Tens of Millions of Dollars Lost to Crypto Wallet Phishing Scams Alone

Tens of Millions of Dollars Lost to Crypto Wallet Phishing Scams Alone

Did you know that tens of millions of dollars have been lost due to malicious cryptocurrency wallet phishing scams. This is when a group of hackers is able gain access to users' private logins and passwords by directing them to fake sites that look real. For instance, a couple years back, reports estimated that users of the popular Blockchain.com Wallet had lost over $50 million due to phishing attacks.

The scammers had bought Google Ad/Keywords like blockchein dot com and blokchain dot com, which people would click on because that's the first thing that'd pop up on Google since they had been paying for these Ad words. The unsuspecting users would then go to these fake sites, not having carefully checked the spelling. After that, they'd proceed to enter their private password or keys, and then of course they wouldn't be directed to their real accounts. The malicious attackers had managed to steal their private passwords and they'd quickly use them to access and clean out their digital asset accounts.

There's also NO recourse here, because crypto is not really regulated. So you can't really ask for help in trying to recover your funds. More than likely, they are gone forever! Another similar scam is a "clipboard address replacement scam." In this scam, the hackers install malicious scripts on your computer which will detect bitcoin or ether (or any other cryptocurrency) address and replace it quickly with the address of the hacker.

So when the user tries to send money to someone, it will just go to the hacker's account instead! So how can we prevent this from happening to us? By paying attention! Always, always, always check the spelling before entering any information into website login pages. Also make sure not to download too many applications. You absolutely do not need that many apps. Someone might ask you to test out an app, but it's really not worth compromising or risking the security of your PC as you could potentially lose your valuable funds.

Also buy a Ledger Hardware Wallet (the best in the market). When you store your funds in offline or cold storage, they are secure. Online or hot wallets can be risky because they're always connected to the internet, giving hackers the opportunity to steal your precious digital currency.

There are many other security tips I can share with you. Feel free to message me and ask questions! I am a Blockchain Consultant and Educator, so I am mainly on here to help you guys learn more about crypto and blockchain.



henry barzin
15 Jan

security is essential, but the problem with ledger is that in some parts of the world it's complicated to get it. (price, possibility of shipping...)
so it's not a technology available to everyone.
take a look to SubZero wallet (a product of Ferrum Network) which is due to be released in 2020 and allows to transform any old and obsolete smartphone into a tamper-proof safe! (https://subzerowallet.io/)



Omar Faridi
15 Jan

Nice! Thanks for sharing, will have a look!



Crypto Biker
15 Jan

If I remember well, Ferrum Network signed a partnership in order to acquire military-grade security for its wallet! That could be a game changer...



Kamran Akbar
15 Jan

Thank you Omer for being there for all us 



preview not available Hafsa M
15 Jan

nowadays, its really hard to save from scammers...



Saqib Ajmal
15 Jan

thanks sir for sharing ur great knowledge with us..



Sandra Gambo
15 Jan

This is nice thanks



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