- One of seven crypto users is impacted by phishing
- Monitor social media and ads and respond quickly to protect your site
Malicious entities seem to have started resorting to traditional attack vectors such as banking PC malware less often when it comes to cryptocurrency-related cyberattacks. Instead, they are increasingly turning to phishing, data from Russian cybersecurity company Kaspersky showed.
The firm revealed that such phishing attacks rose by 40% between 2021 and 2022. There were just over 5 million crypto phishing incidents in 2022 compared to 3.6 million the previous year, CoinTelegraph wrote.
What is a typical phishing attack?
A typical phishing incident is when the malicious actor reaches out via fake websites or other channels that imitate those of the official firms. They prompt users to provide personal details such as private keys, ultimately giving the cybercriminal unwarranted access to digital assets and/or crypto wallets.
In 2023, phishing attacks have continued to increase. In March this year, crypto wallet service Trezor warned against attempts to steal crypto by luring holders to enter their recovery phrases on a site imitating the wallet’s.
One of seven users affected by phishing
Data from a survey conducted by Kaspersky last year revealed that one out of seven respondents had been impacted by cryptocurrency phishing. Attackers’ strategies are becoming more and more advanced, going beyond fake wallet pages and giveaway scams. This is why enhancing cybersecurity has become of paramount importance.
Another recent phishing attack involves Arbitrum, whose users became exposed to a phishing link via the official Discord channel. The attacker hacked a Discord account held by one of Arbitrum’s developers, then used it to post a fake announcement with a phishing link.
How to protect your site
Phishing is not new by any means. In the first half of 2018 alone, more than $1.1 billion worth of cryptocurrency was stolen in phishing attacks. Ways to protect your website include monitoring social media and advertising, taking effective data protection measures, and being able to respond quickly. You can read more tips here.
