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Professional scammers have launched millions of automated phone calls and text messages to target cryptocurrency users following the FTX demise to trick them out of information and funds.
Clayton LiaBraaten, Senior Executive Advisor of Truecaller, an app that helps identify scam callers and messages, told Cointelegraph:
“Scammers like volatility and current affairs. Whenever they try to surf the contours of something very disruptive in the market, they have great success.
According to LiaBraaten, Truecaller also saw an increase in fraudulent communications related to Bitcoin (BTC) and other cryptocurrencies in early 2022 when the market began to become volatile.
He said the “agents” who ultimately want to steal the funds will launch millions of automated “robocalls” and texts to capture people’s “fear, curiosity, and sometimes generosity.” I added that it is.
Phone numbers can be obtained in a number of ways, including data breaches that exposed millions of numbers, and vitools that harvest information from social media platforms.
Identity theft scams are most commonly seen with Truecaller. A malicious actor pretends to represent a major cryptocurrency exchange or business support desk or similar entity. Scammers also try to justify themselves by publishing their phone numbers on fake copycat websites.
According to LiaBraaten, young people are often targeted by scammers because “there is so much information out there about them because they put out so much information on social media.”
“They use the same handle for Bitcoin forums as they do for TikTok and all these social media platforms. […] It is very easy to create and target data graphs about these individuals. There are many factors that social engineers should oppose to the younger generation. ”
The wealth of information people publish online allows scammers to send relevant messages and calls to their intended targets, making malicious communications more convincing.
“They are great psychologists and social engineers, so they will do everything they can to provide contextually relevant content,” said LiaBraaten.
According to LiaBraaten, the first call or text message doesn’t always lead to financial fraud, agents first try to obtain or verify information about the target in order to build trust.
“They are building more and more details about their persona, and if they collect enough information, yes, they will try to access your crypto wallet.”
“There are a lot of people who don’t understand cryptocurrencies very well,” said Lia Braaten. “They are targeting vulnerable people, so highly savvy cryptocurrency enthusiasts are unlikely to fall victim to this.
Related: Deepfake attempt by Sam Bankman-Fried to trick FTX-influenced investors
He said that regardless of their ability to detect fraud, anyone who calls or sends messages asking for personal information or passwords should not engage and should only use official channels.
“One of the worst things you can do is keep on the phone with these guys because it’s their mission to free you from your cryptocurrency. Moments of vulnerability, guess yourself We need one minute to do it, and then they go racing.”
In February, Binance CEO Changpeng “CZ” Zhao warned of a “massive” SMS phishing scam targeting Binance customers.
The scam sent users a text message with a link to cancel a withdrawal and directed them to a fake website designed to collect login credentials.
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