Basic Security Techniques

In addition to picking out the right exchanges, investors can reduce their chances of getting hacked by learning more about security techniques.

One of the most basic techniques is two-factor authentication, which requires users to take more than one step to confirm their identity. Not all forms of two-factor authentication are created equal, though.[26] Using Google Authenticator instead of SMS, for example, can make a big difference.

If investors want to use Google Authenticator for two-factor authentication, they should be sure to turn off their SMS two-factor authentication, according to Dan Romero, vice president and general manager of Coinbase.[26]

Another way investors can prevent their money from getting hacked is contacting their cellular service provider and taking every effort to protect their account, said Sean Everett, Coinbase’s VP of product management.[26] Traders can request that their mobile service provider refrain from porting any phone numbers, which adds another layer of protection.

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