Maintaining good Web3 security practices is critical to protect your assets. Vulnerabilities are everywhere and scams are prolific, but you can prevent them. 

The gateway to your assets on Web3 is your digital wallet. Every transaction will flow through your wallet and onchain assets will be stored there, and that makes it very attractive to cybercriminals. Below is a list of what you need to do today to secure your digital wallet on the blockchain.

• Make physical backup copies of your private key, seed phrase, and password. Store them in a secure location where they cannot be lost, accessed by unauthorized people, or accidentally destroyed
• Routinely change passwords, and choose secure, unique passwords each time
• Enable two-factor authentication with a reputable provider. Add an extra layer of security but choosing an authenticator application as opposed to SMS authentication
• Implement multi-signature authentication to require multiple approvals for each transaction
• Install a VPN to keep your personal devices and personal networks safe
• Establish both hot and cold wallets, and make a strategy for asset management between the two

In addition to implementing tight security measures for your digital wallet, there are best practices you can follow to stay safe while transacting.

• Never share your passwords, private key, or seedphrase. Reputable providers will not ask for this information, especially over insecure channels like third-party chat applications and social media
• Choose reputable providers with security features like two-factor authentication for your account and regular security audits
• Always do research before investing. Thorough research is key to protecting yourself from rug pull scams, counterfeit NFTs, and other financial losses
• Double check wallet addresses. One wrong keystroke can have major consequences
• Any contact from a third-party should be considered suspicious. Whether they are part of a phishing scam or a romance scam, unsolicited contacts requesting information or promising services are a major red flag every time
• Stay vigilant. Technological advancements like artificial intelligence are making it easier for cybercriminals to scam you, and tactics are always evolving