Professional scammers have launched millions of automated phone calls and text messages to target cryptocurrency users following the FTX demise and trick them out of their information and funds.
Clayton LiaBraaten, Senior Executive Advisor of Truecaller, an app that helps identify scam callers and messages, told Cointelegraph:
“Scammers like volatility and current affairs. Whenever they try to surf the contours of something very disruptive in the market, they have great success.
LiaBraaten said Truecaller also saw an increase in fraudulent communications related to Bitcoin (Bitcoin) and other cryptocurrencies in early 2022 when the market starts to show volatility.
He added that “agents” are ultimately looking for steal funds It launches millions of automated “robocalls” and texts to try to capture people’s “fear, curiosity, and sometimes generosity.”
Phone numbers can be obtained in a number of ways. data breach vitools that leaked millions of figures or gleaned information from social media platforms.
Ann impersonation fraud This is most commonly seen with Truecaller, where malicious actors pretend to represent major cryptocurrency exchanges, corporate support desks, and similar organizations. Scammers also try to justify themselves by publishing their phone numbers on fake copycat websites.
According to LiaBraaten, young people are often targeted by scammers because they “publish so much information on social media that there is so much information out there about them.”
“They use the same handle for Bitcoin forums as they do for TikTok and all these social media platforms. […] It is very easy to create and target data graphs about these individuals. There are many factors that social engineers should oppose to the younger generation. ”
The wealth of information people publish online allows scammers to send contextual messages and calls to their intended targets, making malicious communications more convincing.
“They are good psychologists and social engineers, so they will do whatever they can to bring something to the table,” says LiaBraaten.
The first call or text doesn’t always lead to results financial fraud According to LiaBraaten, agents first try to obtain or verify information about the target in order to build trust.
“They are building more and more details about their persona, and if they collect enough information, yes, they will try to access your crypto wallet.”
“There are a lot of people who don’t understand cryptocurrencies very well,” said Lia Braaten. “They are targeting vulnerable people, so very savvy crypto enthusiasts are unlikely to fall prey to this. because there is.”
regardless of one’s ability detect fraudhe said anyone who calls or sends messages asking for personal information or passwords should not engage with anyone and should only use official channels.
“One of the worst things you can do is keep on the phone with these guys because it’s their mission to free you from your cryptocurrency. Moments of vulnerability, guess yourself We need one minute to do it, and then they go racing.”
In February, Binance CEO Changpeng “CZ” Zhao announced a “massive” SMS Phishing Targets Binance Customers.
The scam sent users a text message with a link to cancel their withdrawals and directed them to a fake website designed to collect their login credentials.