This post is part of a weekly Tuesday series at Coinbase about the latest consumer protection and security measures for crypto owners. At Coinbase, we’re working hard to help update the financial system, and make it more safe and secure. While only 0.34% of blockchain transactions are used for illicit activity, and cash remains the [...]
This post is part of a weekly Tuesday series at Coinbase about the latest consumer protection and security measures for crypto owners.
At Coinbase, we’re working hard to help update the financial system, and make it more safe and secure. While only 0.34% of blockchain transactions are used for illicit activity, and cash remains the preferred medium for illicit transactions, crypto security is always a top priority. Coinbase maintains a robust compliance program, which includes Know Your Customer (KYC) checks, sanctions screenings, suspicious activity reporting, and strong law enforcement partnerships to detect and prevent illicit activity on our platform.
Protect Your Assets Before Departing
Whether you’re going on vacation or moving to a new country, it’s important to keep your crypto and other financial assets safe. This goes hand in hand with protecting your personal info and passwords.
Crypto owners on the go should always use trusted exchanges, hook up a secure hard wallet, and be mindful when using Bitcoin ATMs (known as BTMs). If you’re traveling far, you can take extra caution by using a virtual private network (VPN) and other private WiFi services. Doing so will help keep you at a distance from scammers, hackers, and other unexpected threats.
Coinbase recently announced our Tech Against Scams Coalition to share knowledge and help combat scams on a global scale.
Follow these quick tips to keep your crypto safe on the go.
Mind Your Device Settings
Make sure to set up two-factor authentication (2FA) and security keys and do a wallet recovery phrase backup before traveling to other countries. Biometric authentication is one of the safest ways to ensure that only you can access your accounts.
It’s best to use a secure hard wallet for day-to-day crypto transactions and a secure digital wallet for longer-term savings when traveling the world. Make sure to turn off auto WiFi on your mobile devices and avoid viewing sensitive info on public WiFi.
The more you shield your mobile devices, the safer it is to actively monitor and use your crypto and other financial assets while exploring other countries.
Use Trusted Exchanges Only
Make sure your crypto is kept on a trusted platform such as Coinbase or Coinbase Wallet. Avoid any apps that you are unable to clearly verify, including apps shared by others.
Always take caution before using exchanges that are banned in specific countries and before using foreign BTMs. As a crypto owner you are your own bank and that calls for careful surveillance.
Stick to Safe Grounds
While crypto is decentralized, your location still matters. There are a growing number of trusted countries for crypto owners. These include the U.S., Canada, Singapore, Switzerland, United Arab Emirates, and many others.
Be aware and extra cautious in countries where crypto is banned or strictly regulated. When visiting less crypto-friendly countries it is best to use a secure VPN, keep passwords and other login info off your device, and avoid public WiFi entirely. Do not try to use a regulated exchange such as Coinbase in a country that the exchange prohibits.
This will help keep you at arm’s length from potential risks.