If you are someone who trades actively, it’s logical that you are on the lookout for Wi-Fi connections everywhere you go. However, the public Wi-Fi you find may not be the life-saver it seems to be! While it can be helpful, it exposes you to risks.
Wi-Fi networks are target hotspots for cyber-criminal activity. Do you transmit sensitive information or access your financial accounts on unsecured networks? If so, you are a possible target for financial fraud, identity theft, and even hacking. Here are some suggestions to safeguard your accounts while using public Wi-Fi.
1. Check the Wi-Fi Network Before Connecting
Always check with staff to confirm the SSID (network name). Public networks are easily spoofed. For instance, consider a fake “Free Airport Wi-Fi” hotspot owned by someone waiting to capture your traffic.
Before you connect, it’s a good idea to disable automatic connections to open networks in the phone or laptop settings so you are not connected automatically.
2. Use Encrypted Connections for All Your Traffic
Your first defense is encryption. Once you’ve connected to a secure network, set up a VPN to create a secure tunnel to encrypt your internet traffic before logging in or conducting trades. There are fast and reliable VPN or proxy apps to use when you know you will be in public networks during your trading session.
3. Protect Your Logins with App-based 2FA or Hardware Keys
SMS-based 2FA can be tapped. Instead, use app-based 2FA management tools such as Google Authenticator or a hardware security key, such as YubiKey for an added layer of security. These won’t easily be replicated if the hacker acquires your password somehow.
4. Allow Broker Device Approvals
Most trading platforms and brokers allow you to approve or “whitelist” certain devices. By checking that option, even if someone obtains your credentials, they cannot log in on a new phone or laptop without your permission. This means that your trades and information have another layer of protection.
5. Place a Withdrawal Lock
Locks on withdrawing funds are straightforward but effective. Such a lock means withdrawing funds or transferring funds to a separate crypto wallet is limited to only pre-approved bank accounts. So, if your account was compromised, a withdrawal lock would stop any unauthorized withdrawals or funding of a different crypto wallet.
6. Secure Your DNS
After a network has been compromised, the new connection can take you to fake log-in pages leveraging DNS Spoofing. If possible, switch to a secure DNS service provider such as either Google DNS (8.8.8.8) or Cloudflare (1.1.1.1). You can alternatively go to the settings of your browser and enable DNS-over-HTTPS (DoH), for encrypted lookups.
7. Practice Session Hygiene
When you are done trading, do the following:
- Log out instead of simply closing the tab
- Delete browser cache and cookies
- Do not use “remember me” options on shared devices or a public Wi-Fi
- Don’t save passwords in your browser. Instead, use a password manager.
These session hygiene tips reduce the risk of session hijacking with leftover authentication tokens in your account to access your information.
8. Activate Real-Time Alerts
Most brokers offer instant alerts for new logins, trades, and withdrawals. Turn them on. Real-time alerts let you discover suspicious activity in seconds so you can take the necessary action. You can choose to freeze your account or contact customer support.
9. Be Smart When You Travel
If you are trading internationally, it is recommended that you take your own mobile hotspot or use a SIM-based data connection, if available. Avoid connecting to public Wi-Fi, and use it as a last resort.
You also need to keep your trading apps and software up to date as outdated apps are more susceptible to attacks. As a frequent traveler, consider using a lightweight travel laptop or tablet with encrypted storage. It ensures that your sensitive information cannot be easily used if stolen or lost.
Endnote
Public Wi-Fi does not have to ruin your work or trading routine. However, you need to watch it closely and take as much precaution as possible. Verifying the network, encrypting your traffic, using app-based 2FA, and being in control of your brief trading sessions ensure that you can trade from almost anywhere with confidence.
A few minor considerations can determine whether you can make a secure trade or if your account gets compromised, and for active traders, the peace of mind is worth every additional click.
