Guest post by Bravado Trading
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Phishing attacks have been around a lot longer than cryptocurrency and blockchain, but once word got out to cybercriminals that cryptocurrencies had real value, the phishing scams started pouring in. Phishing is the fraudulent attempt to steal sensitive information such as usernames, passwords, and credit card details by disguising an email, website, or social media username handle as a trustworthy entity.
In the cryptocurrency space, phishing attempts have become notorious across multiple cryptocurrency exchanges, wallets, and social media accounts. In this section, we want to explicitly show you what each phishing attempt could look like and also provide you with best practices to avoid ever falling victim to these theft attempts.
Exchange and Software Wallet Phishing
As unwise as holding a large amount of cryptocurrency assets on a centralized exchange’s hot wallet or software wallet can be, this is often times common practice among new entrants to the space. Many rogue website designers and hackers have created look-alike copies of popular exchanges and software wallets in an attempt to steal login information from unsuspecting users as they try to access their funds. The cybercriminal behind the phishing website then uses the stolen details on the correct website to gain access to the original users' funds.
2FA negates this type of activity on exchange accounts and software wallets but unfortunately, many new entrants are unaware of the protection that 2FA provides. We strongly suggest using 2FA on any site or account that is crypto related.
To avoid phishing websites, we suggest bookmarking the exchange or software wallet website as soon as you go through the verification process. This will allow you to return to the same website each time you want to login without needing to look online or click links from any other locations to access your cryptocurrency assets on exchanges or wallets.
Many cryptocurrency exchanges offer you the correct URL as soon as you have finished signing up (see Binance sign-up below). Bookmark and use the page the exchange presents you every time you wish to return to the site.
Below is an example of a Binance phishing attempt. Notice the URL is changed in the phishing attempt, as well as the landing page interface.
With due diligence and proper preparation, these types of fraudulent activity can be avoided.
Stay tuned for our next guest post from Bravado Trading: Protect your Crypto Social Media Scams