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Steam Guard
Steam Guard enhances the security of your account by restricting access from unrecognized computers or browsers. If anyone attempts to log into your Steam account from a new location, Steam Guard sends out an email with a verification code. This code must then be entered to verify that you're the owner of the account and want to sign in from the new location. This means that even if someone manages to steal your login details, he would need access to your email account as well to sign into your Steam account. Steam Guard is enabled by default, but you can disable it if you don't want to make use of the added security. Disabling Steam Guard increases the chances of your account being hacked as no further verification beyond your username and password is required to access your account from any location.
Phishing Scams
A common method that hackers use is phising scams that trick you into revealing your account login information. Anyone can invite you as a friend on Steam, which then enables her to communicate with you via the built-in chat features. Steam support never contacts you via chat so be cautious of hackers that attempt to imitate members of Steam support. Common scams include hackers using Steam usernames that are designed to look official or sending you links to phishing sites via Steam chat. Clicking these links opens a site that looks just like the official Steam site asking you to log into your account. To avoid losing your account to these schemes avoid clicking on any suspicious links sent to you via chat and don't give out any personal information.
Piracy
Hackers often use the temptation of receiving free games to lure Steam users into compromising their accounts. Downloading pirated versions of Steam games from torrent sites or file sharing networks can expose your system to keyloggers or other malicious software. Pirated versions of Steam games are cracked to circumvent the digital rights management built into the games. These cracks are usually detected by anti-virus software requiring users to disable their security in order to play the games. Doing so, leaves your system vulnerable and greatly increases the risk of your Steam account being hacked.
Account Sharing
Steam introduced a new feature called Steam Family Sharing that enables you to share the games in your Steam library with other members in your family. This runs securely from within the Steam client and doesn't require you to share your login details with other users. This is the only way to legally share your library with other users. Giving your login details to another person to access your account is not only against the terms of service but also makes your account more vulnerable to hacking. Since you have no control over the security measures that the person whom you're sharing your login details with has in place, it's much safer to use the Steam Family Sharing feature instead of trusting someone else with your account.
Weak Account Security
Keeping your Steam account secure is your responsibility, so use a strong password that cannot be easily guessed. It's recommended that you use a minimum of six characters with a mix of uppercase and lowercase letters and at least one number. Don't use the same password as you did for your verified email account as this compromise the effectiveness of Steam Guard. Regularly scan your computer for any malicious code and avoid accessing your account from unsecured computers such as the ones found in Internet cafes.