Crypto Recovery Scam Explained

The hype around cryptocurrencies has slowed down recently, but the number of scams related to this topic has never come down. Moreover, another vector has emerged – crypto recovery scam, which targets people who have already become victims of crypto fraud.

Getting into a financial fraud related to an investment can hit the wallet pretty hard, so the urge to get the money back has obvious motivation. In certain cases, it is technically possible to recover lost assets, and some legitimate organizations can assist victims in doing so. Still, it is very individual and depends on many factors, and there is never a guarantee of success.

The loss of cryptocurrency can occur for a variety of reasons, including technical failures (dead hardware wallet key) or human factors. But what the fraudsters concentrate their attention on are fraudulent investment schemes rather than technical issues. Incidentally, we have a separate post about cryptocurrency fraud, but this time we will focus on fraudulent “cryptocurrency recovery agencies”. Long story short – attackers could not ignore people who fell victim to one scam and developed a whole scheme to scam them again.

Examples of Recovery Services

How Do Crypto Recovery Scams Work?

Usually, these scammers are looking for victims on social media, particularly in crypto investment-related groups or trading forums. It all starts with comments from people who allegedly have managed to get their money back. They provide the contact information of a ‘specialist’ and claim to have helped but are actually part of the fraudulent scheme. In another scenario, fraudsters directly contact victims (mostly in crypto communities) and offer their help in restoring their crypto assets. One more scheme involves fraudsters selling lists of victims they have deceived or hacked on the Darknet.

After the victim contacts the scammer, they will immediately ask for as much information as possible. This may seem quite logical, since such an operation requires a full pack of victim’s info. However, the scammer will always ask for things that will barely be needed – SSN, detailed personal information, and so on. In addition to this data, attackers almost always require an upfront fee for their work. Quite often, the frauds simply cut any connections upon the upfront payment, but not always. It is often to see them imitating the progress, and asking for more money after some time. Scammers explain this as “additional funds are needed to solve the problem”. Attackers employ a lot of social engineering tactics, which can result in multiple requests for money before they eventually stop responding to the victim.

Red Flags and Potential Risks

Let’s take a look at the main red flags that you’re dealing with a scam. The first thing that should raise concern is a request to make a prepayment without any guarantees. Sure, scammers will promise guaranteed recovery of your funds, but such a guarantee is impossible. Definite false claim = quite an obvious red flag.

The next red flag is the claim that they have “special access”, a private connection with the FBI or another law enforcement agency. Without a confirmation, this claim costs nothing, and any “informal connections” still give you no guarantee that this FBI friend will be helpful. And, after all, if they’re talking about law enforcement – why won’t you go directly to them? The majority of investigation agencies around the world nowadays have an online fraud department, which will be in handy for this case.

Another sign that you are dealing with fraudsters is a sense of urgency and persistence on their part. In this case, the urgency comes not only from the scammers but also from the victim. Frauds often insist that you should not notify law enforcement about the incident, which is a strange demand from “legit money recovery agents” as they present themselves.

The risks of all this, as you can imagine, are quite high. First of all, there are significant financial losses. Usually, fraudsters demand large sums upfront because they realize that the victim is ready to do anything to get the lost crypto back. Secondly, there is the risk of confidential information leakage. Attackers can request credit card information or login details to an online bank. They may then either use this information to finally empty the victim’s accounts or resell this data on the Darknet.

6 Warning Signs

Most crypto recovery services are scams — especially if they promise to return crypto you no longer own. Look out for these warning signs:

1. They ask for an upfront fee. If someone asks for money before helping you, it’s likely a scam. They might ask for a small amount first, then keep asking for more.
2. They claim to have “special access” to crypto exchanges. Scammers will say they have secret ways to get your crypto back. This is always a lie.
3. They ask for your passphrase or sensitive info. If they want this information, they are trying to steal from you.
4. They ask for your bank or crypto wallet details. Scammers may ask for your wallet or bank info to “deposit” the recovered crypto. They just want to steal more money.
5. No physical address or located outside the U.S. If there’s no address, or it’s outside the U.S., it could be fake. Many scam companies use fake addresses.
6. No phone number or only messaging apps. Legit companies talk by phone. Scammers use apps like Telegram or WhatsApp to hide.

