The cryptocurrency sector is attracting much interest as it grows in popularity and acceptance among ordinary investors.
On the one hand, an increasing number of people are becoming interested in the cryptocurrency market, and we can see that they are beginning to recognize the benefits of blockchain technology. Simultaneously, some institutional investors have shifted their positions in favor of cryptocurrencies as a viable medium of trade.
Along with this positive attention, the cryptocurrency industry has also presented a profitable opportunity for criminals, with phishing schemes becoming increasingly widespread across various cryptocurrency exchanges.
What is the definition of a phishing attack?
Phishing is a social engineering attack that seeks to get sensitive information about your accounts, such as private keys, usernames, passwords, and other wallet information.
Crypto phishing assaults that leverage Google Ads to put themselves at the top of searches, according to CheckPoint research, could take over $500,000 in a couple of days. A hacker stole $55 million from bZx in another case by trapping just one developer in fraud.
Is it possible to eliminate phishing?
There has been a lot of research into whether a digital company can genuinely be secure to the point where phishing is impossible – but the consensus is that phishing attempts cannot be totally avoided and must instead be averted by users.
Therefore, as the user, it is you to guarantee that your crypto wallets are secure and that you are safe from scammers.
Is it possible to eliminate phishing?
There has been a lot of research into whether a digital company can genuinely be secure to the point where phishing is impossible – but the consensus is that phishing attempts cannot be avoided and must instead be averted by us. Therefore, as the user, it is you to guarantee that your crypto wallets are secure and that you are safe from scammers.
How to Prevent a Phishing Attack
With attackers becoming more intelligent and more adept in carrying out such attacks, you must understand precisely how you can avoid being a target. The following are some pointers and recommendations to keep in mind when using the internet to access your cryptocurrency.
Fake Ads in Search Engines: How to Spot Them and Avoid Them
Double-check any URL supplied to you from an external source or website while typing ‘KuCoin’ into a search engine (e.g., Google) or heading to any link sent to you from an external source or website. When clicking on Google Ads, use extreme caution and double-check the URL to ensure it is accurate, as phishing sites have been known to insert fake adverts.
Make Secure Passwords
Creating and using strong passwords for all your crypto-related accounts and wallets is one of the most basic strategies to keep your wallet safe from evil hackers. This will prevent hackers from guessing your password and stealing your money via brute force assaults.
Ensure your password and code are not easily guessed if you register an account on a cryptocurrency exchange (or any other type of wallet) to trade.
Conclusion:
Phishing can be readily avoided by employing a range of security measures, such as using stronger passwords, two-factor authentication, a site manager, and a healthy dose of skepticism whenever prompted to supply information via a questionable domain address.
