Since 2015, Bitcoin hackers have collectively stolen up to 200 million through unsecured funds. While there is a level of anonymity to the coin itself, it can be said that this also works against the investor in terms of theft. Once a user loses their keys to their cryptocurrency, their funds are virtually lost to whoever holds possession of such.
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Hackers are often drawn to internet securities due to opportunities to steal funds without risking exposing their own identity in the process – along with this, many cryptocurrencies lack the regulation of a central authority, and become victim to such cybercrimes. Due to the prevalence of cyber-criminals on the internet today, hacking is the biggest threat to safe-guarding your funds in South-African investing.
Protecting Your Identity
While Identity-theft is not a new crime, it’s still a very pressing issue within the online community itself. From hackers, to people stealing other’s mail, the numbers associated with your identification are vital to be kept private. Therefore, it is important to use an email account that you are sure is secure.
By not releasing your public information online, never revealing your financial details unless it is a trusted source, as well as often cancelling/ordering debit cards every few months can ensure your money is safe. For example, by logging your financial information into a public computer, it exposes it to risk.
Today, most companies that have some sort of internet presence that transfer data in transit ensure that their data is encrypted. While originally encryption was a military and government invention used as far as back as World War 2, it has since grown to many consumer applications for the common user.
Users can encrypt their emails, as well as their files on their computer, using programs such as Truecrypt (which is available on any smart-phone or Windows operating systems). It works by morphing an original source of information into an algorithm, with only the receiving party having the key to unlock it back to its original message.
Often individual users can use forms of encryption to further protect access to their funds, or draw off potential hackers.
As time goes on, it is clear that it is up to the user itself to ensure their financial safety. As more investments go online, being careful with your financial information is vital to safe-guard your funds in South African Investing.