Business 1 year ago

Cecille de Jesus

Warning: phishing scams are stepping up their game

Google search results are being manipulated and fake websites are looking more and more like the legitimate ones.

As blockchain technology strides forward, it has not been spared of malicious, opportunistic entities looking to make quick bucks off investors. The cryptocurrency industry is particularly attractive—with users getting more active in online trading and storing their money in web exchanges, the potential incentives become worthwhile for predators. Initial coin offering (ICO) websites, trading platforms, exchanges, and online wallets are a primary target.

While there is a huge amount of money in the industry, security measures are also sophisticated, and its patrons are (somewhat) wiser. As such, stealing from tight defences requires equally sophisticated swindles—and this is exactly what scammers are on to.

A few months ago, crypto-investment platform Enigma’s followers were duped of 1,492 ETH (then amounting to close to $500,000) before the company launched their ICO after scammers spread Slack messages urging investors to visit a decoy website. Several users have lost money to phishing websites—sites that look like legitimate websites but are actually fake. If you use your credentials to log in through these scam websites, the thieves collect your password and clean out your accounts.

A report by Chainalysis outlines how rampant and utterly worrying cybercrime is, particularly on the Ethereum blockchain: “10% of Ethereum holdings marked for ICO investment lies in the hands of criminals. Chainalysis estimates that there have been approximately 30,000 victims of cybercrime on Ethereum losing on average $7,500 each.”

Much like an evolutionary adaptation race where the predator hikes up its tolerance of its prey’s defences, scammers are stepping up their game to prey on users as well. Scammers can now fiddle with Google results to put their fake website on top of search results, so they can lure people who are looking to log in to their exchange wallets. To complete their scheme, the fake website looks more and more like the legitimate ones.

As a countermeasure, it is best to verify and type in the web addresses of legitimate exchange websites and bookmarking them, instead of clicking at Google search results. To help the community out further, it is also important for users to report phishing websites to Google.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

Add a Comment

lastest news

Boerse Stuttgart to launch crypto trading venue in 2019

Business 4 hours ago

Boerse Stuttgart to launch crypto trading venue in 2019

Boerse Stuttgart, the firm behind the Stuttgart Stock Exchange, is to launch a crypto trading market in 2019, in partnership with solarisBank. According to a statement published by the exchange, Germany’s second largest, Boerse Stuttgart ...

Read More
Startup Revolut gains European banking license

Business 5 hours ago

Startup Revolut gains European banking license

UK-based fintech firm Revolut has been awarded a banking license in Lithuania, giving the firm access to provide current accounts and loan services across the EU from 2019. The London startup will initially focus on ...

Read More
Basis stablecoin folds, will return $133M in investments

Business 5 hours ago

Basis stablecoin folds, will return $133M in investments

Basis, the heavily funded stablecoin, has confirmed rumors that it is to close, returning all of the funds to investors. The project, which had gained significant traction, was shuttered due to the unfavorable legal landscape, ...

Read More