How To Avoid Scams?

If you’ve been a victim of a crypto recovery scam, I have a few recommendations that may help. First, report the platform support through which you were defrauded. Contact the platform’s technical support and report the incident. The next step will be filing a report with law enforcement and gathering as much case evidence as you can. While this still cannot guarantee a refund, it can significantly increase the chances of one. Detailed information will also help men in uniform with finding and detaining the fraudsters.

Also you can report scams to:

• The Federal Trade Commission (FTC)
• The Commodity Futures Trading Commission (CFTC)
• The U.S. Securities and Exchange Commission (SEC)
• The FBI’s Internet Crime Complaint Center (IC3)

If you have found an organization that helps you recover your lost funds, research its procedures, refund methods, and real user reviews on the Internet. The major challenge is that recovering stolen cryptocurrency is extremely difficult to recover. And almost the only way to do this is to collect as much evidence and information as possible, gather the necessary package of documents and submit it to law enforcement agencies. Law enforcement may contact the platform’s representatives. If proven that the stolen crypto belongs to the victim, there is a chance that it will be returned. This is the only legal way to get the lost crypto back.

The post Crypto Recovery Services appeared first on Gridinsoft Blog.

But there are some dangers that few people know about. For example, money that users transfer through the Cash App (or similar apps) is not insured by the FDIC as if it were in your bank account. In this way, users may fall victim to fraud and not get their money back. and raising this issue of fraud, we would like to provide the top most common methods that fraudsters use when stealing your funds through the Cash App.

Top Latest Cash App Scams

Social engineering will always be necessary for fraudsters, which is why they produce the most successful attacks. Thousands of users are deceived and manipulated by intruders. Then they lose their confidential data and money. To do this, they need to gain trust in their victim, apply all their psychological techniques to her, seduce her, or lure her with a tempting prize. So what schemes are to be feared?

1. Phishing emails and fake websites that steal your cash app login details

Scammers often use phishing as a way to steal the information they need. This common method involves deception and disguising as a legitimate organization. Most phishing attacks occur via email, phone calls (vishing), and text messages (smishing). In case of fraud on Cash App, the fraudsters send a similar email address as in the app, which asks you to confirm your password or click on the link that will take you to the phishing site. Phishing is an unspoken pandemic causing a lot of trouble for individuals and corporations. Please remember that phishing is still the most common cyber attack.

2. Cash “flipping” scams that promise significant returns for small investments

This method is gaining momentum in our time, as an investment in the high expected yield has become a common way to earn. But a crook could not have used it in his ill-intentioned ways. They promote their clever enrichment schemes on platforms like Instagram or Twitter. They confirm it with screenshots of the lucky ones who’ve already made a fortune. But to become a member of this happy coupon, the user needs to pay the initial amount, which in time, will bring income. Therefore, the attackers use the Cash App, as the money is transferred instantly and will not be returned.

3. Fake Cash App customer support websites and social media accounts

This method works because few users will believe what they hear from the support team on this platform. So again, they disguise themselves as a support team and ask you about your current balance or security questions. Unfortunately, there were also cases where fraudsters called clients and offered assistance with transferring funds to a bank account, and ultimately the money was in their hands.

4. Cash App Cryptocurrency and Bitcoin Scams

Because cryptocurrency has become one of their primary earnings, fraudsters increasingly use scams in this area. In 2021 alone, more than a billion dollars in cryptocurrency were stolen through investment schemes. Here intruders place advertisements on different platforms of social networks about how someone was lucky to turn their small investments into a big profit. If users respond, scammers ask them to transfer money to Bitcoin through the Cash App to replenish their wallet and expect interest with gain.

5. CashAppFridays and SuperCashAppFriday giveaway scams

On Fridays, the Cash App team hands out free promotions through social media such as Twitter or Instagram. Users need to answer with their Cash App “$cashtag” to win this. However, be careful as the attacker creates fake accounts, grabs the hashtag, and responds to people who answer in the original branch of the app. In their messages, they claim you won the prize and will ask for your financial information to send prize money to your account.

