How can a Bitcoin wallet get scammed?
How can a Bitcoin wallet get scammed

Cryptocurrency is the latest and very alluring online interest for cybercriminals to attempt to hack. While Bitcoin is the most popular, all cryptocurrency is vulnerable for threat actors to scam. Investment in Bitcoin requires diligence and monitoring in the same way that you should be watching activity on your bank account and credit cards.

Be Smart About it

As with other scam attempts, cybercriminals will often use the same or similar tactics to access a user’s Bitcoin wallet information. Being aware and smart about protecting your Bitcoin wallet is the highest priority.

Phishing

Phishing has been around for decades and cybercriminals seems to have good luck with this form of attack. Phishing makes use of human nature by emulating human behavior to get information from the user. They will often act as a trusted company or even a friend’s profile that they have hacked. Giving them hints about your personal life can often lead to guessing a password and clicking on links can download malware to your device that can find out all passwords.

How can a Bitcoin wallet get scammed? It sounds too good to be true.

Promises, Promises

One of the less sophisticated methods of access a Bitcoin wallet is via email. Cybercriminals depend on the less knowledgeable users and include incredible offers such as “double your money” or “deposit now to get $100 Bitcoin.” Once clicked on and logged into your account they have full access. In some cases these emails appear to come from a friend or even a trusted company. Easiest way to confirm is to use a laptop and click on “reply all” to see the email address. If it’s truly a valid company/friend, open a browser go to the company website or email your friend with a new email.

Ads that are Fake

We are inundated with constant advertisements online, and this is especially true with social media. One of the most successful methods of hacking into a Bitcoin wallet is through a fake ad designed for the Bitcoin user. These typically have incredible and tempting offers for quick rewards and when clicked they are a fake crypto wallet. Never click on these – if you are interested, open a browser and go directly to the organisation’s website to verify.

Direct Contact from Bitcoin

Direct contact that appears to be from Bitcoin via PM (Private Message) on any of your social media accounts with a special giveaway offer. These are obvious scams and designed for you to expose your Bitcoin wallet information. Another message might be a warning that there is something wrong with your Bitcoin account they usually include a link to click on so you can log in and find out. Of course, once logged in – they have your wallet information. Never click on these links – instead use another browser to log in. You usually find out that there is nothing wrong.

How can a Bitcoin wallet get scammed? We can see there are various ways that cyber criminals can get access to your wallets.

“Bitcoin and all cryptocurrency accounts are viewed as some of the most vulnerable by cybercriminals. The fact that these wallets are a newer format and many are unfamiliar with the nuances of their cryptocurrency accounts makes it fertile ground for threat actors. DaVinci Cybersecurity monitors all of the up-to-date methods used by cybercriminals and ensures that our clients are aware and protected.”

Sharon Knowles, CEO DaVinci Cybersecurity

Source:

https://www.bitcoin.com/get-started/your-guide-to-avoiding-bitcoin-fraud

https://www.forbes.com/advisor/investing/cryptocurrency/top-crypto-scams

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