Phishing crypto scams

In my last article I discussed the risks with crypto investment scams. In this article I want to highlight the risk associated with crypto phishing scams. Phishing scams involve bad actors accessing your account details including your crypto keys. As every crypto investor knows he or she who holds the crypto key owns the crypto.

Phishing scammers often lure you into clicking on a link to a fake website, where the bad actors steal your account details.

The bad actor often impersonates well-known companies, like Amazon or your bank or the Australian Taxation Office or freight companies by posting links on social media or sending links directly to you.

A common scam is for the bad actor to send you an email or text saying a withdrawal has been initiated on your account and the bad actor provides a link with a view to you cancelling the withdrawal transaction. The email link directs you to a fraudulent website and harvests the unsuspecting investor’s account credentials. The bad actor then logons to the crypto’s investors account and withdraws assets.

The software upgrade scam is also being reinvented in the crypto investor space. Since software is constantly being updated, and cryptocurrency platforms are just a form of software. Since many online users are accustomed to upgrades in the digital age, scammers can easily trick crypto holders into giving up their private crypto keys details as part of “software upgrade.”

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