Cryptocurrency, the new target for cybercriminals

Hyderabad: Cryptocurrency seems to be the new area of attack for cybercriminals with crypto-related scams trending. A research by Norton Labs found that over $29 million in bitcoin was stolen in 2021 and it expects the figure to continue to rise in 2022 as the crypto market’s value increases.

Along with cryptocurrency, cybercriminals are deceiving victims with deepfakes to scam consumers and spread disinformation.

NortonLifeLock’s global research team, Norton Labs, on Wednesday published its quarterly Consumer Cyber Safety Pulse Report sharing the top consumer cybersecurity insights and takeaways from January through March 2022, including how cybercriminals are deceiving victims with deepfakes and crypto scams to access financial or personal information.

Deepfakes are being utilised by bad actors to scam consumers and spread disinformation and the team has spotted deepfakes used to create fake social media profiles, fuel charity scams and other fraudulent ploys, and spread propaganda relating to the ongoing war in Ukraine, in addition to deepfakes used simply to make funny videos, a release said.

Scammers capitalise on world events, including the humanitarian crisis in Ukraine to steal donations from philanthropic crypto investors. New threats emerge as cybercriminals combine tactics. By presenting realistic disinformation via deepfakes in a phishing scam that collects payment in cryptocurrency, a consumer would have little to no recourse.

“Scammers are always evolving their tactics to make their attacks look more believable,” says Darren Shou, head of technology, NortonLifeLock and adds “Cybercriminals are masters at profiting from deception, so it’s crucial for consumers to be aware of the latest scams and to critically analyse anything suspicious they encounter on the internet, whether on social media or in their inbox.”

In India, between January and March 2022, Norton thwarted:

• Over 18,013,055 threats, the equivalent of around 1,95,794 threats per day

• 59,907 phishing attempts

• 31,062 tech support scams

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