Cryptographic Scams: Beware of emails sent to you from your favorite platforms

Crypto scams keep making a comeback with new strategies. A new misleading method has just been reported.

The new fashion: playing on the fear of loss

Cryptocurrencies or, rather, the criminals behind them are constantly inventing new schemes to deceive their potential victims. Between hacks and investment traps, all means are good for collecting valuable cryptocurrencies. Cybercriminals have been opting for spoofing sites from popular platforms lately. However, the phenomenon has just gone further.

According to Forbes, trendy crypto scams prefer to target users more closely. Scammers obtain user data, often via mailing lists or hacks. They then receive an email asking them to connect to their crypto wallet. A scam until now banal but with a small variation: the messages resemble word for word to emails from completely legitimate exchange platforms, of which Coinbase would be the favorite.

The emails received inform the future victim that a suspicious connection to their wallet has just been detected. As a security measure, the crypto wallet in question would therefore have been blocked. Don’t panic though: just call a number specified in the message to solve the problem. Advertised as part of an exchange’s dedicated customer service line, it redirects directly to the scammer. The latter will agree to unlock the account in exchange for a transaction made directly. Unfortunately, in reality, the victim’s crypto wallet is not blocked. This realizes the deception only after being stripped.

Crypto scams are more common during an economic crisis

While cryptocurrencies are on the rise every day, the phenomenon is not likely to decrease. In fact, scams would be more frequent in the event of an economic crisis. According to Group-IB, the phenomenon is particularly frequent in Europe and is explained, in the first place, by the inconvenience of investors. In times of crisis, the cost of living is higher and money runs out more easily. Victims are therefore more likely to invest in fraudulent platforms to secure themselves financially.

Likewise, this anguish is quite present on the side of the scammers. Seeing the rising cost of living, they are more tempted to make money off the backs of the victims. It also happens that the latter live in more developed countries, promising the poorest scammers to get a high jackpot.

To avoid falling into the trap of these new fraudulent emails, user attention remains the best protection. If your preferred platform sends you a notice about your account being blocked, remember to check the sender’s email address. It is also strongly recommended that you contact your supplier’s customer service directly on their official website or via a number duly confirmed by them. Finally, when possible, an anti-phishing code is an essential prerequisite to differentiate the origin of an email and dissociate the fraudulent platform from the official platform.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at your own risk.

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