There is no doubt crypto is an immensely lucrative sector. Just think of it, the total market cap of cryptocurrencies once exceeded $1 trillion in January 2021. Bitcoin alone also managed to reach a total market cap of over $1 trillion even before established companies like Apple and Google!
That means if you take your time and learn well how to invest in crypto, you stand a great chance at making enormous profits. However, you have to really put in the work to understand the markets. So what happens if someone threatens to rob you of your hard-earned crypto treasure?
What is Phishing?
You have probably heard the term “phishing” being mentioned in tech contexts at least once or twice. But what does it mean exactly?
According to IT Governance, phishing refers to “a type of online fraud that involves tricking people into providing sensitive information, such as passwords or credit card numbers, by masquerading as a trustworthy source.”
So basically, phishing to steal crypto involves a cyber-criminal using various communication channels to manipulate you into giving them your private data and then stealing your cryptocurrency.
Common Phishing Tactics
Crypto robbers never put their eggs in one basket. That is why they have several types of phishing scams they use to dip their hands into your digital cookie jar, below are a few common tactics:
a) Spear and Clone Phishing Attacks; Under these attacks, cybercriminals send unsuspecting crypto holders malicious emails that look legitimate. Since the emails look familiar, you are easily deceived into clicking links and attachments which are then used to steal crypto from you.
b) Pharming Attacks; Here, crypto phishing scammers redirect you to malicious websites that demand your login details. Such attacks are considered the most dangerous because they can occur even when you are trying to go to a valid website.
c) Evil-Twin Attacks; These are crypto phishing scams that use fake public Wi-Fi networks to deceive people into giving their private information. These login credentials can then be used to steal crypto.
d) Fake Browser Extensions; These internet plugins can be described as a “master key” in crypto phishing scams. Once you install a fake browser extension, it can redirect you to a malicious website, install malware in your computer, trap you with fake advertisements, or steal your info.
e) Crypto Malware Attacks; Of all common phishing attacks, this is one of the most “forceful” because it is not subtle. That is because after you unknowingly install the malware in your device, your files are encrypted and a ransom is demanded for your files to be decrypted.
Other tactics of phishing to steal crypto include ice phishing, phishing bots (computer programs), SMS phishing attacks, and voice phishing attacks.
Closing Thoughts – How can you avoid Phishing Attacks?
You do not deserve to lose your crypto to phishing scammers. To avoid being robbed of your crypto, Crypto Apex advises during 2023 you;
• Be extremely cautious with any emails, messages, links to websites, Wi-Fi networks, or browser extensions that solicit your private crypto login info in any way.
• Always set strong passwords and do not use the same password for different personal accounts. Also take advantage of two-factor authentication whenever possible.
• Take your time to research and find the best, credible, and most secure crypto platforms for trading and storing your crypto.
• NEVER share private key information belonging to your crypto wallet or any other sensitive info connected to your crypto assets.
• Be on the lookout for emails with grammatical errors and misspellings, inaccurate links, incoherent content, or “corporate” emails from free email services like yahoo or gmail.
