4 Ways to Mitigate Crypto Phishing Scams

We have noticed that several cryptocurrency holders have been hit by phishing emails, asking them to reset their passwords, move their money to high-interest funds or even offering fake crypto coins. As more people get into the cryptocurrency space, hackers will try everything to empty their wallets. Just recently there was a coordinated attack on Ledger wallet holders, asking them to reset passwords and replace their faulty device with a compromised one.

1.     Stay away from second-hand crypto wallets

In 2018 a man who purchased a second-hand hard crypto wallet had his entire life savings cleared out thanks to a man in the middle attack that utilised the attacker’s own recovery seed. If you are looking to purchase a crypto wallet — do your research and always purchase a new product directly from a reputable provider.

2.     Use Multi-factor authentication

Multi-factor authentication is the simplest and best passive approach you can take to securing your crypto wallet. Even if you do fall victim to a phishing scam, the login credentials will not be enough to access your account and you will be alerted when an unauthorised login occurs. MFA and 2FA can also come in handy when coming across imposter websites or being lured by fraudulent social media posts — email is not the only phishing channel.

3.     Implement an email server filter

In 2020, over 270,000 Ledger wallet users had their emails extracted and posted online. Email filters are the first line of defence against all types of phishing scams and will actively scan any emails going through your exchange server for spam, malware and suspicious attachments or links. Implementing email server filters is a simple process; have a chat with our specialists and take the first step to a more secure exchange system today.

4.     Beware of fraudulent emails

If it’s too good to be true, then it probably is. Sophisticated phishing attacks such as those lead against Ledger account holders promised free wallets that were secretly compromised, for example. Keep an eye on the email’s domain and check for spelling mistakes — compare it to other emails from your crypto provider and get in contact with them via their website to enquire whether or not the email is legitimate. 

Protect your cryptocurrency today!

AWD can provide you with state-of-the-art email filtering, antivirus software and professional cybersecurity knowledge to ensure your systems and crypto accounts are kept safe and secure. These security measures are fundamental in mitigating unauthorised access.

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