The internet has brought about several positive changes in today’s life. Unfortunately, it has also opened doors for fraudsters and criminals to reap where they have not sowed. Many unsuspecting firms have fallen victim to cyber theft and fraud.
However, thanks to technological advancement, some industries have not been greatly affected by cybercrimes. They have put stringent measures into place that makes it almost impossible for fraudsters to accomplish their tasks. These industries include:
Cryptocurrency Trading
Hackers may try to access cryptocurrency systems through various methods, such as developing viruses. Cryptocurrency sites have put up various measures to protect their systems in the following ways:
Setting up A Two-Factor Authentication Feature
Two-factor authentication allows traders to type a password, which cannot be accessed by anyone else. The digits of the password change every 30 seconds, which makes it impossible for hackers to access their wallets by guessing random numbers.
They also set the two-factor authentication for other online accounts to further enhance the security of their wallets.
Setting up Monitoring Tools
Various monitoring tools will notify you in case anyone tries to access your account. In case this happens, there are guidelines you should follow to block them from interfering with your account.
Penetration Testing
During penetration testing, testers look for vulnerabilities in cryptocurrency systems. A large part of the section is done manually, to mimic what actual fraudsters would try to do. They then write a detailed report and highlight any vulnerability in the systems that need to be addressed.
Online Gambling
If you search online, you will find several sites that claim to have casino cheating software or methods. If you are having ideas about how to cheat slot machines, or any other type of cheating in gambling, be prepared for failure. If you wish to try, there are daunting tasks you will have to engage in. First, you will have to study the gambling machines, analyze how they work, and develop your cheating method. You’d also have to put in huge chunks of money, risk getting caught and sentenced for a jail term, a hefty fine, or both. Imagine going through all these and still fail to succeed in your illegal dealings?
Why Is It Hard To Cheat In Online Gambling?
Fortunately, online casino sites have sophisticated technologies that help them profile and catch prospective cheaters.
- The sites have secure encryption. They also store their data in places that are less accessible to outsiders.
- They use secure banking methods that protect the personal details of their clients. This makes it impossible for hackers to get access to information.
- For the sites to get licenses from the authorities, they have to meet some set security standards. The authorities require them to update their software frequently to avoid losing their licenses.
Apart from minimizing the risk of hacking, casinos have developed stringent measures to avoid fraudsters from using algorithms and software to access their system. Undoubtedly, they don’t want to lose any money. That’s why they invest heavily in the latest cybersecurity resources.
Online gold trading
Gold is a very valuable precious metal. Thanks to technology, you can now trade gold through the internet. Gold traders are wary of possible malpractices and are always vigilant. They use up to date software and operating systems to reduce the risk of their accounts getting hacked. They also install antivirus and anti-spyware programs that protect their accounts from fraudsters.
For gold trading brokers to get licenses from local authorities there are several security measures they have to set. The measures aim at protecting the information of the traders and their funds. Without putting in place the security measures, the sites will definitely lose their working licenses. To prevent that, they invest largely in updating their security features, to remain in business. The features seal all the loopholes that hackers and fraudsters may use to gain access to the systems.
Online stock trading
Stock trading sites don’t take the security of their customers for granted. If you try to perform any malicious act, you are more likely to fail than to succeed. They have security experts who often monitor their systems for any suspicious activities. They also put in place other measures that include:
- They store their data in secure firewalls that cannot be easily accessed by outsiders.
- They have an automatic logout feature that automatically logs you out if there is inactivity in the account. The system may ask you if you wish to log out after a period of inactivity, say 20 minutes. If you don’t respond, it automatically logs you out.
- They use secure socket encryption (SSL) that is almost impossible to break. Actually, it would take you centuries to successfully break some SSL computations.
Even with the security measures from the trading brokers, account owners also apply different security measures such as:
- Using strong passwords
- Installing reliable antivirus programs in their computers
- Two-factor authentication
The risk of getting cheated in online dealings is the greatest concern of many people. Whereas it is important to take caution to avoid losing money, you will be surprised to know that it is almost impossible to get cheated. Regulation from the authorities and the development of cybersecurity features in online sites make them safe and secure to investors.