What Is A Crypto Phishing Scam &; How To Detect A Crypto Phishing Scam

The anonymity of users on the crypto market has recorded dishonoured growth whereby bad actors have reportedly thrived with unregulated Ponzi schemes. Cryptocurrency users have experienced several methods of getting scammed of their tokens to credit the scammers’ wallets while anonymity is preserved.

The crypto market’s prevalence in its blockchain encryption to procure transaction anonymity has impacted the rise of bad acts such as fraud, financing terrorism, money laundering, and scams. Now, crypto scams make the list with integrated phishing tools to alter the process of draining other users’ wallets of their digital assets.

Lest you have forgotten the chief consent of this article reports methods to prevent getting phished out and get scammed – especially by being the victim of phishing crypto scam. Due to the alarming records of crypto scams by the expert of phishing tools who accesses a crypto user’s wallet with deception.

What is the Crypto Phishing Scam?

Before learning about how to identify phished crypto scams, first, a user must comprehend Crypto Phishing scams that trend per the impact of their seamlessness in stealing digital assets. The 2022 FBI crime report Phishing is a prevalent cyber attack that has a skyrocketed victim rate due to the commonness of this threat.

However, fraudulent activities done with phishing tools have explored their way into the crypto market where users’ identity/information has been reported stolen by prying into their digital wallets. Scammers do pose as legal entities, or trustworthy individuals to collect users’ information such as the wallet’s private key to steal users’ cryptocurrencies.

Phishing scams have reportedly thrived before the crypto market inception and will continue to target victim when another technology emerge. A typical example of a crypto phishing scam is the “Trezor cyberattack incident” where all its users got phished off their cryptocurrencies.

After the crypto wallet service provider preached about the hiked rate of crypto phishing attacks via its social media and urged its users to be careful. The scammer targeted Trezor users and finesse them with a fake security breach alert, prompting Trezor users to reveal their recovery seed phrase, and boom! The scammers stole more than a handful of cryptocurrencies from several Trezor wallets.

How to Detect a Crypto Phishing Scam

Protecting your digital assets is one way out of the two-way traffic to spot a crypto scam phishing for victims. I bet you do want to know how to detect a phishing scam, well Techbooky Africa has taken time to draft the technical know-how to spot crypto phishing scams.

Contents of phishing emails

Scammers will spam your inbox with either emails or messages with an ideal context asking for confidential information such as users’ login credentials. Contextual emails asking for login credentials and other sensitive information are red flags to a possible crypto scam phished for victims to reply with information.

These emails pose to represent legitimate entities with deceptive context promises to be legit or offer solutions. Every legal crypto company has a backend gateway to access users’ activities without request for users’ information. This denotes that a legitimate crypto company will never ask a user to send their login credentials and other sensitive information.

Scrutinize the phishing email

Always give second thought a chance to scrutinize/examine received emails because crypto phishing emails clone features from legitimate crypto companies. A crypto company is a business and therefore business tools will be accessible such as sending emails to users via a corporate email address such as “@binance.com or @coinbase.com”.

A legitimate crypto company email address ends with the name of the company as listed above. While phishing emails from fake companies always use an email address with a public domain name such as “@gmail.com, @outlook.com” and other public email addresses.

Fake or Cloned corporate company

Scammers often practice imitation when cloning a legitimate crypto company identity. To progress a phishing memo, the crypto company the scammer mimics to represent usually has a website or emails address with significant features from the original company or email context including logos, colour schemes, typefaces, and messaging tone.

We suggest you familiarise yourself with the preferred crypto company you trade and bank with to avoid being victims of a crypto phishing scam. Familiarity with your crypto service provider guides users to evade being victims of crypto scams.

Bulk Phishing memo

Scammers often send bulk emails and messages to targeted users and because of the massive number of bulk-up emails and messages, scammers are likely to make mistakes with grammatical errors, structure, and dictions.

You will spot silly mistakes when scrutinizing emails phishing at your privacy. The context of an email sent by legitimate crypto companies is drafted/composed with expertise to ensure communication clarity. This denotes legal companies take customers’ relationships seriously unlike scammers who lack seriousness, yet pry on users’ privacy.

Always scrutinize URLs

Scammers take their time to be clever whereby imitation game has to be perfectly in line with cloning the legitimate crypto company’s website address, email address, and other deceptive links.

Recall we suggested users’ familiarity with the crypto company they bank and trade with to easily spot a fake URL link phished at users. However, Techbooky Africa suggests users to always consent the customer care service of the crypto wallet provider for clarity whenever an email or message is phished at them.