By Michael Scott
Malicious outfits are intensifying their techniques to keep pace with the contemporary trends to pounce on crypto users following the FTX collapse. Professional scam entities are initiating automated calls and messages targeting to swindle information from users they use to exploit their funds. The trend is gaining pace as several crypto services providers admit liquidity crisis from the exposure to FTX.
Tailored Scamming Techniques to Prey on Cryptos
Truecaller executive advisor Clayton LiaBraaten laments that professional scammers are tailoring their techniques to the ongoing crypto news to prey on unsuspecting victims. LiaBraaten argues that fraudsters often thrive during volatility by surfing the contours of disruptive marketplace events.
In his annual review of 2022, LiaBraaten acknowledged that Truecaller detected scam communications that flooded the digital space when Bitcoin’s (BTC) downtrend and crypto market slowdown gained steam. He pointed out that malicious agents are currently launching automated robocalls and disguised texts latching on the crypto users’ fear and curiosity.
Young Adults Vulnerable to Scammers
LiaBraaten revealed data breaches are the apparent source of phone numbers though recently, scammers have been relying on vitools to scrape information from social media platforms. He added that younger adults had become the primary target since they avail detailed information in their social media posts.
Scamming imposters detected by Truecaller involve malicious actors camouflaging to offer support desk services or customer care centers of crypto exchanges. Occasionally, malicious actors may publish the contacts on imitated websites to legitimize their calls.
Scammers target young adults since they utilize similar handles across the Tik Tok, Facebook, Twitter, and Bitcoin forums. It enables scammers to formulate data graphs they utilize to social engineer target victims. LiaBraaten decries that the abundance of information across online platforms enables scammers to personalize contextually relevant communications to convince intended targets.
Zero Tolerance for Unofficial Communication
Scammers are exercising patience in gathering personal details through a series of texts and calls in an attempt to create trust. The process is kept alive till they gather sufficient information to access crypto wallets. The Truecaller executive added that individuals with an insufficient understanding of cryptos are vulnerable to scamming tricks.
While it is unlikely that crypto-savvy users will fall prey to the scammers’ outfits, malicious outfits are deploying huge phishing text messages to customers. LiaBraaten challenged crypto users to develop an affinity to official communication channels.
By doing so, the crypto users will safeguard their digital wealth, often targeted by scams directing them to cancel withdrawals. LiaBraaten portrayed such camouflaged channels to harvest credentials they utilize to access the crypto wallets.