How to protect your assets from fraudulent threats
In September 2024, nearly 10,000 victims of crypto phishing scams lost a staggering $46 million, according to ScamSniffer's monthly phishing report. This rising trend highlights how cybercriminals are targeting cryptocurrency users.
Among the losses, one victim lost an estimated $32 million due to a forged authorization signature, and another lost $1 million due to copying a tainted transfer address. These issues contribute to a larger problem, with total losses from phishing attacks reaching $127 million in Q3 2024.
On average, about 11,000 victims fall victim to these scams every month, with just two major incidents costing $87 million in losses.
Shocking isn't it? Here's how it all turned out.
How to target victims
Most phishing scams come from fake accounts on X (formerly Twitter) and malicious ads on Google. Cybercriminals trick victims into clicking on phishing links that look like legitimate sites. Once users participate, their wallets may be compromised or they may accidentally sign transactions that lead to the loss of their assets.
Stay alert – always!
Given this situation, it is important for users to exercise caution while handling crypto transactions to avoid phishing and other threats. Users should never copy wallet addresses from previous transactions, as this will result in significant losses.
Always double-check the validity of addresses and links before signing any transaction or sharing wallet details.
Implementing anti-phishing measures is key to protecting your crypto assets. Users can improve their security by using expert domain and address blockers to filter phishing sites from their browsers. Additionally, displaying phishing signatures provides an additional layer of protection.
Do your due diligence
Security-conscious users should thoroughly verify each transaction, especially when connecting to unknown sites or addresses. Being proactive is critical to preventing phishing scams from damaging your property.
What should you do if you are a victim?
If funds are lost to phishing scams, recovery organizations like MistTrack and CF Investigators can help recover stolen assets. However, immediate action is required to increase the chances of recovering the lost funds.
The threat of crypto phishing is real. Act now to protect investments.
