Phishing comes in many forms. The main target of any cybercrime is to generate money from duplicitous actions. When a hacker targets an international business and steals their data, there is a financial incentive that pushes them to do so. As cryptocurrency becomes a more recognized financial medium, attackers are actively turning to target those with digital wallets.
In 2021, crypto scammers took $14 billion. Quite simply, as Bitcoin and other cryptocurrencies become more valuable, they become a bigger target for hackers and scammers. With this in mind, those that actively buy, sell, and trade cryptocurrencies like Bitcoin need to be aware of the risk they’re taking.
In this article, to help reduce the chance of you falling for a Bitcoin phishing scam, we’ve created this article to show you the most common Bitcoin phishing messages you’re likely to come across. By learning about which forms phishing emails take, you’ll be better prepared to recognize them and put a stop to them before anyone makes off with your hard-earned crypto.
What Are The Most Common Bitcoin Phishing Scams?
When creating phishing emails that cause cryptocurrency owners to accidentally give away information about their private wallets, the message often comes from a financial service. Whether it’s an impersonation of a service or a fake exchange reaching out via email, attackers use a range of strategies to try and deceive their audience.
When you open your inbox, try to scan for the follow emails, as they might be a sign of someone attempting to steal your information:
- Password resets
- Impersonation
- Fake Exchanges
- Phishing Websites
- Scam Coins
Let’s break down these commonly-used methods.
Password Resets
Password resets are far from exclusive to cryptocurrency scams, yet are still one of the most pressing forms of scams that are employed when trying to steal Bitcoin and another cryptocurrency. By copying the layout of an email from an exchange like Binance, a hacker can duplicate a password reset almost identically.
They’ll send this email out, alerting their victims that they need to reset their passwords. Within this email, the reset link will then go to the attacker’s own website, where they can then collect the old password and use it to gain access to accounts.
Especially with Bitcoin and other cryptos, where a transaction is fairly irreversible, if a hacker gains access to your account for even a few minutes, they can do irreparable damage. It’s…
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