Scams are dishonest schemes designed to take advantage of the innocent. New ones are continually popping up, so it’s important to maintain awareness of them to avoid being victimized. Computer security expert Norton cautions people about this latest advanced phishing scam targeting crypto users!
Watch out for this new scam:
Crypto user scams are types of phishing scams that are on the rise. A phishing scam is defined as a form of social engineering that tricks people into revealing sensitive information. Or it may install malware on computers. Malware is software that is intentionally designed to do bad things – like causing disruptions to servers or client and computer networks, interfering with privacy and security, or leaking private information.
Gaining knowledge to protect against scams:
Norton warns that earlier in the year, they identified a sophisticated global scam run by a group dubbed CryptoCore. The dishonest group uses advanced tactics to perpetuate their scams, including:
- Deepfakes: This uses technology/artificial intelligence to create seemingly authentic identities or to manipulate real ones. Here, scammers use modern day technology to make it appear that prominent public figures or celebrities are supporting their business – when, in fact, they are not.
- Hijacked YouTube channels: The scammers lure unsuspecting victims to fake websites offering free crypto for the purpose of committing fraud.
- Fake live support chats: This provides scammers direct access to potential victims who believe they are dealing with reputable people – when, in fact, they are not.
Per Norton, the unscrupulous group CryptoCore stole an estimated $5.4 million in crypto. Most of their victims were from the U.S., UK, Brazil, Canada, and Germany.
What are ways to stay protected?
- Only conduct business with companies that you have independently researched and verified as safe.
- Verify the web address. Be sure you are conducting business with a secure and legitimate website – and not a fake one.
- Beware of celebrity endorsements offering giveaways, contests, or investments featuring big payoffs that seem too good to be true.
- Learn to identify Deepfakes. Per CNA, telltale signs of digitally manipulated content include:
- Excessive blurring or distortion of videos (may include excessive blinking or lip sync issues)
- Inconsistent lighting around the face
- Poor synchronization between audio and video
- Unnatural or monotonous speaking
- In the CryptoCore cases, victims were directed to a fake website and were instructed to send a small amount of crypto to verify their wallets. This allowed scammers to steal funds. Exercise caution when conducting online business by avoiding actions that potentially put you at risk.
- Learn to take protective steps such as using antivirus software providers and being equipped with the proper cybersecurity tools.
- Go with your gut. If you sense something is not right, it might be a scam. Simply stop communications and don’t worry about being rude. Better safe than sorry.
Taking steps to help others
Crypto user scams are on the rise. If you fall victim to a crypto user or other scam, promptly report it. Do it not only for your own protection, but to help shield others. Set your pride aside. Understand that reporting crime is part of being a decent citizen.
Report cryptocurrency scams promptly to the FBI Internet Crime Complaint Center (ICE) at www.ic3.gov or contact your local FBI Field Office and provide as much transaction information as possible. The FBI warns that people should be wary of anyone claiming they can recover your funds as this may be another scam. For more information on scams, visit our article featuring scam prevention information.
