NEW YORK, Aug. 31, 2022 (GLOBE NEWSWIRE) — Cybercriminals have targeted the cryptocurrency community since bitcoin’s inception, with many crypto owners falling victim to schemes such as phishing.
What is phishing?
Phishing is a digital crime where cybercriminals aim to steal a user’s private information. Fraudsters implement their attack by masquerading as trusted organizations or entities to trick a user into mindlessly handing over details such as social security numbers, credit card information, bank credentials, and in this case, crypto wallet details.
Use multi-factor authentication
There is no foolproof way to prevent cybercriminals from attempting to breach an organization’s system. However, it is possible to make it more difficult for attackers to successfully obtain sensitive information. Multi-factor authentication (MFA) is a simple passive approach for users to secure their crypto wallets.
MFA adds an extra layer of protection on top of passwords for both an organization and an employee. So a password will not be enough even if a user falls victim to a phishing scam.
Avoid fake emails
Remember, if something looks too good, it probably is. Over 270,000 Ledger wallet users had their emails extracted in 2020. Phishing attacks, like the breach against Ledger users, promise free wallets that are secretly compromised.
Messages that are urgent or ask for a quick response can also be phishing scams. Other phishing messages may state that if a user does not act now, their account with the legitimate organization the attackers are pretending to be will be suspended.
Most reliable companies will give customers plenty of time to get their affairs in order. However, it is best to ignore such messages as this is a favorite method of cybercriminals. When in doubt, contact the source directly to clarify the matter rather than interacting with the potentially fraudulent message.
Users should also scrutinize emails with a keen eye – especially those with such big requests and promises. Keeping an eye on the email’s domain and checking for spelling errors can be the tell-tale signs a user needs to identify a phishing scam.
Keep the private keys safe
Users must keep their private keys, the string of letters and numbers used to access their cryptocurrency similar to a password, private.
A user’s private key is something they should never disclose.
Use an email filter
To protect against spam messages, users and organizations can use a spam filter that can effectively assess the origin of the message and the software used to send the message. In addition, a spam filter can determine whether a message is spam or not based on its appearance.
Email filters are the first line of defense against phishing scams of any kind and will actively scan all emails passing through a user’s server for spam, malware and malicious attachments and links.
Prepare! Prepare! Prepare!
The success of phishing attacks depends on the preparedness and education of the target. Security awareness training on how phishing scams work can go a long way in keeping a company’s and a user’s crypto safe.
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