Following the collapse of the FTX crypto exchange, professional scammers have increasingly targeted cryptocurrency users. They launched millions of robocalls and text messages to steal funds and information, writes Cointelegraph.
The news portal spoke with Clayton LiaBraaten, Senior Advisor at Truecaller. This is a platform that helps identify phone and internet scams. According to the adviser, criminals closely track crypto messages to facilitate the scam of their victims. With the increase in crypto market volatility in early 2022, Truecaller has seen an increase in fraudulent calls related to Bitcoin and other cryptocurrencies.
million calls
LiaBraaten said phone scammers are initiating millions of robocalls and text messages to exploit people’s curiosity, fear and generosity. Phone numbers can be obtained in a variety of ways, including tools that sniff social media for data or from stolen user databases.
The most common scam Truecaller has observed involves the criminal pretending to work in customer support or representing another department of a major crypto company or crypto exchange. The scammer may post their details on a real-looking website to appear legitimate.
The main audience is young adults, as they tend to share too much on social media, LiaBraaten said.
Many use the same username on Bitcoin forums as they do on TikTok and all those social media platforms. It is very easy to create a table of data on these people and then target them. There is so much material to social engineer with the younger generations.
People give out so much information online that criminals can make calls or send messages related to the target, which makes the communication quite believable.
According to the expert, the first SMS or call does not necessarily lead to financial fraud. Scammers first try to obtain or confirm information about the target person to build trust. LiaBraaten warns to only use official channels and to distance yourself from anyone who calls or texts and asks for passwords or other personal information.
One of the worst things you can do is have a long conversation on the phone. Because the goal of scammers is to steal cryptocurrency. One moment is enough, one minute to doubt oneself, and it is already too late.
In February, Binance’s CEO warned of a huge SMS phishing scam targeting Binance customers. The scam involved sending customers an SMS with a link to cancel withdrawals, directing them to a phishing platform to obtain their login credentials.