Top 10 tips you need to watch out for to protect your fintech data assets in the year 2023

Due to the increased use of blockchain and cryptocurrency new financial regulations on data assets have been implemented among businesses, consumers, and government agencies. Large corporations and government agencies are particularly interested in blockchain, cryptocurrency's underlying technology.

However, the currency is also attracting cybercriminals, who see a burgeoning market with widespread security flaws. These top ten tips will help you protect your fintech data assets. Read this article for protecting fintech data assets in 2023.

1. Keep Safe of Your Private Information in Public Forums

Phone porting is a technique used frequently by cybercriminals. Hackers conduct this type of attack on social media platforms where cryptocurrency investors may leave sensitive information, such as phone numbers and email addresses, to connect with other investors. Once a target has been identified, the hacker contacts the unwitting investor's phone service provider poses as a victim, and has the number ported to a mobile device in their possession. The hacker can now access the victim's cryptocurrency exchange account, reset the password, and withdraw funds as desired. Hackers can steal thousands of dollars in minutes using this method.

2. Hackers to Hijack Your Account

Dan Romero, VP of Operations at Coinbase, suggests disabling SMS account recovery as an additional defence against phone porting attacks. He also suggests using a coin vault and enabling two-factor authentication when transferring funds away from the exchange. Romero advises against discussing cryptocurrencies in public, especially online, where anyone can target an investor for theft.

3. Don't Put All of Your Crypto Eggs in One Basket

Sanjay Beri, an Internet security specialist, recommends diversifying digital financial holdings across multiple exchanges to limit investor exposure in the event of a cyberattack. Furthermore, the security expert advises investors to keep their cryptocurrency offline in what is known as a cold wallet. This restricts hackers' access to the currency of investors.

4. Exchange Your Currency with Caution

Amir Bandeali, Chief Technology Officer and Founder of 0x (zero-x) advise cryptocurrency investors to use centralised exchanges only if they make frequent transactions and to use decentralised exchanges when trading tokens on platforms such as Ethereum. He explains that the primary distinction between the two is that decentralised exchanges do not hold users' cryptocurrency.

5. Do Not Forget the Basics

While using the most basic security measures may seem obvious, many investors fall victim to hackers because they fail to follow basic security measures. Cryptocurrency investors, for example, should open a separate account for each exchange. This way, if a hacker gains access to the account, they won't be able to tamper with other sensitive assets. Furthermore, investors should use strong passwords for their accounts and keep them securely stored as hardcopy.

5. Use A Secure Internet Connection

When shopping or banking online, always use a secure website. Encryption is used by a secure website to protect your information while it is being transmitted. Public Wi-Fi networks, such as those found in coffee shops or airports, are frequently insecure, which means that others on the same network can intercept the data you send and receive.

6. Keep Your Devices Safe

Always keep your mobile devices, laptops, and tablets virus-free. First, make sure your antivirus software is up to date and that your firewall is turned on. You must exercise caution when downloading and clearing your device's cache and browsing history. Offline hacking can occur if you leave the device in the hands of another person, such as leaving your phone in an untrustworthy repair shop.

7. Do Not Bite That Bait

Never give out sensitive financial information to an impersonator; they may call you and send messages or emails requesting your banking information. Bank officials never ask for such information and never share any information to confirm their identity.

8. Protect your cards from ATM skimming

ATM skimming involves inserting a tiny device into the ATM to steal data from the card as it is swiped. The details are used by fraudsters to clone your card or make online purchases. This includes stealing a card's electronic data and the customer being unaware until the money is withdrawn from their accounts unknowingly. Examine the card reader on the ATM to see if it is unusual or damaged.

9. Beware of loan fraud

Several scammers are using many people's PAN numbers to obtain loans from third parties. Cases of debit and credit card fraud have also increased. This happens when an unauthorised person uses your credit or debit card. Credit card and loan fraud can hurt your credit score. If you need a loan and are applying online, make sure to check the credibility of the digital lender.

10. Use Smart and Verified Apps Only

Because of fintech apps, it is possible to live in this digital age with access to everything from food to finance at your fingertips. There are numerous banking apps and mobile wallet apps that allow you to transact quickly and easily. Please keep in mind that these apps store your sensitive financial information, which may be at risk if you are unaware of the app's details. Mobile apps are convenient for quick access, but not all apps are secure.