Criminals are everywhere. And with the advent of all things Crypto, they have found a perfect playground for their devious plans. Unfortunately, these scheming thieves prey on the innocence of trusting folk who would not believe that it could happen to them!
“Surely, people would not steal from me”, they think to themselves as they continue with their busy daily lives.
But little do they know, out there somewhere is a malicious mastermind who wants to do exactly that!
What Exactly Is Phishing?
Phishing is a digital crime where cybercriminals aim to steal a user’s private information. Scammers deploy their attack by disguising themselves as trusted organizations or entities to trick a user into mindlessly handing over details like their Social Security number, credit card information, bank credentials, and in this case, crypto wallet details.
Start Using Multi-Factor Authentication (MFA)
There is no surefire way to keep cyber criminals from attempting to breach an organization’s system. However, it is possible to make it harder for attackers to succeed in obtaining sensitive information. Multi-factor authentication (MFA) is an easy passive approach for users to secure their crypto wallets.
MFA adds an extra layer of protection on top of passwords for both an organization and an employee. So, a password will not be enough even if a user falls victim to a phishing scam.
Learn How To Identify And Avoid Fraudulent Emails
Remember, if something looks too good, it probably is. Over 270,000 Ledger wallet users had their emails extracted in 2020. Phishing attacks, like the breach against Ledger users, promise free wallets that are secretly compromised.
Messages that are urgent or prompt a speedy response may also be phishing scams. Other phishing messages may state that if a user does not act now, their account with whatever legitimate organization the attackers are impersonating will be suspended.
Most reliable companies will offer ample time for customers to get their affairs in order. However, it is best to ignore such messages as this is a favorite method for cybercriminals. When in doubt, contact the source directly to clarify the matter instead of interacting with the potentially fraudulent message.
Also, users should scrutinize emails with a sharp eye — especially ones with such grand requests and promises. Keeping an eye on the email’s domain and checking for spelling mistakes could be the telltale signs a user needs to identify the phishing scam.
Keep Your Private Keys Secure!
Users must keep their private keys, the line of letters and numbers used to access their cryptocurrency that resembles a password, private. A user’s private key is something that they should never disclose.
Switch On Your Email Filter
To protect against spam messages, users and organizations can use a spam filter that can effectively assess the message’s origin and the software used to send the message. In addition, a spam filter may determine whether a message is spam or not based on its appearance.
Email filters are the first line of defense against phishing scams of all sorts and will actively scan any emails going through a user’s server for spam, malware, and malicious attachments and links.
Prevention Is Better Than Cure!
The success of phishing attacks hangs on the preparedness and education of the target. Security awareness training on how phishing scams work can go a long way in keeping a company’s and a user’s crypto safe.
We encourage you to take the time to learn how to identify, avoid and prevent cybercrime before the time, rather than after it has happened!
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
