Blockchain scams run rampant

Kaspersky Lab warns of cryptocurrency scams
  • Hackers are exploiting the popularity of blockchain and digital currencies for spamming and phishing campaigns, Kaspersky Lab warns.
  • Numerous blockchain-themed schemes have sprung up in recent months. In particular, scams based on cryptocurrency trading are commonplace, the report notes.
  • Some offer invitations to download cryptocurrency trading software, but in reality, customers are redirected to binary options trading schemes which prompt victims to deposit money in an account owned by the fraudsters.
  • Simpler yet effective frauds, reminiscent of “Nigerian Prince” schemes, involve requesting funds be transferred to a digital currency wallet with the promise of receiving the principal plus interest at a later date. Needless to say, the funds are absconded with.
  • Another fraud involves duping victims into paying high prices for “an education” on cryptocurrencies. No such education is provided after payment is made.
  • Kaspersky also say the average amount of spam has increased to 58.02%, which is 105 basis points higher than the previous quarter.
  • They also say criminals are increasingly focusing on mobile messaging applications to conduct scams.

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