Using public Wi-Fi networks at coffee shops, airports, or hotels can certainly be convenient, however, it comes at a cost. The cost in question would be the major threat it puts towards the security. Such public Wi-Fi connections are commonly targeted by hackers as a means to gain access to personal information, credentials, passwords, or even cryptocurrency accounts. Since crypto wallets hold private keys that are essential for accessing your digital assets, it is vital to ensure the security of your wallet on public Wi-Fi.
This article discusses actionable recommendations that will be effective in securing your crypto wallet while accessing public Wi-Fi networks.
Why is public Wi-Fi a security threat for Crypto Wallets?
The nature of public Wi-Fi facilitates minimal to no security. This means the information you send and receive can be accessed by just about anyone. This is where the “man-in-the-middle” security comes in handy. This type of security allows hackers to access data and track online activity. This can include spying on personal information or unprotected crypto wallets.
Some risks that come with public Wi-Fi are:
- Data Interception: Through public networks, hackers possess the ability to intercept and access credentials such as your wallet and private keys.
- Phishing Attacks: Unscrupulous users can masquerade as fake networks which appear to be real. This then tempts you to connect and therefore, puts your data and information at a huge risk.
- Session Hijacking: If you are logged into an exchange or wallet while on public Wi-Fi, a hacker could take over your session and claim control over your assets.
Steps to Safeguard Your Crypto Wallet on Public Wi-Fi
Do Not Log into Crypto Wallets on Public Wi-Fi
To keep your assets secure, do not log into your crypto wallet or perform transactions on public Wi-Fi networks. If you must do so, ensure that you are taking the necessary steps to keep your information secure.
Tip: Mobile data could be a better option for transactions that need to be executed on the go as compared to unsecure public Wi-Fi.
Get a Virtual Private Network (VPN)
Someone attempting to compromise your public network will not be able to read your encrypted internet traffic if you are using a (VPN) virtual private network. This means that your crypto wallet’s information will not be compromised.
How It Helps: A VPN protects personal information by establishing a secure tunnel that can only be accessed by the user and the internet.
Tip: Unlike free services that can compromise your security, a paid VPN will keep your data safe.
Turn on Two-Factor Authentication (2FA)
2FA is an extra safeguard that enhances the protection of your accounts. You will need to verify your identity through an authentication code sent to your smartphone in addition to your password.
How It Helps: Gaining access to your wallet is not possible for hackers even if they manage to intercept your password without the second factor authentication code.
Tip: Make sure to enable 2FA on any wallet and exchange you operate on.
Opt for a Hardware Wallet
To secure your crypto assets to the maximum and further protect your private keys from online threats, consider using a hardware wallet, otherwise known as a cold wallet.
How It Helps: If you access your private keys using a hardware wallet, no one will be able to access your device even if you connect to a public Wi-Fi network.
Tip: Avoid using public Wi-Fi networks and safeguard your hardware wallet in secure areas like a safe.
Avoid Using Hot Wallets on Public Wi-Fi
Hot wallets and web-based wallets provide ease of access for users, but can prove detrimental if used over unprotected networks. These wallets are directly connected to the internet.
How It Helps: By avoiding web-based wallets or keeping them offline, you lower the chance of exposure on public networks.
Tip: For longer-term safekeeping, use hardware or paper wallets and keep web-based wallets for smaller, daily spending amounts.
Keep Your Software Up-to-Date
Always keep wallet software, the operating system, and security applications such as VPNs up-to-date. Windows and software security applications offer updates from time to time. These updates are necessary to address security gaps for newer attacks.
How It Helps: Outdated software poses devices, wallets, and personal information to new and up-to-date threats.
Tip: Enable automatic updates for applications and operating systems to maintain a secure environment without tedious manual checking.
Use Strong, Unique Passwords
Make sure the passwords for crypto wallets and exchanges are strong and unique. Do not use the same password on different profiles.
How It Helps: Strong passwords using a mixture of uppercase, lowercase letters, numbers, and special characters increases the level of difficulty for hackers trying to access your account.
Tip: Use a password manager to safely save and create strong passwords for all your profiles.
Confirm Network Connections
Public Wi-Fi networks can be extremely risky. Always verify you are using the right network. Similar network names are frequently used such as “CoffeeShop_FreeWiFi.”
How It Helps: If you connect to the wrong network, there is a high chance of network attack.
Tip: Always ask the staff for the exact network name at the location to avoid connecting to dangerous networks.
Public Wi-Fi Networks: How to Identify and Avoid Risks
Look for Unencrypted Networks
Always check for encryption if you are using a public Wi-Fi network. Open or unencrypted networks are extremely dangerous to utilize and give easy access to intercept sensitive information.
Tip: Always look for encrypted networks and avoid unencrypted networks.
Man-in-the-middle Attacks
As a part of a man-in-the-middle attack, an attacker pretends to be the website you are trying to access and sits between you and the website you are trying to connect. These attacks can capture sensitive information such as wallet details.
Tip: Avoid connecting to sensitive accounts using public Wi-Fi; a VPN is always recommended as it encrypts your data and protects you from MITM attacks.
Verify HTTPS Compliance
As a rule of thumb, always ensure that the websites you visit, especially a crypto wallet or exchange, utilize HTTPS instead of HTTP. The latter indicates that the site encrypts the data traffic over the communication channel.
Tip: Also, if the address bar does not display HTTPS, do not input sensitive information, especially your wallet details.
Conclusion
Although convenient, public networks pose a significant threat for cryptocurrency holders. Nevertheless, if proper measures are implemented, you can safeguard your assets from cybercriminals. Let us quickly summarize:
- Always use a VPN to protect your data.
- Enable two-factor authentication.
- Consider a hardware wallet for long-term asset storage.
- Refrain from using web-based wallets on public networks.
- Ensure that device software is up-to-date and that strong passwords are implemented.
These measures bolster the security of your crypto wallet while allowing you to use public Wi-Fi.
FAQs: Protecting Your Wallet on Public Wi-Fi
Q1: Can I use public networks to access my crypto wallet?
Theoretically yes, but only while using a VPN. Accessing sensitive accounts should be avoided unless absolutely necessary.
Q2: Does a VPN offer protection while connecting to public Wi-Fi?
Certainly, a VPN shields your data from being hijacked during public Wi-Fi use.
Q3: Is it safe to keep crypto in a hot wallet while using public Wi-Fi?
We do not recommend that. Cold wallets, such as hardware wallets, offer a significantly better level of protection.
Q4: What are rogue networks?
Rogue networks are fraudulent public Wi-Fi services created by cyber criminals seeking to harvest your data.
