7 Types Of Phishing Scams Commonly Executed in Cryptocurrency Industry

BTC value is on cloud nine these days. By the time you read this post, it has already crossed the milestone of $46000. This is making it hard for people to invest in Bitcoin.

Therefore, people are now looking for alternative crypto stocks to invest in the domain of decentralized finance and accomplish their dream of getting rich overnight.

As a result, a number of scams in this domain of finance are being noticed on daily basis. One of the most types of scams that people are falling victim to is Classic Phishing.

7 Types Of Phishing Scams Commonly Executed In Cryptocurrency Industry | lpntoken.io

This is something you must know about. It is a fraudulent practice implemented to trick you into sharing sensitive information such as the following:

  • Email address.
  • Phone number.
  • Your name.
  • Government verified ID attached with your bank account or email address.
  • Bank account, email and credit/debit card security details/passwords/pin number, etc.
  • Credit/Debit card number and rest of the relevant details.
  • Your bank account number and relevant details.
  • Once you share all this key information, you are then left with no option but to pull your hair in frustration because of your foolhardy.

Coming to the point, those who are looking for new crypto stocks to invest in 2021, must know about the way Classic Phishing works in the domain of decentralized finance.

This will help you move in the right direction and pick legit DeFi coins/tokens for investment.

The first thing mandatory for you to know about is the variety of Classic Phishing.

Types of Classic Phishing:

This form of phishing attack is executed with the objective of targeting a particular group or some company’s administration team members.

This form of Phishing attack is executed with the objective of targeting CEOs, CFOs or company owners, etc.

The focus remains on seeking their company’s secret details or financial details.

Once these details are provided, hackers or scammers get the job done and leave you crying bitterly.

Planning to make the most of BTC value reaching the cloud nine daily? This form of phishing attack is carried out using SMS (Short Messaging Services) to get your attention.

Such messages always contain links to click through pr some kind of phone number to call.

You get such messages stating that your bank account has been compromised and you need to click the link or call number given to restore its privacy/security.

For this purpose, you need to verify your bank account details and the phone number attached with it. Once you do so, you fall into a scammer’s trap.

This is the newest form of phishing attack executed to make you penniless. You get a call from scammers.

You are asked to share your personal information to help you regain access to your bank account that has never been compromised.

During the call, scammers pretend as if they are calling from your bank or some famous company. They ask you to share your banking details to help you regain access to your bank account or claim some kind of price that you have never competed for.

This is the most common form of Phishing attack you must educate yourself about.

You are sent an email that contains a link. More importantly, you are sent a message stating that your email account or bank account has been compromised and you need to respond to the email or click-open the link given in it to restore your account.

Once you respond or click-open the link, again, you are asked to share your personal and banking details. If you do so, you get to know the outcome of your mistake only when your bank sends you a message about it.

Search Engine Phishing:

Hackers or scammers execute this form of phishing attack to rank among top websites in search engine rankings. Clicking on their link redirects you to their fake websites.

This is where you are asked to enter your personal and banking details.

Those who fall into this trap are left with no option but to pull their hair in frustration and cry like babies.

Sextortion:

It is like blackmailing something. This form of phishing attack is performed using technology and pornography. You are sent an email stating that you need to pay and pay in the form of cryptocurrency in order to save your privacy and public image.

You are asked to pay as soon as possible because hackers/scammers have a video of you watching porn or participating in sports activities. Usually, the fake video you hackers/scammers send you are nothing but the result of high-quality editing.

You just need to be careful and inform the local police department about it to save yourself. But do not share any kind of personal or financial details with hackers/scammers trying to fool you.

Common Phishing Practices Hackers/Scammers Execute:

Scratching your head? Don’t know you the way classic phishing in the domain of decentralized finance is executed? Well, this is something you need to educate yourself about. `

Such financial crimes are carried out using the following:

  • Punycode
  • Fake Airdrops

This is something you will be educated on through another post in the future.

Since you have come to know about the variety of phishing scams, you need to notice one thing that is common in all of these types of phishing scams. That is the use of links, hackers/scammers asking you to respond to the email or share your personal and financial information and redirection to a fake website that looks exactly like the original website of a reputed brand.

Remember, reputed brands or banks never call you and never ask you to share your personal and financial information with them.

A Keynote For Everyone:

The purpose of this post is not to scare you. Instead, we just want to educate you about the variety of phishing scams that are being executed in this domain of finance as well.

More importantly, not even a single word written in this post is investment advice. Therefore, you are advised to be wise and carry-out research before or while investing in the domain of DeFi.

Keep coming back here for more information about it.

We are a group of companies handling a variety of business streams since marking inception in 2010. https://www.lpntoken.io/

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