Getting Started with Crypto Part 3 - How to Prevent Loss of Funds!

Trust Wallet is the most secure mobile wallet and is trusted by over 1M+ users. What you have to keep in mind is that the most vulnerable aspect of our app is you, the user. Passcode security on the app can prevent unauthorized access, but this does not completely protect your wallet from other forms of potential threats that can result in loss of funds.

We will outline some of the major things you need to be aware of when handling your own crypto holdings.

Secure Your Recovery Phrase

We usually refer to this as your wallet backup or the keys to your crypto. It is the single most essential part of your wallet. As explained further here: Private Key and Recovery Phrase. What’s the Difference?, Trust Wallet uses the Recovery Phrase to encrypt all Private Keys of the individual addresses on a Multi-Coin Wallet. This easy to remember 12-word Recovery Phrase is what you need to keep secure at all times. If you don’t keep it safe, or share it with others, you could lose all of your crypto.

Here’s the bottom line:

No one from the Trust Wallet team will ask for your Recovery Phrase.
Never share your recovery phrase with anyone.

What are Phishing Scams?

Phishing is the act of tricking a user to provide their confidential information. This can come in many forms like an email, a website, or even a mobile app. Anyone is prone to it and there is no way to completely block or stop them. However, there is a way to prevent from being a victim of phishing. The solution is to always be aware of the potential scams and how they work. You have to be vigilant and always alert.

Always follow these simple rules:

  1. Download the app from the official site: https://trustwallet.com. It is only available on the following platforms. There is no desktop version or browser addon.
    These are the direct links on where to get the app.
    Android: https://play.google.com/store/apps/details?id=com.wallet.crypto.trustapp
    iOS: ‎Trust: Crypto & Bitcoin Wallet on the App Store

  2. Do not access websites that promises you free crypto and ask for your Recovery Phrase. If you give your Recovery Phrase, you will lose all your crypto.

Keep your Device Secure

Your device is where the Trust Wallet app lives. Always make sure that your OS is updated and is using the most recent security patches. Be careful about what you install, as a new install might contain Malware that can track and copy vital information about yourself or even with your crypto wallet. Malware infection can affect the behavior of the app. It can forcefully change destination addresses and make you send crypto to someone else. In the worst cases, they can even steal your Recovery Phrases.

Be Informed. Be Vigilant. Stay #SAFU

Have you found any potential threats to your wallet’s security? Share them in the comments!

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Example of a Phishing Scam

Here is one of the most common phishing scams. You get a message on social media or someone tags your profile with a message that says you won some free crypto.
You opened the link and the site asks for your Recovery Phrase?

Note:
Do not ever give out your Recovery Phrase to anyone or to any site similar to this.
Your Recovery Phrase is the keys to your Crypto Wallet.

If you still went ahead and put your Recovery Phrase, you might get a screen stating that you need to put some funds on your wallet first.
So instead of getting free crypto, they want you to fund your wallet first?

Warning: This is a clear sign of a scam.

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At this point, do not use the wallet anymore.
If you still have funds on the wallet, move them out right away to a new one.

Learn more here:
My Recovery Phrase Has Been Exposed!

Stolen funds cannot be recovered. Please always take care of your wallet.

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