6. Fake Cash App payment notifications and emails

Cash App provides transactions between relatives and friends or with other people you know well. But there are also transfers for goods and services sold or purchased online. In payment fraud, fraudsters will buy your product published on social media platforms. After that, they will want to pay it via Cash App and send an email confirming the payment to your account.

But once you’ve checked your account, there won’t be a dime on it for the goods sold. It’s impossible to prove that he didn’t pay you because he’ll say you’re trying to cheat him and ask for a refund.

7. Fake security alerts claiming your Cash App account has been compromised.

Many fraudsters try to manipulate users, instill fear in them, and it works. In the case of fear, the fraudsters intimidate the victim with reports that a data leak has compromised her account. The message will include a link or attachment to which you want to change your credentials to log into the Cash App. Thus, by switching to a fake site, the user risks losing the data that will be entered. After that, his account will be controlled by the scammers.

8. Receiving fake cash app debit cards through the mail

Cash App provides its users with debit cards to access their funds. But the fraudsters also started sending the same cards by mail, with instructions for downloading the application to your device and its configuration. So, when a user uploads this to their device, they log into their account and thus allow scammers to steal this information because the app is fake.

After you fund your account, fraudsters can easily withdraw this amount as they will have all your credentials.

9. Scammers requesting gift cards in return for “free money” on Cash App

Gift cards are popular among scam artists. They use fictitious cash sweepstakes to send people a gift card. This lets the scammer stay anonymous and impossible to track. There are times when scammers will pretend to be from the FBI or the IRS and will threaten you with imprisonment or large fines if you don’t send them gift cards.

The Federal Trade Commission estimates that $148 million worth of goods and services are fraudulently paid for with gift cards. This is the number one scamming method among consumers.

10. Romance scams on Cash App

Romance scams are caused by fake accounts created on social media and dating websites. In these scams, fraudsters build relationships with victims.

Criminals use trust as a tool for their scams. They invent some emergency and request funds, wire transfers, or other untraceable means. They might say they’re trapped overseas without access to their account or have legal trouble. None of it is accurate, and sending funds to them will result in them melting away.

How To Avoid and Prevent Cash App Scams

• Don’t disclose sensitive information. Never disclose personal information such as passwords, PINs, authentication codes, or SSNs on Cash App. Additionally, do not share your bank account information or sensitive information. Cash App employees will never request this information.
• Use two-factor authentication (2FA) on your account. The Cash App allows users to secure their accounts with two-factor authentication. The method requires users to input a special code provided by an authenticator app instead of a text message.
• Set up “security lock” and payment notifications. Using the Cash App’s “Security Lock,” users must input a passcode for each payment. You can additionally set up email and text message notifications for each payment made to ensure you aren’t left in the dark.
• Secure your mobile devices against scammers. Create unique secure passcodes and secure biometric options such as fingerprint identification on all your mobile devices. An appropriate example is a password for your phone that should not be the same as the one for your computer or iPad.
• Log out of the Cash App when you’re not using it. Anyone who uses your device can easily access your account if you keep it logged in.
• Beware of links and attachments in emails or messages. Hackers frequently exploit this security hole to infect your devices with malware. The best security posture requires keeping your device up-to-date with optimal antivirus software installed.
• Don’t keep large sums of money in your account. Only hold small amounts of money in your Cash App balance. This balance isn’t federally insured.
• Avoid sending money to people you don’t know. Before sending money to someone who is not a family member or friend, verify their account details.
• Only contact customer support by using the actual app. Any messages claiming to be from the Cash App should be ignored. If a person on the phone claims to be from Cash App, disconnect the call or ignore the message. Instead, contact the company through the app.

The post Top 10 Cash App Scams appeared first on Gridinsoft Blog.

Vulnerability in Twitter In-Post Links

The exploit involves altering the account name in a tweet’s URL to masquerade as high-profile accounts, luring users to fraudulent content. This technique has seen increasing use in recent weeks, with scammers targeting prominent crypto-related Twitter accounts with massive followings, such as Binance (11 million followers), the Ethereum Foundation (3 million), zkSync (1.3 million), and Chainlink (1 million). Users clicking these modified URLs are redirected to posts promoting crypto scams rather than the expected legitimate content. Such scams range from false crypto giveaways to deceptive websites designed to drain cryptocurrency wallets.

