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The Euler Finance hack: what are the lessons for traders?

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Following the Euler Finance debacle, expert digital banker Branson Knowles has compiled 5 must-know tips to keep your digital fiat money safe.

As investors from Euler Finance are in the process of recovering the majority of their lost funds, a question arises: will they choose to keep their newly returned wealth on blockchain technology? While some may opt to do so, it is likely that many will return to the perceived safer haven of traditional digital banking.

As scepticism surrounding the safety of cryptocurrencies and blockchain technology drives users back to the perceived safe haven of fiat banking, the growing popularity of digital banks and e-money apps, such as Revolut, brings customer safety and financial security concerns to the forefront.

Recent incidents of fraud and unsatisfactory customer support, including Revolut’s refusal to provide refunds, serve as a stark reminder that even traditional financial systems have their vulnerabilities.

In this rapidly evolving financial landscape, consumers must remain vigilant, informed, and proactive in protecting their assets, regardless of their choice between digital currencies or traditional fiat banking systems. This alarming trend underscores the importance of understanding and addressing the risks associated with digital banking platforms and urges both customers and industry experts to work towards developing more robust protections for users.

Branson Knowles, Head of US Digital Banking at TopMobileBanks.com, shares his expert advice on securing finances in the digital banking world. With the growing popularity of e-money apps and digital banks, protecting your money is crucial. Branson offers his top five tips to help users navigate potential pitfalls and safeguard assets from fraud and cyber threats, ensuring a convenient and secure digital banking experience.


Be Password Savvy

A strong password is the first line of defence against hackers. Combine upper and lower case letters, numbers, and special characters to create a unique password. Avoid using easily guessable information like your birthday or pet’s name. Remember, the strongest passwords are those that leave hackers scratching their heads.

Embrace Two-Factor Authentication

It’s like having a second lock on your digital vault. 2FA adds an extra layer of security by requiring you to verify your identity through an additional method, such as a text message or a biometric scan. Don’t leave your account’s safety to chance—double down with 2FA.

Keep an Eagle Eye on Your Transactions

Monitoring your account activity is like having a security camera on your finances. Regularly reviewing your transactions helps you spot any suspicious activity and act quickly. Remember, vigilance is the price of digital financial freedom.

Beware of Digital Pickpockets

Cybercriminals are the modern-day digital pickpockets, preying on unsuspecting users. Stay cautious and never click on unfamiliar links or respond to unsolicited emails requesting personal information.

Stay Digitally Streetwise

Treat public Wi-Fi networks as potential danger zones. Just as you wouldn’t flash your cash in a crowded area, avoid accessing sensitive financial information on unsecured networks. When it comes to digital banking, it’s better to be safe than sorry.  [Editor-traders should be especially cautious in some developing countries – we have noticed repeated hacking attempts while accessing public internet in countries like Georgia and Armenia. None of them were especially skilled, but be warned].

Knowles added: “In the ever-evolving world of digital banking, it’s crucial to strike a balance between innovation and security. Remember, staying vigilant is like having a digital guardian angel, watching over your finances and helping you make the most of the conveniences of modern banking without falling prey to the hidden dangers lurking in the digital shadows.”

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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