Robocallers Could Come After Crypto: Report

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According to Norton(dot)com, a robocall is an automated phone call that delivers a pre-recorded message. Organizations, telemarketers, and scammers use robocalls to easily target millions of phones every 24 hours.

Automated calls are developed using auto-dial software that allows automated callers to place calls over the Internet. In many cases, call bots use caller ID spoofing technology to make the phone call appear to be from someone else.

Robocalling techniques can be used for malicious purposes, including vishing (phishing via voice), identity theft, and several other scams. However, it is important to note that not all robocalls are used for scam and theft.

Well-known companies also use robocalls, not to scam users. Businesses use this process to deliver informational messages; public service announcements that need to be conveyed to a wider audience are often conveyed by this technique.

Why should crypto users worry about robocalls?

On February 15, 2022, CNBC reported a similar scam with Dr. Anders Apgar, in which he lost around $100,000 in crypto.

When Apgar picked up the phone, a female voice said: Hello, welcome to the Coinbase Security Prevention Line. We have detected unauthorized activity due to an unsuccessful login attempt on your account. This was requested from an IP address in Canada. If this is not you, please press 1 to take all necessary precautions to recover your account. The call only lasted 19 seconds.

This is just one example of a crypto scam in a long list of similar frauds and scams that can wipe out the live savings of a user’s crypto wallets.

Some (good) use cases of Robocalls

Informational messages such as flight ticket cancellations and upgrades or postponement alerts are often disseminated using this technique. Robocalls are also used to advertise charities and donations. Businesses can also use robocalls to promote their products.

Robocalls in several countries are used by political parties to reach the public to convey their vision. Clearly, the positive use cases of robocalls outweigh the negative impacts. However, there is no denying that it is misused by specific groups.

How to avoid these Robocalls scams/frauds?

According to anti-virus solutions company Kaspersky, if a person/user receives a robocall, hang up as soon as you realize it is a robocall, avoid saying the word yes if possible, avoid following instructions calls, and finally report the call as spam or fraud.

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