NFT Security. How to protect?

NFT is not a completely secure technology and is vulnerable to malicious activities. Thus, users are searching for ways to protect their property. Phishing attacks and fake NFT makers appear all the time, hackers try to break in and steal  improperly stored NFTs, and when the safety rules are ignored, these attempts often end up successful. What actions should be taken to reach a sufficient level of security?

Ways of protection

There is a list of quite simple actions, having taken which the user can ensure their property (in this case their NFTs) security. Users had better apply the following:

• Two-factor authentication. One of the simplest and, at the same time, reliable and efficient protection method is MFA (Multi-factor authentication), when the user is granted access to a website or application only after successfully presenting two or more pieces of evidence (or factors) to an authentication mechanism: knowledge (something only the user knows), possession (something only the user has), and inherence (something only the user is). Hackers and fraudsters mostly attack wallets lacking this feature.
• A complicated long password. A good addition to multi-factor authentication. Sufficient length on the one hand and complexity on the other help to protect the account. Naturally, one shouldn’t use the same password in many places or pick easily guessed combinations (using dates or names related to the user, for example, is not a good choice). Random symbols mixed up with numbers, preferably generated automatically by some program, is the most advisable variant.
• Storing backups and seed phrases in a secure place. First of all, the wallet source phrase should not be stored digitally (no matter if it is a photo, a text file, browser or any other such means). Signing in automatically may not be a problem in itself, but makes the account more vulnerable. The best option not to forget it is a paper source in combination with the RAID storing method  (a way of keeping sensitive information on three various drives (for example three sections are stored in three separate files, which are stored on three separate drives).
• Regular back-ups. Whatever disaster (such as a system crash or losing a device) happens, back-ups come to the rescue, especially if they are made regularly. Keeping several back-ups (up to five) is even better, but they must be stored in different places. The best solution is to have a couple of back-ups kept on separate external devices without permanent connection to the network.
• Regular software updates. Patches are a good way not only to keep the system up-to-date, but also, for example, to get better protection and keep away newly discovered vulnerabilities. The more frequently updates are made (no matter if it is a client, operation system or wallet), the better and safer assets and other belongings would be.
• Using secure internet connection. Public Wi-Fi, using someone else’s computer and ignoring protection measures (such as antivirus, VPN, etc.) welcome hackers to attack the wallet. The more secure and visible to the other user’s device is, the safer it is.
• Privacy protection. Owning an NFT is a good reason for pride, but boasting is not safe. It is very alluring for hackers and scams. It is dangerous for your property to use an NFT as an avatar or a domain name without specific protection measures, especially if these names can be interpretable to hackers. This information can lead to data leaks and, eventually, let the hackers commit successful attacks.  
• Avoiding suspicious links and mails. Under no circumstances should the user click on an unknown link in social networks, messengers or, especially, private messages, even if the name of the site looks familiar and seems trustworthy. Such random links are a very popular way which hackers and fraudsters use for phishing and other types of scam.
• Using trustworthy wallets and addressing reliable services. A good practice before buying an NFT there is to verify if the sending platform is reliable. In case of any suspicion one had better avoid them, even if the offer is very alluring and seems real. Checking up websites, ratings and feedback in the network is sometimes crucial to your security. Hardware (cold) wallets are supposedly more secure because they are not connected to the network permanently. It is a good practice to keep security protocols turned on and check which security settings (such as firewalls, MFA options, etc.) the preferable platform and wallet has, and if they are audited regularly.
• Staying up-to-date in the news world. Being aware of possible pitfalls and latest trends of the blockchain life, keeping up-to-date with the NFT industry helps to avoid possible dangers and stay prepared to defend against them by achieving the latest technologies and updates.

Conclusion

The NFT world is very attractive, exciting and promising but, being quite young, it is still risky enough to navigate without thinking of the consequences. Yet, it is enough to follow a number of simple rules and instructions to keep your NFTs secure and stay away from fraudsters, scams, malfunctions and other dangers.