Trust but verify – Crypto scams using malware | Frauds and Scams edition

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You have to sacrifice something in order to attain the other and in case of the Internet, time-saving can cause you troubles in the form of the virus and many other. Scammers can now make a lot of money in an easier way with the dangerous downloads.

Never click on any unknown email attachments or potentially dangerous links.

You should always be very conscious while using Bitcoins and be aware that Bitcoins are being used as bait. For example, if someone posts on social media say you can mine Bitcoins just by downloading a program or a link that gets you started to the process. These kinds of things are always being treated with suspicion.

                                     Trust but Verify

It’s better not to trust but if you trust particular websites do a research on them and proceed. The other better way is to sit google or research on the trustable sites and find on your own way than trusting the ones that come to you. There are plenty of safe and secure cryptocurrencies exchanges which you can find when you research them in detail.

There are two ways to help ensure your security, even if you do get malware and it follows

  • Every time use two-factor authentication.
  • There are two kinds of wallet ‘hot wallet’ and ‘cold wallet’. The hot wallet is the one connected to the internet and the cold wallet is held offline. It’s better to use the Cold wallet

With some common sense and the measures, you can protect yourself from malware even if you’re not a techie. To steal from people, malware usually needs to be subtle and sophisticated. For example; the “Crypto shuffler” Trojan.

This Trojan is used since 2016 where it infects the computers and then becomes invisible in the background till the right time. The tight time is when the user copy-pastes a string of characters and digitals which appears like cryptocurrency wallet address. When the user is doing it simply replaces the address with the crypto shuffler’s own wallet address. Unless the user himself spots the difference in the address they will end up sending the coins to crypto shuffler wallet rather than the one appropriate one.

Also read : Are you a crypto clever investor 

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