Kaspersky Lab Report: Over $10 Mln in Ethereum Stolen Through Phishing Over Past Year
Famous Russia based cybersecurity firm, Kaspersky Lab’s security experts have released a new report which claims that cybercriminals are turning to cryptocurrency as a domain for scams and frauds.
In the Kaspersky Lab’s report, it was observed that since the beginning of 2018, cybercriminals have triggered more than a hundred thousand alarms altogether on security software in connection with cryptocurrencies. And have also succeeded in stealing more than 21,000 in Ethereum (ETH) (worth around $10 million) through social engineering schemes.
Kaspersky Lab notes that scammers particularly single out investors interested in Initial Coin Offerings (ICO), using fake websites and phishing emails containing an e-wallet number to trick their targets out of money.
In this situation, criminals stole over $25,000 in cryptocurrency by posting an offer through a fake twitter account that was ‘stated’ to be associated with the real ICO. Another example is the OmiseGo project which is one of the biggest projects on the Ethereum network. Similar to the Switches scam, the criminals created hundreds of fake websites drawing users to send their crypto to these ‘legitimate websites’. According to Kaspersky, this scam led to the theft of around $1.1 million.
According to Nadezhda Demidova, the lead web content analyst at Kaspersky Lab, the attack patterns continue to evolve, making it impossible to protect against them easily stating;
These new fraud schemes are based on simple social engineering methods, but stand out from common phishing attacks because they help criminals make millions of dollars. The success criminals have enjoyed suggests that they know how to exploit the human factor, which has always been one of the weakest links in cybersecurity, to capitalize on user behaviors.
Kapersky gives some basic advice to users:
- Look out for fake registration pages, URLs, and apps
- Use blockchain browsers to search for dangerous wallets
- Read official reports to see if a platform or service has been compromised
- Approach offers with some amount of skepticism
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