As crypto theft is on the rise, a recent report from the respected Russian-based cybersecurity and antivirus company, Kaspersky Labs, has detailed that crypto criminals scammed over USD 2 million in the second quarter of 2018 via phishing scams.
Crypto criminals stole a reported USD 2.3 million from April to June in a myriad of scams and fraudulent activities that shows we have a long way to go to tackle crypto crime.
Creative crypto criminals using fake crypto giveaways
The recent report from Kaspersky Labs entitled “Spam and Phishing in Q2 2018” has talked about how crypto criminals stole over USD 2 million in the second quarter of 2018 by using a variety of methods such as “crypto giveaways”, which are designed to dupe potential investors into giving away their information to scammers.
These so-called giveaways offer promotions that spark a consumer’s interest because the deals on the stated cryptocurrencies are simply too good to be true. Unfortunately, as this new report has concluded, they are too good to be true in most cases. Individuals were scammed into voluntarily giving up their details to crypto criminals, who then use malicious copies of crypto wallets that tricked the individuals.
In the report, Kaspersky said that one of the main areas that are open to such fraudulent scams is the initial coin offering marketplace. Crypto criminals are posing as new ICO projects that are looking to raise funds and then duping unsuspecting people who believe they are buying into the pre-launch phase of a new coin, that in reality, is never going to come to fruition. The report also detailed how anti-phishing systems created by Kaspersky saw the prevention of more than 58,000 attempts to connect users to phishing websites in the second quarter of the year.
Ethereum is currently the most popular crypto from phishers
The report has also concluded that the most popular cryptocurrency for crypto criminals is ether. Although scammers enjoy using fake ICO projects, the confidence that Ethereum has is used against individuals by phishers. The popularity of both ICOs and ether are being targeted by the scammers.
Kaspersky Labs has been taking a pro-active approach to crypto criminals as we reported at Crypto Disrupt in July, as the Russian company reported it had averted 100,000 crypto crimes in 2018.
At the time, Kaspersky went into great detail on how crypto criminals were finding loopholes to exploit across the marketplace and were mainly targeting new users and inexperienced crypto traders. The Russian firm went into great detail about how they tracked more than 1,000 Ethereum wallets where users were scammed out of more than 21,000 ether. It seems that Kaspersky is at the forefront of trying to curtail crypto crime activity, which will probably attract more crypto fans to use their antivirus technology.
As cryptocurrency theft is on the rise, it is important that we stay vigilant and do not give away our personal details to unauthorized websites in a bid to put a halt on the phishing tactics that are currently being exploited by crypto criminals.