Bitcoin Phishing

Bitcoin is the most popular cryptocurrency released in 2009. The sign of the currency is similar to Thai Baht. With the help of some popular cryptocurrency trading platform, you can trade in Bitcoin. The most important reason for Bitcoin’s tremendous popularity is its return rate. It has a record of providing a return of 142% within a year.

Now phishing can be described as a malpractice/scam which is done by sending an email to the target victim in the name of renowned companies. The purpose of this mail is to get the information from the victim to execute the fraudulent activity.

For example – you get an email in the name of your bank. The theme of the mail is the same as the mail you receive from your bank end. So, you didn’t doubt. The mail instructs you to click on a given link to reset your password on an immediate basis for security purposes. Hence you clicked the link to do so. Then it will pop-up a window that looks accurately identical to your bank portal where your bank user name and password are asked. Normally you will enter the user name and password then the page will be broken or show some message to try again later. Now they have your net banking credentials to proceed with the scamming activity.

Apart from this, the attacker can also corrupt some popular websites and build pop-up dialogue boxes to have the login information or it can simply happen due to mistaken installation of any ransomware or malware.

Therefore Bitcoin phishing can also be defined in a similar way where the scammer steals your user name and password by deceiving you and utilize that information to steal all your investment.

Preventive Measures to Avoid Bitcoin Phishing:

Related companies and service providers should educate and make their customers and clients aware of this kind of attack. Also, users should be trained to identify phishing emails, links and attachment files. Cyber invaders always update themselves for newer theft techniques. So, you should also keep updating your knowledge.

Here are some signs by which you can identify a phishing mail:

  • Unbelievable offers /discount is stated to attract the customer.
  • The sender mail address(domain) will be not linked with the website.
  • Spelling mistakes and grammar errors will be there.
  • Fear of security and account closure are stated to make you hurry.
  • Some links will redirect you to a different website when clicked on.
  • You might receive fishy attachments or some without any preview.

Finally, we could conclude that awareness is the only way to be in a safe zone. Also, you can try the two-step verification process, web browser filters to avoid high-risk mails or biometric login options, OTP based login options to avoid such a scenario.