The scam tweets often appear legitimate, particularly on mobile devices, where the Twitter app lacks an address bar, masking the URL discrepancy. This lack of visibility makes it challenging for users to discern the authenticity of the tweet, especially when scammers create accounts with names mimicking legitimate organizations.

What are cryptocurrency scams?

Cryptocurrency scams are fraudulent schemes involving digital currencies like Bitcoin or Ether. These scams exploit the complexity and novelty of cryptocurrencies to deceive users. Tactics include fake giveaways, impersonating legitimate accounts, and promoting bogus investment opportunities with unrealistic returns.

Scammers often use social media, phishing emails, and fake websites to lure victims. They promise high returns, use celebrity endorsements, or offer exclusive investment opportunities, only to steal funds or personal information.

It’s just the beginning

This incident is part of a broader trend of crypto-related scams proliferating on social media platforms, leveraging legitimate features for malicious purposes. These scams not only pose a threat to individual users but also to the reputation of the organizations impersonated. Victims face substantial financial losses, with scammers draining their cryptocurrency wallets, leaving them bereft of their digital assets. Additionally, the psychological toll on victims can be significant, leading to stress, anxiety, and a profound sense of betrayal. These scams not only damage individual lives but also undermine the credibility and stability of the burgeoning crypto economy.

Twitter Cryptoscams – How to Protect?

To combat these scams, users are advised to enable Twitter’s Quality Filter, though it may inadvertently filter legitimate content. Moreover, a careful examination of the URL and the account name can help discern the authenticity of a tweet.

However, as this redirection is an inherent feature of Twitter, it remains a persistent threat, underscoring the need for heightened vigilance among users.

To avoid falling victim to crypto scams, consider the following tips:

• Always check the URL and domain name of the website you are visiting. Fake websites often mimic legitimate ones but may have slight variations in the URL. You can review whether the site is trustworthy by scanning it on the GridinSoft Web Scanner
• Be cautious of unsolicited offers and too-good-to-be-true promises, especially on social media. Scammers often use high-pressure tactics to create a sense of urgency and promise yet unseen profits.

The post Cryptocurrency Scams on Twitter Exploit Post Features appeared first on Gridinsoft Blog.

TikTok flooded by “Elon Musk cryptocurrency giveaway” scams.

Today, the creativity of scammers trying to take advantage of TikTok’s massive user base is quite obvious. TikTok is facing a severe problem with the proliferation of numerous fraudulent cryptocurrency giveaway scams on the platform. Scammers are going all out for their profits. They create hundreds of websites posing as crypto exchanges or free giveaway sites. According to them, the only thing a user has to do to get free cryptocurrency is to register on their site and enter the promo code from the video.

And, of course, the slight nuance that the video is silent about is to pay a small amount for account activation, which will allow the user to withdraw funds. However, the reality is grim: paying the user out is absent in such a scenario. These scams are elaborate traps that steal users’ funds, leaving them empty-handed. Besides, there’s always the chance of being double-crossed. Although this scheme is quite old, it is still very effective — as the saying goes, old but gold.

The Elon Musk impersonation

Attackers learned long ago that promoting mass fraud on behalf of famous personalities is much more effective. Regarding media personalities, the first person who is associated with cryptocurrency giveaway scams is Elon Musk. Moreover, his bizarre behavior and habit of talking nonsense in public and promoting questionable things adds credibility to any scam that mentions the name of Ilon Musk. So, the scammers publish a fake video in which Fox News or others interview Elon Musk and promote a phony cryptocurrency giveaway.

The strategy means impersonating Elon Musk and his subsidiaries, Tesla and SpaceX. They are designed to make people think they are participating in a genuine promotion. Thus, some videos contain instructions on how to log into the listed website and enter a promo code to get free bitcoins. Many websites have very similar names like Moonexio[.]com, altgetxio[.]com, and cratopex[.]com or, as in our case, bitoxies[.]com.

How cryptocurrency giveaway scams works?

