Phishing scams take advantage of the crypto hype

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Researchers at Avast’s Threat Labs have intercepted and protected users from an increase in crypto-related phishing sites since the start of the year, with the majority masquerading as legitimate guard wallets. The growth of these sites is highest in countries where cryptocurrency adoption is most widespread1. The United States, Brazil and Nigeria are the main targets of these crypto scams, with notable levels of scams also in the United Kingdom, France, Russia and India. In this research, Avast Threat Labs monitored a selection of 37 samples. The global heat map below shows where in the world users have visited crypto-related phishing in the first six months of 2021:

Peter Kovac, Senior Researcher at Avast, said: “The crypto market is booming right now. Bitcoin has received a boost following recent news from El Salvador that it will be recognized as legal tender in the country – with other countries in the region inclined to follow suit. “

This rise in Bitcoin is having a ripple effect across the crypto space and some analysts are even predicting that 2021 will be a banner year for cryptocurrencies. However, as it grows in popularity, it s ‘is also being developed as a more lucrative target for hackers – and our researchers have found that levels of crypto-related scams are most prevalent in regions where cryptocurrencies are growing in popularity. ”

Given its growing popularity, Avast experts have provided advice on how to store cryptocurrencies, protect funds, and spot scams.

How to store cryptocurrency

There are several crypto methods and wallets that cryptocurrency owners can deploy to store their cryptocurrency. Each has their own advantages and potential safety pitfalls.

Custody portfolios

With a custodial wallet, the coins (cryptocurrencies) are managed by another entity, such as a cryptocurrency exchange such as Binance, or a similar service. It works like a traditional bank account, where users can log in and manage their funds.

The advantages: The burden of securing funds is partly discharged to the service provider, users have guarantees and insurance to a certain extent. The risks: If the service goes bankrupt or is fraudulent, it could lose all or part of the funds. If this happens, users are at the mercy of the service provider and may limit people’s access to their money. Relevant threats: It is essential that users view their crypto account like any other form of online banking, with the same threats and vulnerabilities, without the same protections and assurances as with traditional banks. Phishing is one of the biggest threats facing custodial wallets, with fake websites masquerading as exchanges and services designed to steal the credentials and funds of people who appear all over the place. time.

Software wallets

Software wallets are applications that manage the private keys of cryptocurrency owners and allow them to conduct transactions directly.

The pros: Software wallets are designed to be very practical and easy to use. As a non-custodial wallet, people have full control over their funds. The risks: The device on which the software wallet is stored will be the only point of failure. If a device with the app is hacked, stolen or even damaged, the user could lose access to their funds forever. Relevant threats: In addition to physical risks, ransomware that encrypts the device and the data stored on it, and requires payment of a ransom to unlock the device and its data, is a major threat. Trojans spying on user data and backdoors allowing intruders to enter the device also pose a huge risk to software wallets.

Paper and brain wallets

These are the simplest solution but also the most error-prone to simply have the private key written or memorized.

The Pros: Simply put, the advantage is its simplicity, low cost and will not be susceptible to hacking or other computer threats. The risks: if something happens to the paper, like damage or theft, or if the user is forgotten, he risks losing all his funds. Relevant threats: There will be no backup in case of paper or memory loss. Once it’s gone, it’s gone for good.

Hardware wallets

Hardware wallets are a separate device, such as a USB flash drive, that acts as a wallet. These wallets also come with a “recovery sheet” with the private key written on a piece of paper (or etched into steel to resist fire and other forms of physical damage).

The pros: Hardware wallets are specially designed to prevent hacking. Only very select and skilled people have shown the ability to decipher a hardware wallet after having long-term physical access to it. The Risks: As with any physical device, losing it would be one of the biggest risks. However, as long as a crypto owner is using it according to best practice by having a secure security pin / password, it’s pretty secure. While not necessarily a risk, hardware wallets can be expensive, with associated custody costs. Relevant threats: Provided a user follows best practices, threats are minimal. Most hardware wallets require several checks before they can allow people to send money. These happen on the device and the private keys never leave that device.

How to protect cryptocurrency

Users should beware of scams: Scams can take many forms online, from “Elon Musk’s crypto giveaways” to “we’ll invest your money for you with earnings of XYZ% every month”. If it sounds too good to be true, then it probably is.

Crypto owners must:

Beware of Unsolicited Private Messages: Whether on WhatsApp / Telegram or any other social media forum, users should immediately block any unsolicited message that may be fraudulent. For example, if a message is from an unknown number, or if it is from a contact but it is an unusual and perhaps urgent message from the contact, the contact’s phone may have been pirate. It is recommended that you contact a contact, for example by phone, and verify if they actually sent this message before taking any further action. Even if the message is not related to cryptography, the intent may be phishing, to ultimately spy on user data. Be aware of mobile phishing: Hackers are increasingly targeting people on their mobile devices in order to steal cryptographic credentials. These social engineering attacks can come from anywhere on a mobile device, including texts, social networks, third-party messaging platforms, or emails. Beyond phishing, malicious mobile apps are also on the rise and have the hidden ability to log keystrokes and spy on activity on people’s screens. To prevent mobile phishing attacks, users can use Avast Secure Browser, which offers anti-phishing feature that blocks dangerous websites on Android devices. The browser’s anti-phishing feature also works on Windows and Mac devices. Rely on services that use strong security measures: When choosing a custodial wallet or software, people should be sure to choose a provider that offers strong security measures, including security methods. two-factor authentication. For added security, there are also platforms that encourage the user to set up separate passwords to log into the platform and perform a transfer. People who want to stay completely private can choose a platform that doesn’t require them to submit ID, but these platforms often offer poor security measures. There are platforms that can offer this as they only allow crypto trading instead of trading with Fiat money like Euro or US Dollar which is why they are not required to stick to it. to the fight against money laundering and to know the rules of your customer (KYC). Install Antivirus: Crypto owners should make sure they have strong antivirus protection on all of their devices. For example, many people will have antivirus on their PCs but not on their mobile or tablet devices – which is why malicious mobile phishing and malware campaigns have been so effective for hackers. Crypto accounts can be worth a very large sum of money, so it is essential for users to ensure robust internet security on any device where cryptographic information is stored or from which accounts are accessed.

About Avast:

Avast (LSE: AVST), an FTSE 100 company, is a global leader in digital security and privacy. With over 435 million users online, Avast offers products under the Avast and AVG brands that protect people from Internet threats and the changing IoT threat landscape. The company’s threat detection network is among the most advanced in the world, using machine learning and artificial intelligence technologies to detect and stop threats in real time. Avast digital security products for Mobile, PC or Mac are top rated and certified by VB100, AV-Comparatives, AV-Test, SE Labs and others. Avast is a member of the Coalition Against Stalkerware, No More Ransom, and the Internet Watch Foundation. Visit: www.avast.com.

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1Statista: Bitcoin Trading Volume On Online Exchanges In Various Countries Of The World In 2020

SOURCE Avast Software, Inc.

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