Phishing is prevalent in the cryptocurrency space. Many players have fallen prey to it, and unfortunately, many people might still fall into the trap if we all don’t fight them. The good news is that there are ways to identify phishing traps and avoid them.
Validating every source
Cybercriminals are evolving every day and now have many tricks up their sleeves. They can trick their victims into clicking malicious links, downloading corrupted programs, and even visit pages that will demand their personal information.
This method of cyberattack is a common experience in the community. For instance, a hardware crypto wallet ledger recorded a data breach that involved users’ data. After the data breach, the scammers have been sending legit-looking emails to many users to download the latest version of the software. But the users could quickly identify the emails as a scam because they studied the email address closely and noticed some red flags.
These scammers can call you or send an email or a link asking you to provide certain details about you. Sometimes they can tell you that you’ve been scammed and wants you to do what they say to help you. No matter how they come to you, always try to verify the source of such messages.
Ensuring software is updated
This is another method through which scammers infiltrate their victims. They can show a fake update and expect you to download it, thereby exposing your wallet and its content to them. One Ethereum user lost almost $15 million worth of Bitcoins to a phishing scam. This incident happened in September, and several users have been falling victim for the past 2 years.
Another incident where users lost close to $1 million was because they believed in the update and downloaded the scammers’ malware into their devices. After they downloaded it immediately, the scammers transferred all the funds in their wallet to another address they own.
Beware of fake cryptocurrency extensions
Many users have lost their funds due to fake extensions. Before you download an extension, please verify the authenticity. For instance, a Google Chrome extension manipulated many users to disclose their wallets credential. Another fake extension stole up to 1.4 million XRP worth above $800,000.
The good news is that many companies are working to stop these extension tricks and Brave. A privacy-based browser is taking the lead.
Sharing hack experience with others
Another way to stop these phishing attacks is by sharing the experience in the crypto community through social media. Once any user thwarts intended victimization, it’s best to let others know the methods the scammers used and how he/she was able to fend them off.