With the popularity of cryptocurrency these days, it's no surprise that the industry is also being targeted by cybercrime groups.
Google Ads Phishing Scam
According to Check Point Research (CPR), a new Google Ads scam is snatching cryptocurrency wallets.
Last weekend, Oct. 30 to Oct 31, hackers were able to steal hundreds of thousands of dollars worth of cryptocurrencies, thanks to a new scam.
Scammers are using ads that replicate prominent wallet companies like Phantom and MetaMask at the top of Google Search to deceive users into giving up their wallet passcode and private key.
Over $500,000 in cryptocurrency was reportedly stolen in a matter of days, as per NDTV
Hackers are utilizing Google Search as an attack vector to target victims' crypto wallets, according to a new blog post by Check Point Research.
Every advertisement included a malicious link that, when clicked, took the victim to a phishing website that mimicked the real wallet website's branding and messaging.
The scammers then would then deceive their victims into handing over their wallet passwords, allowing them to steal their money.
How To Protect Your Cryptocurrency
Here are ways you can protect our cryptocurrency wallet, according to CNET.
For long-term storage, use a cold wallet.
Cold wallets store data verifying cryptocurrency ownership offline, making them significantly more difficult for cybercrimimals to access.
Cold wallets, according to both Don Pezet and Andrew Gunn, are the safest alternative.
Pezet is the co-founder of ITProTV, an online IT training company. Meanwhile, Gunn is a senior threat-intelligence analyst in a company called ZeroFox.
Hardware, such as a USB drive, can be used to hold the private keys to a cold wallet. You can also print them off and keep them in a file.
In any case, an attacker will be unable to gain access to your cryptocurrencies without them.
The disadvantage of this storage option is that you are totally responsible for its security. You will not be able to retrieve your cryptocurrency if you lose the USB device or misplace your file.
Use multifactor authentication and strong passwords.
Using strong passwords to protect your cryptocurrencies, as well as all other digital accounts, is a must.
We're talking about at least 12 different characters here.
Furthermore, two-factor authentication, which entails a second form of identification, such as a fingerprint or a push notification to your smartphone, also aids account security.
If your password is compromised, it will go a long way toward keeping you safe.
To access your wallets, use just your own device.
This could sound convenient, but never use a public computer, such as one at a library or a hotel business center, to access your cryptocurrencies.
It's impossible to know if they've been infected with malware.
Likewise, ensure that your equipment is well-maintained. Keep it updated with the most recent versions of your antivirus software and operating systems.
Lastly, always utilize a secure internet connection, preferably one that is protected by a VPN.
Do your fair share of research.
In general, larger and more regulated exchanges are safer. Make sure the one you choose is trustworthy, especially if you plan to use it as a hot wallet.
Be cautious of communications that appear to come from the firm that manages your cryptocurrency wallet. It might be a phishing email designed to steal your personal information and, eventually, your money.
It's usually preferable to avoid any included hyperlinks and go straight to the company's website, just like it is with emails that appear to be from your bank.
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