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The most common threats on the web - Top 5 crypto threats

03-09-2021


The internet is a window of knowledge, an opportunity for growth, a chance for a better tomorrow, simply one of the greatest inventions in our history.

The Web is an everyday reality for most of us, and confidence in the Web is growing in every respect. It provides literally instant and practically unlimited access to information, allows us to keep in constant touch with friends from all over the world, provides entertainment, gives us a chance to earn money without leaving home.

Unfortunately, there are always two sides to a coin, and this is also true about the Web. The development of the Web has been accompanied by various threats, which, along with the growing popularity of digital currencies, are arising very quickly. There has been a proliferation of fraudsters in this area who try to take advantage of users who are unaware of these threats and seize their funds. Recovering stolen cryptocurrencies is often very difficult and sometimes impossible. Not to mention tracking down the perpetrators, which takes a very long time.

Therefore, it is advisable to be aware of the risks and take fundamental precautions to limit the opportunities for fraudsters so as not to become their victims.

As BitBay, a trusted and secure cryptocurrency exchange site, we are launching a series of articles and activities to promote security measures in the world of digital currencies.

Today we are publishing a summary of Web threats most frequently affecting the crypto industry especially for you, and in subsequent materials we will describe them in more detail.

Phishing

One of the most popular and unfortunately still most effective attack vectors is phishing, i.e. techniques aimed at misleading the user with the intention of obtaining specific benefits. Fraudsters impersonate well-known companies and institutions, such as well-known cryptocurrency exchanges, representatives of BitBay, the police, the court, legal offices, banks, the tax office, the Social Security Office, etc. In this manner they try to gain credibility and influence the emotions of their victims, usually by raising their anxiety or exerting time pressure on them. The aim of phishing activities is usually to gain access to accounts in various services, especially financial ones, or to obtain private data. Sometimes phishing is also used to propagate malicious software.

Vishing

Vishing is one of the variants of Phishing, which uses a telephone connection as the channel of communication with the victim. Vishing does not require criminals to have advanced IT knowledge. They phish for data using only the telephone. Skilled callers posing as representatives of the BitBay exchange, bankers, investment advisors, etc. by appropriately conducting the conversation are able to manipulate the caller. The callers unknowingly reveal their details, including even account passwords, or perform other actions from which the criminals will profit, such as transferring their cryptocurrencies to the criminals' wallet.

Investment frauds

Cryptocurrencies are becoming more accessible and the population willing to invest in them is growing. Unfortunately, there are also more new users who are easily fooled due to their lack of knowledge and experience. Unknowingly, they become an easy target for fraudsters who advertise their shady investment projects. Of course it should be remembered that it is never possible to be 100% safe in investments, but as in any field, with proper knowledge you can significantly reduce the risk of being cheated and choose more trusted projects.

There is one very simple rule to remember: "If something seems too good to be true, it probably is". That's why you should be wary of any kind of company or site that offers big profits in a short period of time. If someone offers 50% profit within a few days or even weeks, this should always light up an internal security light in us as to whether it is in fact not a scam. It is worth carefully checking all kinds of investment offers so as not to lose your money.

Malware

Malware can most simply be defined as malicious software. Typically, these can be various types of software designed to steal money or information from a personal device such as a personal computer, tablet, phone, etc. Malware works in many ways. Currently, you can find simple and undeveloped viruses that can only check the copied text and, if the appropriate content is found there (e.g. a wallet address or bank account number), replace it with the content indicated by the malware developer. There is also more sophisticated malware, which has several functions and can get or extract a lot of information from our PC.

It should be also remembered that malware can be installed not only on a computer but also on cell phones or tablets. In the case of mobile devices malware is able to, for example, read the content of our text messages or messages in some communicators. Therefore you should always verify downloaded applications and pay attention to what permissions they ask for while working.

Fake crypto wallet apps

When we want to secure our cryptocurrencies we very often use external wallets. We recommend using hardware wallets, however there are many applications or services that offer the possibility to have your own wallet on your mobile or computer. If you decide to use this type of application, it is worth using well known and trusted applications. It is also worth downloading any software directly from the manufacturer's website or in the case of mobile devices from application stores, checking beforehand whether the application comes from a given manufacturer. Unfortunately, very often it happens that criminals try to impersonate such applications/wallets and thus take over our cryptocurrencies. This is a combination of two of the types of attacks discussed above - phishing and malware.

How to protect oneself against Web threats?

We already know the most common dangers on the Web, it is also useful to know the basic ways to prevent them. That is:

  • always use the most current security level available on BitBay
  • read and understand BitBay's security notices.
  • be vigilant - do not click on random links from unknown or suspicious senders, pop-up ads, or download attachments from their messages
  • protect your computer with an antivirus software – and this software should definitely be equipped with real-time network protection functionality
  • remember to update regularly - both the operating system, antivirus, browser and other applications
  • use difficult to decipher passwords – ones which consist of many letters, numbers and special characters (article on how to create a strong password: LINK)
  • use 2FA (an article about 2FA: LINK)

When using the Internet, we must be aware of the dangers around us and be on guard. Ignoring the dangers of the Internet we may fall prey to fraudsters, and none of us wants that. Let's be responsible and prepared and make the world of cryptocurrencies safer.