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Cryptocurrencies are an attractive target for scammers. Attackers use various tools and techniques in their work to gain access to victims’ assets. The editors of BeInCrypto decided to compile a memo with popular methods that scammers use to deceive cryptocurrency owners
How cryptocurrency owners are being scammed
There are many tools on the web that scammers use to steal digital assets from their owners. Many schemes are built on the basis of the same elements. Let’s look at three popular approaches used by scammers.
As part of phishing attacks, scammers send users fake links to popular resources. The task of attackers is to lure information from the owners of digital assets that will help them get close to the cryptocurrency. For example, for this purpose, scammers can forge the login page of a crypto exchange account in order to decorate the user’s login and password.
It is important to always check the address bar of the platform. Also, do not follow unverified links that you can stumble upon on the web or in an email from an unknown address.
2. Social engineering
The term “social engineering” includes a set of tools and methods by which fraudsters influence a potential victim through the use of personal information.
The task of attackers is to use the available data to lure the user into more information that will help them gain access to their assets. For example, scammers can pretend to be a crypto exchange support service and ask the victim for a password to her account. To convince the user that he is communicating with representatives of the platform, attackers can use information obtained in advance, for example, full name and address.
In order not to fall for the hook, you should carefully check the contacts through which supposedly employees of the company contact you. Fraudsters can also send a call to a potential victim through a robotic system. Contacts of voice assistants should also be carefully checked.
3. Fraudulent projects
Many attackers, in order to get the money of potential victims, choose another way – to collect assets within the framework of some projects. For example, in the fall of 2021, the news about the launch of a crypto project based on the TV series “The Squid Game” thundered on the network. Fraudsters created a thematic token and started selling it to network members. At the moment when the attackers “filled their pockets”, they withdrew real money from the platform, leaving investors with worthless “wrappers” in the form of project tokens. It is noteworthy that after the withdrawal of assets, the organizers made an attempt to restart the initiative.
Another fresh example of a fraudulent project was discovered by the BeInCrypto editors at the end of March 2022. Unknown people, under the guise of a charitable organization, initiated a fundraiser to help Ukraine through the sale of tokens.
Before making a decision to invest in a particular project, it is worth carefully studying its history and activities of representatives. Do not trust big words and promises to earn millions. You need to independently investigate all offers for connection with scammers.
General safety rules
- Keep crypto access keys in an inaccessible place. Do not keep passwords on your computer.
- Do not share passwords and other information that will help you access cryptocurrencies to third parties.
- Always check website addresses to avoid becoming a victim of phishing.
- Verify the contact information of people who contact you on behalf of companies.
- Do not transfer money to anyone on emotions. Fraudsters often play on the feelings of potential victims. Decisions should be made with a cool head.
See also: Fraudulent schemes and successful crypto projects of showbiz stars
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