It’s World Password Day today, a celebration to promote better password habits worldwide! So, we wanted to take this time to remind you of good practice when it comes to keeping your PumaPay Mobile Wallet as safe as possible by protecting your seed phrase.
But first, let’s start with the basics…
What Exactly is a Seed Phrase?
If you’re familiar with crypto wallets, you’ll know that your seed phrase is a type of password used to access your funds. This password is a collection of 12-24 randomly chosen words that are unique to your wallet and your wallet only.
e.g. collapse, open, ice, student, medal, soon, dress, candle, storm, television, perform, record
This key is incredibly important as you can use it to restore your funds in different crypto wallets. And with no centralized system, this personal encryption key makes it extremely difficult for hackers to gain access to your funds.
How Do I Get My Seed Phrase?
When you create a new account in the PumaPay Mobile Wallet app, you will be given a list of 12 randomly selected words that you will be prompted to note down. You are the only one who will have access to this key so it’s very important that you keep it safe and don’t share it!
If you need to access your seed phrase after setting up your new account, you can view it from the PumaPay Mobile Wallet app Settings.
Where Should I Store my Seed Phrase?
This is completely up to you! Most people like to store it on paper and keep this safe. This tends to be the most popular option as, in the incidence of a hard drive failure, all you need to do is locate your written phrases to restore your crypto. If you’re looking for a more creative approach, people have also been known to memorize their seed phrase, engrave it into metal, or even chisel it into stone!
All of these methods are at your disposal; however, while we cover the do’s we should also cover some don’ts.
Don’t store it online or in a file on your computer! This leaves you vulnerable to cybersecurity risks and more likely of having your wallet hacked.
Don’t split up your seed phrase! Storing it in different locations may seem like a good idea but it can actually work against you. If one of your locations is discovered, it can make it even easier for hackers to determine the rest of your seed phrase. Which leads us into the next don’t…
Don’t add decoy words! Again, this may sound like a good security measure but seed phrases are chosen from a known dictionary. So adding decoys makes it easy to deduce which word is the odd one out.
What Happens If I Lose my Seed Phrase?
Unfortunately, if you lose your PumaPay seed phrase there’s no way we can regenerate it. Our wallets function to give our users sole control and custody over their funds, which means that we don’t store your personal financial information.
However, if you have your password, you can still log into your PumaPay Wallet and either view your seed phrase or transfer your funds into another wallet for which you have a recorded seed phrase.
Stay safe with PumaPay this #WorldPasswordDay!
Download your FREE crypto wallet today and keep your funds secure!