Fortifying Your Crypto Assets: The Security Features of NOW Wallet

Key Takeaways

1. Robust Security Features: NOW Wallet employs a comprehensive security system that includes three-tier encryption, mnemonic phrases, and biometric access, ensuring users have complete control over their funds.

2. User Responsibility: While NOW Wallet provides advanced security measures, users must also take proactive steps, such as creating strong passwords and enabling two-factor authentication, to safeguard their assets.

3. Proactive Monitoring: The wallet team continuously updates security protocols to address emerging threats, emphasizing the importance of vigilance in monitoring transaction logs for any unauthorized activity.

4. Best Practices for Safety: Users should always verify the authenticity of websites, avoid public Wi-Fi when accessing wallets, and never share access credentials to maintain a secure cryptocurrency environment.

The sad list of crypto hacks continues to grow even in 2024, despite the years of development spent on improving the security of decentralized asset repositories and the countless measures described in detail for users to resort to. Among the biggest hacks of 2024, it would be reasonable to note:

• Loss of $43 million on the BingX exchange on September 20;
• Loss of $234.9 million from the WazirX exchange on July 18;
• Loss of $290 million from PlayDapp on February 19.

These and many other exploits indicate how important it is to safeguard crypto wallets and take steps to prevent external access to them. As banal as it may sound, cryptocurrency security depends almost equally on the efforts taken by users and the layers in place on the host platform.

In this material, we will explore how crypto assets protection measures can help prevent exploits. We will also disclose the measures taken by NOW Wallet to make sure that no external threat can gain access to the users’ funds.

Security on NOW Wallet

NOW Wallet is a leading cryptocurrency storage solution on the market that provides unparalleled security and convenience in use for both new and experienced users. The wallet security features in place are designed to ensure the impenetrability of the platform without a complete failure of security and confidentiality on the user end.

As one of the best crypto wallet all-round, NOW Wallet provides the following security features:

• Wallets can be created using 12 / 24-word mnemonic phrases for ease of memorability and simultaneous complexity of deciphering.
• The same mnemonic phrase can be used to recover or import wallets from other apps, including Guarda, Exodus Wallet, Trust, and others.
• 3-tier private key and mnemonic phrase encryption using physical, software, and other confidential means of encryption that are both recommended and found in the software of such leading IT giants as Google, Microsoft, and Apple.
• PIN code and biometric lock features come as standard, allowing users to resort to Face ID or Touch ID to access their crypto wallet.
• Additional security of transaction processing is guaranteed through the use of PIN code and biometric transfer confirmation.
• Complete custody of private keys and mnemonics, giving users absolute control of their access credentials.

As a crypto wallet that not only values, but also guarantees the security of its users’ funds, NOW Wallet provides flexible asset management and protection measures to stay above industry threats. With non-stop monitoring of emerging cybersecurity challenges, the team at NOW Wallet is constantly updating its security software.

Pro Tips for Safeguarding Crypto Wallets

Having top-notch security layers safeguarding your crypto wallet is essential, but most users still disregard basic measures that are a must for making sure that platform security can actually help them. The responsibility for the security of users’ funds is just as much theirs as it is the platform’s. As such, we have compiled a list of pro tips that users must adhere to keep their crypto wallets safe:

1. Mnemonic phrases and private keys are only half the measure, as passwords to applications must also match security requirements. Either think up sophisticated passwords that consist of a combination of varying characters and numbers, or use a random password generator app. This will greatly enhance the security of the application access procedure and deter criminals.
2. The use of two-factor authentication is a must for all applications that deal with finances. The basic logic behind this is that it is highly unlikely for criminals to simultaneously gain access to the user’s wallet and device.
3. Verify the authenticity of every website and application you access. Phishing is a leading cause of hacks and cybersecurity breaches. Criminals routinely create fake copies of reputable websites and applications and contact users with password change or other action requests. Keep in mind that reputable services will never contact their users directly. Always check the spelling of websites to match official writing and never click on any suspicious links sent via email.
4. Use secure internet connections and never access your crypto wallets via public Wi-Fi. Criminals often tap into public networks and sift through traffic in search of passwords to gain access to unsuspecting users’ funds.
5. Monitor your transaction logs for any suspicious activity. A single transaction that you did not personally sanction is a red flag that your account has been breached.
6. Make a habit of backing up all wallet data in an offline repository that cannot be accessed by unwanted parties.
7. Never share your access credentials with anyone. Make sure that your primary device is always at hand and is protected by biometric locks or other means of security.

Combined with a conscious and responsible approach to security, a crypto wallet can remain safe and out of reach of potential attackers. Users must keep in mind that they bear as much responsibility for the security of their funds as the repository they entrust them to. That is why NOW Wallet strives constantly to be the top-of-the-line crypto wallet and offer its users both unparalleled security and a host of asset management features.