Decentralized finance (DeFi) technology empowers users to take total control over their assets. These platforms function independently from commercial banks. No institution or governing body can access your account transactions, not even the DeFi platform’s developers.
However, keep in mind that open platforms also pose some security risks. In exchange for total control and dominion over your assets, you’ll have to bear the responsibility of keeping them secure as well. An unsuspecting newbie might fall victim to scams.
If you want to explore DeFi technology but have no prior experience with cybersecurity, don’t worry. We can help. The CEO of Earnity, Dan Schatt, shares some actionable, straightforward tips to build a secure DeFi ecosystem:
Monitor Your Transactions
Monitor every single penny that comes in and out of your account. If possible, program your system to send push notifications and authentication requirements before executing any transaction.
Enable Multiple Login Authentication
Enable multiple login authentication. That way, you’ll receive prompt updates if unauthorized individuals attempt to take over one of your DeFi accounts.
Work With a Tech Professional
If you plan on using multiple DeFi systems, the CEO of Earnity, Dan Schatt, suggests hiring cybersecurity professionals. Doing so will set you back a few grand a month. However, high-level security systems play an integral role in combating cyberattacks, which could put you at risk of bankruptcy.
Avoid Visiting Sketchy Websites
Never use your DeFi-enabled devices to access unsecured websites or files. If you can’t avoid visiting these types of web pages, make sure you have multiple cybersecurity programs ready to wipe out malware and viruses.
The CEO of Earnity, Dan Schatt, emphasizes the importance of proper research regarding DeFi security. Don’t jump on the first platforms you come across haphazardly. Signing up for open, customizable platforms even if you can’t wholly utilize them only puts your money at risk.