- With the increase of crypto market volatility earlier in 2022, Truecaller saw a rise in scam communications related to Bitcoin
- Malevolent entities launched millions of automated robocalls and texts in an attempt to use people's curiosity, fear
After the collapse of FTX, professional scammers have increasingly been targeting cryptocurrency users. They have initiated millions of automated calls and text messages to steal funds and information, Cointelegraph wrote.
The medium spoke to Clayton LiaBraaten, senior executive adviser at Truecaller, a platform which helps identify phone and internet scams. According to the adviser, criminals closely follow crypto news to cheat victims more easily. With the increase of crypto market volatility earlier in 2022, Truecaller saw a rise in scam communications related to Bitcoin and other cryptocurrencies.
Millions of robocalls launched
LiaBraaten said malevolent entities launched millions of automated robocalls and texts in an attempt to use people’s curiosity, fear, and generosity. One can obtain phone numbers in a variety of ways, including through tools that scrape social networks for data and in data breaches, where millions of numbers are leaked.
The most common scam
The most common imposter scam seen by Truecaller is where the criminal will pretend to represent a support desk or another entity from a major crypto business or exchange. The scammer might publish their contact information on a real-looking site in an effort to appear legitimate.
The most-targeted group are young adults because they tend to overshare on social media. LiaBraaten said:
They use the same handle for their Bitcoin forum as they do their TikTok and across all these social media platforms […] It’s very easy to build a data graph on these individuals and then begin targeting them. There’s just so much material to social engineer against with the younger generations.
People put out so much information online that criminals can make calls or send messages that are in context to the respective target, rendering the communications quite believable.
According to the expert, the initial text or call isn’t necessarily going to lead to financial fraud. The agents first try to obtain or confirm information about the scam target to grow trust. He warns to use only official channels and disengage with anyone who calls or texts asking for passwords or other personal information, adding:
One of the worst things that you can do is stay on the phone with these guys because it is their mission to relieve you of your cryptocurrency. It just takes a vulnerable moment, one minute of second-guessing yourself, and then they’re off to the races.
Back in February, Binance CEO “CZ” warned about a huge SMS phishing scam aimed at Binance customers. The scam involved sending clients a text message with a link to cancel withdrawals, which directed them to a fake platform designed to collect their login credentials.
