep their cryptos in cold wallets. 

The hardware wallet is one of the safest solutions for storing your cryptocurrencies. These are the USB kind of devices that are equipped with all the well-known and high-end security features. These wallets are not connected to the internet, so cybercriminals cannot access these wallets in order to steal your private keys. 

How to protect your wallet

When you sign up with a cryptocurrency platform like GIFX exchange, you created an account with your username, password, and added a phone number for two-factor authentication (2FA) to protect your account. If a hacker is able to get your login information, they’d also need to pass the two FA to gain access to your account. 

There are many tricks hackers do to bye-passing the 2FA: They’ll call your mobile service provider or crypto exchange pretending to be you convincing them to transfer or change your phone number to a new mobile registered number. Alternatively, they can also sim swapping, the cloning of SIM card number, and whenever the SMS with verification code is sent to your phone sometimes it not coming but they received it.

“It’s pretty unfortunate, but it’s not very difficult for them to convince your mobile service provider or the crypto exchange to transfer your SIM card number, which is why we flat-out say never use SMS text message for two FA if you can avoid it.”  However, for some exchanges, the SMS two FA is the only option. If you can’t avoid it, call your carrier and ask to add a password or other barrier to your account to make it stronger. 

Don’t keep your Private Key online

Private keys are a string of letters and numbers similar to a password used to unlock access to a holder’s cryptocurrency.  “Anybody, anytime, that gets a private key can move funds.” “The only way that funds can be moved is if you have the private key, and that’s why securing private keys is so important.”

In turn, it’s extremely important that your private keys remain undisclosed to the public. The most efficient way to keep your wallet safe is by keeping your private keys offline. You can write down your private key on the paper and then store that paper safely in your locker. This is a better option than keeping your private key on an electronic device like a computer. You should make sure that you are keeping this piece of paper in a safe place so that it is not ruined or get lost.

Use a safe and secure internet

You need to know that most public Wi-Fi and internet routers are very vulnerable to crypto jacking attacks as it lacks security. If you are accessing GIFA Wallet on your computer or laptop, then you should try to use your own mobile phone internet connection, if you can. Avoid completely using the public internet network when you are using your digital wallet unless otherwise. Minimize the device's screen exposure to help keep your GIFA Wallet safe from the peering eyes nearby.

A compromised internet connection can steal your sign-in details and direct you to phishing sites. Here are some ways you can secure your internet connection:

1. Router password. Change the default password on your home internet router. Keeping the default password will allow any stranger from the internet to gain control over your router. To prevent brute force attacks, use a long-phrase (rather than a single word) along with numbers and symbols.
2. WiFi password. Make sure your WiFi network is password protected. This is separate from the router password.
3. Guest network. Create a guest network if your router has that option and keep the main network private for your devices only.
4. Avoid public WiFi. Use your mobile data plan instead. If you have to use public WiFi, make sure to have a reputable VPN (avoid free VPNs).

Use updated antivirus software

There is no doubt in the fact that windows are generally more exposed to the huge diversity of malware. Therefore, you should always check that the computer you are using has an updated and reliable antivirus system installed in it or not. You need to know that most of the cyber-attacks make sure of the viruses and the other kind of malware for accessing and tampering with your device, so it is essential for you to scan your device effectively before you install your GIFA Wallet on it. It would be best if you also kept in mind to update your Apps and other software timely to keep your system and wallet protected.

Set a strong password for the wallet

If you are making use of GIFA Wallet, then you need to be careful while setting your password; it is advised to you that you should not use mobile numbers, birth dates, etc., as your password. You should choose the alphanumeric combinations which work best for you and make sense to you as well. It would help if you made sure that the password you are choosing for your wallet is completely unique and cannot be guessed by anyone.

Don’t share your private key

Private keys are meant to be kept private that’s why it is called a private key. They are made for only your eyes, so you should not share them with any person and GIFA Token staff don’t ask for your Private Key for transactions. It is highly recommended to you that you should ignore any proposal or request which involves you sharing the private key of your wallet. If you make this big mistake, you can also lose your entire digital assets in just a few minutes. So, this is the most important thing that you need to keep in mind to provide higher security to your GIFA Wallet.

Regardless of where you decide to store your cryptocurrency and private keys. Though there are many different scams, a common one is sim swapping. Be aware of bad actors in the space!