TYSlearn: What is Crypto Phishing & How to Secure Cryptocurrency?
When traditional banks came into being, so did the bank robbers looking to filch our life savings. When we plan to travel the world, shady people look forward to ripping us off on travel scams. The truth is, we will always encounter unscrupulous individuals taking giant measures to rob us. The cryptocurrency community is the biggest attraction for scammers these days. Crypto Phishing has gained quite a foothold with millions of people being victimized daily. According to Verizon’s 2019 Data Breach Investigations Report, 32% of total cyber-attack revolves around phishing.
Phishing is a method of cyber-attack used to collect personal information – such as login credentials, passwords, and user data. It is important to be aware of various kinds of phishing techniques used by scammers to hijack your funds. We have summed up the common scam types that victims have fallen for.
What are the common Crypto Phishing types?
In this type of phishing attack, a malicious actor, pretending as a reputable entity, tricks a victim into opening an email containing a malicious link. Through, this link scammers can gain access to your private information to filch your digital assets. For instance, you may receive an email from your crypto wallet company asking you to log-in or open a link. If you click on that link, it will take you to a fake website. The moment you enter your details, scammers can use them to access your crypto wallet.
The main purpose of this type of phishing is to take advantage of the legitimate email previously sent to the user and then use it to generate an almost identical malicious version. This email is then sent from a spoofed email that may appear to come from the original sender. Most of the time, the attachments or links in the spoofed email are replaced with malicious software. Clone phishing is difficult to identify since it is a dupe of a legitimate email. Scammers usually claim that they are re-sending the email because of an issue or an updated version of the original to trick end users into opening them.
SMS phishing is also famous by the name of Smishing. It involves sending a fake text message to tempt victims into disclosing confidential information or downloading malware. In many cases, cybercriminals use downloaded malware captures to steal all of the victim’s stored data including stored credit card details, passwords etc. from their mobile devices. Recent research revealed that cybercriminals are now using an advanced phishing attack to lure certain Huawei, LG, Samsung and Sony android users into installing malicious phone settings on their device. This scam relies on a technique called over-the-air (OTA) provisioning, usually, used by cellular networks to deploy network-specific settings on new devices. Smishing is a fraudulent attempt which is used to deceive potential users to give out their personal information. Unfortunately, there’s been a ton of allure around cryptocurrency. For example, you may receive a text scam offering you for crypto that doesn’t exist. Don’t fall for it!
As a best practice, always store your cryptocurrency in a secure wallet. One such example is on Tyslin which has a built in wallet that is fully secure with multiple security checks and additional features. As a company, they prioritize security. You can also do a lot more on the platform such as trading & checking your deposits through the Tyslin’s app. To explore more about Tyslin click here.
Identify a phishing attack – don’t take the bait:
The general rule of thumb is if you smell something fishy, there certainly is. However, Modern crypto phishing acts use skulking techniques to trick folks into believing their messages are legit.
Following are tips on how to secure your Crypto and avoid such Attacks:
Point to Note: Legit companies like Tyslin will never request your personal information through email, SMS or any other means or sell your data to scammers. Now available on
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How to secure your Cryptocurrency:
Cryptocurrency does not grow on trees, certainly, it is your money and only you can protect it from online attackers who implement ever- evolving ways to steal your funds.
Two Factor Authentication:
It is the most successful method for guarding against phishing attack. It adds an extra verification layer before entering any confidential information. Google Authenticator is the fastest and safest way to set up two-step verification authentication on your system using the time-based one-time password algorithm. Crypto wallets like Tyslin lets you deploy 2FA while sending transactions. When sending your funds, you will need to enter a one-time passcode, generated by Google Authenticator. This will make it impossible to hack your passcode, keeping your cryptocurrency safe.
Divide and Conquer:
This algorithm does wonders in the computer science field, this practice will flourish in securing your crypto wallet against Crypto Phishing. It is a great practice to store a large number of your funds on cold wallets or hardware wallets and use hot wallets such as Tyslin wallet for everyday use.
Encrypt your Crypto Wallet:
This security measure allows you to set up a pin code every time anyone tries to access your crypto wallet. It helps to guard against Crypto Phishing but it doesn’t guarantee protection against keylogging. Always use a strong pin code, it may be hard to memorize but even harder to guess. Add an extra layer of authentication by enabling Tyslin’s fingerprint authentication feature to access your Crypto Wallet and funds. This will prevent any scammers to gain access to your wallet through crypto phishing.
Remember taking small safety preventive measures will go a long way. Adopt simple cybersecurity habits like double-checking the links, the sender and grammar mistakes in the messages (which are usually there). Pay attention to your instincts – if something doesn’t seem right, double-check it! If you ever encountered a crypto phishing attack, comment below and we would love to feature you on our platform. As always, stay safe and Happy Trading!