Protecting Yourself Against Online Fraud
Fraud is on the rise in Canada. In 2019, Canadians received more fraudulent phone calls and phishing emails to gain access to personal information, financial information, or passwords than ever.
Introduction
How does Ndax prevent online fraud
11 things you can do to protect yourself from Bitcoin fraud
On top of all the security measures Ndax has in place, here is a list of things you can watch out for:
- Look for the padlock. The padlock (shown below) indicates that a webpage is secure. It means you are connected to a website whose address is shown in the address bar; that the connection has not been intercepted, and that the connection between the browser and the website is encrypted. Note: This cannot be used as a single indicator of legitimacy and should be looked at in conjunction with other information.
- Spot phishing emails. As discussed in our blog, Avoiding Bitcoin Scams and Fraud, phishing emails have certain hallmarks that you can look out for, like emails that ask for personal information or inauthentic branding. The best way to not fall for a phishing scam is to get better at spotting them.
- Be wary of get-rich-quick schemes. We’ve all heard of the fortunes made on Bitcoin’s rise. But crypto scams are thriving on the gullibility of its victims. If something is too good to be true, it probably is.
- Practice good password hygiene. A strong password is at least 12 characters in length and includes a mix of upper- and lower-case letters, numbers, and special characters. Try to use different passwords for different sites, so if one site is compromised the hackers cannot use your password everywhere else it is used. Most importantly, never give out your password! For more information visit this support page.
- Review your banking transactions and check your credit report. Do it regularly, so you can quickly spot when something looks off. Immediately contact the appropriate authorities if something is wrong.
- Always use secure Wi-Fi. Name your home Wi-Fi something funny, if you like, but make sure it is secured with a password. When connecting to public Wi-Fi networks, be cautious about what information you are sending over it. Never use unknown public Wi-Fi.
- Use a VPN. A Virtual Private Network (VPN) masks your internet protocol (IP) address, so your online actions are virtually untraceable. In addition, VPNs give you online privacy and anonymity by creating a private network from a public internet connection. This means that when you connect to public Wi-Fi, you have a layer of protection against anyone who may be trying to steal your information.
- Do not pay up-front for a promise. As outlined in our online fraud and what to look out for blog (//link), flipping scams and pyramid schemes are attempts to get your money with a promise, while giving you nothing in return. Always ensure that you are informed who you are sending your money or cryptocurrency to, and what you are getting in return.
- Shred personal documents. Users should shred documents that may include personal information – especially financial information or passwords. Never just throw it into the bin because you never know who may be rummaging through the trash.
- Protect your computer. Keep software on your computers and mobile devices up to date. Installing the latest software, browsing, and operating systems is the best defense against viruses and malware. Turn on automatic updates so you receive the newest fixes when they become available. Additionally, investigate anti-spam, firewall, or anti-spy software.
- Deal with registered businesses. The best way to determine that you are dealing with a legitimate business in the cryptocurrency sector is to see if they are registered with the proper authorities.
Firms like Ndax take every precaution necessary to ensure that their users are safe and their funds are protected. Ndax develops healthy working relationships with the authorities to ensure compliance with the safety standards set by regulatory authorities.