It starts with a TikTok video the user can find using the hashtag #bitcoinforbeginners. We see many identical videos as if they were copied. The only thing that makes them different is the promo code, which differs for each. We open a random video, see a fragment from the interview mentioned above on the cover, and then follow instructions on registering on the site.

We open the site, register, and enter the code – voila! We have bonuses on our account. We try to withdraw them and see an error that says that to operate, and you must complete the account setup and activate it. For that, the service asks to deposit an amount equivalent to 0.005 BTC.

Obviously, after replenishing the account, you still cannot withdraw funds. The essence of this scam is to lure victims out of their funds in this way. In addition, the site asks for KYC information, with the help of which attackers will try to hack into our other legitimate accounts. This in total pushes the risks much beyond money losses.

It is also important to note that the mentioned websites may change their names, but retain the overall message. There is an entire pandemic of such sites going on – with absolutely the same design and promises, but different names.

How to avoid crypto scams?

The first thing this fraudulent scheme is based on is the unawareness of users. The second is greed and the desire to make a profit for nothing. We can help with the first, but the second comes with experience. It is essential to learn that you must pay for everything in life, and no one will give you anything for free. Besides, it would help if you did not get your investing advice from TikTok. Elon Musk’s crypto giveaways are like his promises to improve Twitter: they’re fake. Cryptocurrency is not something you can invest in just out of interest. Before investing, you should study this field well and understand it completely. Otherwise, losses are inevitable. In addition, we recommend that you only use official platforms and apps. The following red flags will help you identify scams:

• The ad promises free cryptocurrency for performing simple actions such as subscribing to an account, watching a video, or commenting on a post.
• The ad contains errors or typos.
• The ad looks informal or unprofessional.
• The ad requires entering your personal or cryptocurrency wallet information.

If you see a post or comment that fits one or more of these traits, it’s best to ignore it.

The post TikTok Flooded By Elon Musk Cryptocurrency Giveaway Scams appeared first on Gridinsoft Blog.

What are cryptocurrency scams?

Crypto scams are investment frauds that can take many forms, from phishing scams to rug pulls. Since a central authority like a bank doesn’t regulate crypto’s blockchain technology, bad actors can easily exploit hopeful investors. That, actually, has made cryptocurrencies and all related topics an ideal harbor for different scams. Due to the lack of experience, people were prone to falling victims even to the least complicated schemes – leave alone tricky ones.

With time, cybercriminals become more sophisticated in their phishing techniques. Primary reason for that is the uprising of average folks’ knowledge – it just became not that easy to scam someone. They impersonate legitimate exchanges and wallets and use convincing social engineering tactics to gain unauthorized access to digital assets. These scammers use various social engineering methods to manipulate users’ emotions and create a sense of trust and urgency. It’s essential to be aware of these tactics and take the necessary measures to protect yourself.

Hot and Cold Wallets Difference

To assess the risks, let’s review the different types of wallets. First, it’s important to note that wallets do not hold the actual crypto assets. Instead, the blockchain records information about the support, while the wallet provides secure storage for the private (secret) key.

The “Hot” wallets.

A hot wallet is a cryptocurrency wallet that has constant internet access. It includes any online service that offers cryptocurrency storage, such as crypto exchanges and specialized apps. The keys in a hot wallet are stored encrypted on the server. These are online or custodial wallets offered by popular exchanges, including Binance and Coinbase.
The key can be used to sign a transaction on the blockchain anytime.

The “Cold” wallets.

In the case of a cold wallet, the keys are stored on a standalone device or as an alphanumeric sequence written on a piece of paper. A device solely for storing keys is known as a hardware wallet, while software wallets are applications designed to store keys on regular computers and smartphones.

Attack on “Hot” wallets

Many people use hot wallets to store their cryptocurrency because they are easy to create and convenient. However, cybercriminals often target hot wallets because they are frequently online and popular. Storing large amounts in hot wallets is not recommended due to their susceptibility to attacks. Although cybercriminals may use phishing techniques to attack hot wallets, their tactics are often simple and aimed at less experienced users.

