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Mimecast: How to Protect One’s Crypto From Phishing

Cybercriminals have targeted the cryptocurrency community since bitcoin’s inception, and many crypto owners are falling prey to schemes like phishing.

What is phishing? 

Phishing is a digital crime where cybercriminals aim to steal a user’s private information. Scammers deploy their attack by disguising themselves as trusted organizations or entities to trick a user into mindlessly handing over details like their Social Security number, credit card information, bank credentials, and in this case, crypto wallet details.

Use Multi-factor authentication 

There is no surefire way to keep cybercriminals from attempting to breach an organization’s system. However, it is possible to make it harder for attackers to succeed in obtaining sensitive information. Multi-factor authentication (MFA) is an easy passive approach for users to secure their crypto wallets.

MFA adds an extra layer of protection on top of passwords for both an organization and an employee. So, a password will not be enough even if a user falls victim to a phishing scam.

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Avoid fraudulent emails 

Remember, if something looks too good, it probably is. Over 270,000 Ledger wallet users had their emails extracted in 2020. Phishing attacks, like the breach against Ledger users, promise free wallets that are secretly compromised.

Messages that are urgent or prompt a speedy response may also be phishing scams. Other phishing messages may state that if a user does not act now, their account with whatever legitimate organization the attackers are impersonating will be suspended.

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Most reliable companies will offer ample time for customers to get their affairs in order. However, it is best to ignore such messages as this is a favorite method for cybercriminals. When in doubt, contact the source directly to clarify the matter instead of interacting with the potentially fraudulent message.

Also, users should scrutinize emails with a sharp eye — especially ones with such grand requests and promises. Keeping an eye on the email’s domain and checking for spelling mistakes could be the telltale signs a user needs to identify the phishing scam.

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Keep the private keys secure 

Users must keep their private keys, the line of letters and numbers used to access their cryptocurrency that resembles a password, private.

A user’s private key is something that they should never disclose.

Use an email filter 

To protect against spam messages, users and organizations can use a spam filter that can effectively assess the message’s origin and the software used to send the message. In addition, a spam filter may determine whether a message is spam or not based on its appearance.

Email filters are the first line of defense against phishing scams of all sorts and will actively scan any emails going through a user’s server for spam, malware, and malicious attachments and links.

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[To share your insights with us, please write to sghosh@martechseries.com]

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