TrustWallet Outlines Wallet Security For Beginner Decentralized Finance Users

Newcomers have been welcomed to the space by TrustWallet’s security guidance and useful tips for protecting assets.

By
Dardania Havolli
on
August 30, 2021
Category:
BSC News

Outlining Security

With security breaches commonplace in the crypto space at the present moment, TrustWallet have set about looking to educate and protect wallet owners in decentralized finance (DeFi). 

Looking after your crypto assets can often involve different processes than we are otherwise used to with traditional forms of finance. 

“Cryptocurrency is sought-after loot for cybercriminals,” the TrustWallet team outlined in an official blog post. “The difficulty of linking crypto transactions to real-world identities combined with the irreversibility of blockchain transactions makes digital currencies a popular target for hackers.”

Security processes are key to safeguarding assets in a space where accountability can often be difficult to attain in the real-world. While the situation is still very much a ‘wild-west’ survival, best practices for security ultimately fall on the user.

Source

Best DeFi Security Steps

  • Back up your wallet: This may seem like a drag or even impractical, but it's a sure fire way to strengthen your holdings. Backing up will normally involve you penning down a 12 to 24 word seed or recovery phrase, as is the case with TrustWallet.
“Whichever wallet recovery measure your wallet has in place, make sure you backup your wallet!” Alex Lielacher’s TrustWallet blog post states.
  • Store recovery phrase: This is another instance where the blockchain world intermingles with the real-world as the guidance here is to make sure you store your recovery phrase offline. While it might be tempting to jump on a notes app and scribble something down, this is a pen and paper job and likely a safe too if you happen to have one!
  • Never share recovery phrase: I know what you’re thinking; how stupid do we think you are, right? Well, you don’t have to be. There are sophisticated methods fraudsters use, from posing as part of an organization's trouble-shoot team to pretending they need it to help you solve relevant problems. Evade these fakesters by never ever sharing your recovery phrase.
“TrustWallet will never DM or email you asking for your recovery phrase!” Remember that.
  • Certify Communication: When you are contacted by anyone claiming to be TrustWallet, you must absolutely certify that this is the case. TrustWallet’s blog writer, Shafin Rizvi, has compiled useful ways to identify phishing techniques in a blog post for exactly these scenarios earlier this year. 
  • Avoid Questionable Downloads & Links: One wrong click could lead to hackers remotely stealing private and sensitive information regarding your crypto assets. Your private key and log-in details are at risk when recklessly clicking on links designed to make you vulnerable. Downloading the relevant and up-to-date anti-virus and anti-malware software on your devices will prove priceless. 
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Stay Attentive

The guidance and tips on offer here can usually seem boring, and you’re likely to skip past it, but, make no mistake, foregoing one of these points could be the difference between losing all you’ve amassed and not. 

Learn it. Know it. Live it. Be careful and stay safe!

What is Trust Wallet? 

Trust Wallet is a mobile crypto application and wallet that gives free access without registration. It is a decentralized wallet where only users have control of their funds. The Trust wallet does not store users’ personal information.  The product was created to make cryptocurrencies easily accessible globally.  

The Trust wallet offers easy access to Decentralized Exchanges (DEX) like PancakeSwap, ApeSwap, UniSwap, and others. As stated earlier, users do not need to register to gain access. All that is needed is to download the application on iOS, Android, and Google Play. 

Most importantly, the application supports major blockchains in the Decentralized Finance (DeFi) market. Aside from BSC, Trust Wallet supports Ethereum network, Polygon, Callisto, and many others. In addition, the application currently supports over 160K crypto assets across supported blockchains. 

Where to find TrustWallet: 

Website | Twitter | GitHub | Telegram

Don’t forget to download the BSC.News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto!


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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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