Cryptocurrency Wallet Scams
Cryptocurrency Scams Image

Cryptocurrency Wallet Scams

Cryptocurrency exchanges are platforms that allow you to buy and sell cryptocurrencies, such as Bitcoin. When you buy cryptocurrency, it’s stored in a digital wallet. Most cryptocurrency exchanges require that you use an additional authentication method, such as a recovery phrase, to access your wallet. Cybercriminals use social engineering to try to bypass this added authentication and steal your currency.

In a new scam, cybercriminals send you an email pretending to be a cryptocurrency exchange representative. This email states that you need to provide information to receive a refund due to an issue with your account. To receive this refund, this email asks you to click a link and enter your recovery phrase. If you click the link and provide this information, cybercriminals can use it to reset your password and prevent you from accessing your account. Then, they can transfer your currency to their own accounts.

Follow the tips below to stay safe from similar scams:

  • Always be cautious of unexpected emails. While this attack targets cryptocurrency wallets, similar emails could be used to gain access to any account that uses additional authentication methods.
  • Watch out for messages that offer refunds or special promotions that seem too good to be true. Phishing attacks rely on impulsive actions, so always think before you click.

Never provide sensitive information through email. If you receive an email claiming that you have an account issue, always log in to the organization’s website directly to verify the claim.


Knowbe4 Logo

Stop, Look, and Think. Don’t be fooled.

Protect your network! Learn more about security awareness training for your team.

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest

More Posts

Hacked Emails Phishing Cyber Image
The Latest Scams

Beware of Dropbox Phishing Scams

Protect Your Microsoft Credentials Dropbox is a widely used file-sharing service that many rely on to share photos, files, and documents. Unfortunately, cybercriminals are leveraging

Hologram Airplane Image
Cybersecurity

Beware of Fake TSA PreCheck Emails

Travelers rely on TSA PreCheck to breeze through airport security. This U.S. airport screening program streamlines the security process, allowing members to avoid long lines

Man Face Digital Disasters Image
Cybersecurity Awareness Month 2024

Prepare for Digital Disasters

Why Digitize Your Important Documents and Photos?Losing treasured family photos, tax records, or legal documents in a flood or fire is heartbreaking. Luckily, we live

SuperPod with WiFi 6E

Plume SuperPod WiFi 6E Specs

SuperPod with WiFi 6

Plume SuperPod WiFi 6 Specs

SuperPod

Plume SuperPod Secs