Module 5: Security and Risk Management

1. Common Security Threats

Phishing Attacks:

• Fake Websites: Beware of websites that mimic legitimate wallet providers to steal credentials.
• Email Scams: Avoid clicking on suspicious links in emails or messages claiming to be from wallet providers.

Malware and Keyloggers:

• Infected Devices: Ensure your devices are free from malware that could capture keystrokes or steal information.
• Regular Scans: Use antivirus software to regularly scan and clean your devices.

2. Mitigating Risks

Regularly Updating Wallet Software:

• Updates: Always install updates to benefit from the latest security patches and features.
• Official Sources: Download updates only from official wallet provider websites.

Using Secure Internet Connections:

• Avoid Public Wi-Fi: Use secure and private internet connections to access your wallet.
• VPNs: Consider using a Virtual Private Network (VPN) for added security when accessing your wallet online.

3. Backup and Recovery

Importance of Backing Up Wallets:

• Protect Against Loss: Backups ensure you can recover your wallet if your device is lost or damaged.
• Regular Updates: Regularly update your backup whenever you make changes to your wallet.

Recovery Processes for Lost Wallets or Private Keys:

• Seed Phrase Recovery: Use your seed phrase to recover access to your wallet on a new device.
• Provider Assistance: Contact wallet providers for guidance if you encounter issues with recovery.