Knowledge base
July 23, 2024
Cryptofraud: How Approval Phishing Threatens Bitcoin Investors
Security in the cryptocurrency world is a growing concern.
As Bitcoin continues to grow in popularity and value, so do the dangers.
One of the newest threats is “approval phishing.
In this blog, we explain what approval phishing is, how it works, and what you can do to protect yourself.
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What is Approval Phishing?
Approval phishing is an advanced phishing technique in which malicious actors trick users into giving their approval for transactions or access to their digital assets.
Instead of simply stealing login credentials, these attackers try to get users to consent to actions that give the attacker control over their assets.
Hundreds of crypto fraud cases detected by Rotterdam police
The Rotterdam police recently detected hundreds of cases of crypto fraud, highlighting the dangers of investing in Bitcoin.
One of the emerging threats is “approval phishing,” in which users are tricked into giving approval for transactions, giving attackers access to their digital assets.
How Does Approval Phishing Work?
The method of approval phishing is cunning and can be difficult to spot.
Here are the key steps:
- Step 1: The Lok 🎣
- Attackers send a legitimate-looking email or message that appears to come from a trusted source, such as a popular crypto-exchange or wallet service.
- These messages often contain an urgent call to action, such as a perceived security warning or a request to verify an account.
- Step 2: The Website 💻
- The user is redirected to a counterfeit website that looks exactly like the service’s real site.
- This fake website asks the user to log in or consent to certain actions.
- Step 3: The Approval ✔️
- Once approved by the user, the attackers have access to his or her digital assets.
This can range from performing transactions to emptying wallets.
- Once approved by the user, the attackers have access to his or her digital assets.
How Do You Recognize Approval Phishing?
Recognizing approval phishing can be tricky, but there are some signs you can look out for:
- Unexpected Requests ❗
- Do you receive a request to verify or approve something you don’t expect?
If so, be extra careful.
- Do you receive a request to verify or approve something you don’t expect?
- Check the URL 🔗
- Always check the URL of the website you are being directed to.
Fake websites can look identical to the real ones except for a few characters.
- Always check the URL of the website you are being directed to.
- Dual Authentication 🔒
- Whenever possible, always use dual authentication.
This can add an extra layer of security that attackers find difficult to bypass.
- Whenever possible, always use dual authentication.
Protective measures
There are several steps you can take to protect yourself from approval phishing:
- Be Distrustful 🤨
- Do not trust emails or messages that ask for sensitive information or approvals without thorough verification.
- Use Security Software 🛡️
- Security software can help detect and block phishing attacks before they can do damage.
- Maintain Your Knowledge 📚
- Stay up to date on the latest phishing techniques and how to recognize them.
Conclusion
Approval phishing is a serious threat to anyone trading Bitcoin and other cryptocurrencies.
By being vigilant and taking the proper precautions, you can reduce your chances of falling victim to this sophisticated form of phishing.
Stay alert and protect your digital assets with the utmost care. 💪🔒 Our Zero Trust Email Security solution can help you recognize and block phishing attempts before they can do any damage. Contact us to learn more about how you can protect yourself from this threat and keep your digital assets safe.
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