Kaspersky Report Shows 40% Increase In Crypto Phishing Attacks In Just One Year

A report from a cybersecurity firm, Kaspersky, reveals that crypto phishing attacks surged by 40% in just one year. The report highlights the rising trend of digital asset exploits targeting crypto investors and users to steal their holdings throughout 2022. 

Kaspersky is a Russian-based cybersecurity company behind the popular anti-virus products. Its primary role is to protect internet users from all possible threats in their homes and businesses through various premium products and services.

Cyber Threats Targeted At Crypto Users Up By 40% In 2022 

The report revealed that cybercriminals are using various tactics to carry out these attacks, including creating fake cryptocurrency exchange websites and sending phishing emails and messages that trick users into disclosing their private keys and other sensitive information.

Generally, a phishing attack refers to a type of cyber exploit where an attacker poses as a legitimate entity or individual, such as a cryptocurrency exchange. The primary aim is to trick the victim into disclosing their sensitive information, including private keys or passwords.

The attacker often uses fraudulent emails, messages, or websites that closely resemble legitimate ones, intending to steal the victim’s digital assets or use their personal information for fraudulent activities.

According to the data, about 5,040,520 phishing exploits occurred in 2022, a significant increase from the 3,596,437 recorded the year before. For now, the company can’t predict whether or not the trend will continue to rise in 2023. 

However, Kaspersky researchers disclosed that these attacks are becoming increasingly sophisticated and challenging to detect. Some cybercriminals use social engineering techniques to access users’ wallets and steal their funds.

A notable instance is that of a hardware digital asset wallet provider, Trezor. The firm took to Twitter on February 28, 2023, to reveal some suspicious activities within its system and warn users to beware of the fake Trezor website prompting them to give out their recovery phrase.

In another report, Arbitrum investors faced a similar exploit in March 2023. Based on a March 25 tweet from CertiK Alert, the perpetrator hijacked the official Discord server of the blockchain research and development firm, leveraging it as a medium to share fake announcements and links.

Kaspersky Report Calls For More Vigilance in Crypto Transactions 

Phishing attacks are one of the most common types in the crypto space and can lead to significant financial losses for the victims. Therefore, digital asset investors and users must be vigilant and cautious when dealing with digital asset transactions.

The recent report shows an increase in the number of scams targeting the industry. As such, it’s vital that investors only use trusted exchanges and wallets.

The cybersecurity firm advised investors to take several measures to protect themselves from these attacks, such as activating two-factor authentication and password managers and keeping their software and operating systems up-to-date.

Featured image from Pixabay and chart from Tradingview.com