Key Insights
Phishing is a kind of scam that is designed to steal your crypto credentials by tricking you into clicking links.
Some major red flags include fake websites, suspicious messages and requests for private keys.
Great ways to stay protected include using strong passwords, 2FA and investing in hardware wallets.
Crypto phishing scams are one of the biggest threats in the digital asset space today. As crypto grows in popularity, so does the number of online scams that target investors and traders.
Most phishing attacks are designed to steal your login credentials, private keys or other sensitive data.
If you fall for one, your funds can be gone in seconds, often with no way to get them back. Here’s how these scams work and which red flags to watch for.
Crypto phishing is a form of online fraud. The goal of this kind of scam is to trick users into giving up sensitive information like passwords and private keys.
Once scammers get access to your credentials, they can take full control of your crypto assets and leave their victims holding an empty bag. These attacks come in many forms, with some of the most popular being fake websites, emails, SMS messages and social media profiles.
Phishers are crafty, and they know how to make their scams look real. This is why it is important to recognise them before falling victim. Some of the most popular kinds of phishing scams include:
Scammers may send you emails that seem to be from trusted platforms like Binance or Coinbase. These emails tend to include language that creates a sense of urgency. They may claim there's a problem with your account and ask you to verify your information by clicking a link.
They then attach a scam link to the message that leads to a fake website. In many cases, this website can look like the real deal.
Once you enter your login info, the scammer has what they need and can drainn your wallet easily.
Some phishing attacks involve websites that copy the design of legitimate crypto platforms. These sites may offer giveaways or ask you to connect your wallet for an airdrop. As soon as you connect, the scammer gains permissions to access your wallet and therefore drain it.
This is another popular class of phishing scams. Scammers often create fake accounts and pose as customer support or company reps. They then message users directly and offer help.
These messages tend to contain links that steal your data or ask for sensitive information when clicked
Are there any red flags to be aware of? Fortunately, most phishing scams tend to follow the same rulebook, and being able to spot warning signs is important.
When you receive an email you think is suspicious, be sure to check the sender’s email address. Scammers tend to use domains that look similar to the real ones.
Emails that urge you to “act now” or “verify immediately” tend to be scams. In addition, be sure to watch for spelling errors and bad grammar. Legitimate companies have the resources to polish their communications.
In all, never click links in suspicious emails. Instead, visit the official site directly to confirm.
Always double-check the URL of any site before logging in. Phishers tend to make small changes to the spellings in a fake website’s URL, which is a notorious red flag.
Note that a secure site should have a padlock icon right next to the search bar, and begin with “https.”
In addition, be wary of offers that sound too good to be true, like “sure” returns or “instant” airdrops.
3. Social Media Messages
Avoid engaging with unverified accounts that offer you help out of the blue. Never share personal information through DMs, and note that official support from your exchange will never ask for private keys or login details via message.
Aside from passwords, legitimate platforms will never ask for your private keys. If someone does, it is very likely a scam. Your private key gives full access to your wallet, and sharing it is like handing over your house keys to a stranger.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.