A standard method in crypto phishing scams is impersonating trusted entities, like cryptocurrency exchanges or wallet providers. The scammers send emails or messages that look like they come from these legitimate organizations, using similar branding, logos, and email addresses. Their goal is to trick people into thinking they are receiving a message from a trustworthy source.

One common phishing scam targets users of hot wallets. Scammers will send emails posing as a well-known crypto exchange, asking users to confirm a transaction or verify their purse. Once the user clicks the link, they are taken to a page. Then they are asked to enter their seed phrase. A seed phrase consisting of either 12 or 24 words is required to regain access to a crypto wallet. This is the primary password for the wallet and should be kept secure. If the seed phrase is lost or given to scammers, the user risks permanently losing access to their wallet and compromising their account.

Scams that are straightforward and don’t involve software or social engineering tactics are usually aimed at people who are not tech-savvy. The form for entering a seed phrase usually looks simple, with just an input field and a logo for a cryptocurrency exchange.

Phishing attacks targeting cold wallets

Cold wallets seem to be more safe because they are not always connected to the Internet. However, it would be a mistake to assume that a hardware wallet can only be hacked by stealing or physically accessing it. As with hot wallets, scammers use social engineering techniques to access users’ funds. Recently, experts noticed an email campaign explicitly targeting hardware cold wallet owners.

A typical attack involves a crypto email campaign where the user is sent an email from a cryptocurrency exchange inviting them to participate in a giveaway of XRP tokens, the platform’s internal cryptocurrency. When the user clicks on the link, they will be directed to a blog page with a post outlining the “giveaway” rules. This post also includes a direct link for registration. Where scammers are already finding sophisticated methods to trick the user.

Fake support requests

Beware of crypto phishing scams where scammers pretend to be customer support reps from real cryptocurrency exchanges or wallet providers. They may send messages or emails to users, tricking them into believing there’s a problem with their account or a transaction that needs urgent attention. These scammers often provide a link to a fake support website or contact method, where users are asked to provide their login credentials or sensitive information. Stay vigilant, and avoid falling for these tactics.

Scammers exploit users’ trust in legitimate customer support channels by pretending to be support personnel. They also capitalize on users’ eagerness to resolve issues promptly, which leads them to reveal their private information willingly. Scammers can then use this information for malicious purposes.

How to protect users from crypto-phishing

To stay safe while using cryptocurrency, there are measures users can take. One is enabling two-factor authentication, a helpful tool to prevent phishing scams from compromising their crypto accounts.

• Use of hardware or software authenticators. Hardware authenticators, or security keys, are physical devices that generate one-time passwords and provide an extra layer of security. Software-based authenticators, such as Google Authenticator, generate time-based codes on users’ smartphones.
• Be careful with links and attachments. Phishing scammers use a trick where they display a different URL text to what the actual destination is. To avoid falling for this, users can hover over the link to check for inconsistencies and suspicious URLs that may indicate a phishing attempt.
• Scanning attachments with antivirus. To protect your device and cryptocurrency accounts from malware, always be careful when downloading and opening attachments, particularly from unknown or suspicious sources. Attachments may contain harmful software, such as keyloggers or trojans, which can jeopardize security. To reduce this risk, scanning all attachments with trustworthy antivirus software is advisable before opening them.
• Keep software updated. It is crucial to keep the operating systems, web browsers, devices, and other software up to date to ensure the security of the user’s devices. These updates may contain security patches to address known vulnerabilities and protect against new threats.

As crypto phishing scams constantly change, users must stay current on the latest tactics and scams targeting the cryptocurrency community. Educating yourself on these techniques and staying informed about recent phishing incidents and security best practices can help keep you safe. To stay informed about phishing scams, security vulnerabilities, and how to protect your crypto assets, it’s essential to follow trustworthy sources that provide accurate information and alerts.

The post Hot and Cold Crypto Wallets Hacking appeared first on Gridinsoft Blog.

In this article, we will talk about Instagram Bitcoin scams, as cryptocurrency and its activities have become popular worldwide. To avoid becoming a victim of fraud in this area, we will guide you on what Instagram Bitcoin scams are and how to protect yourself and your money from them.

Common Instagram Bitcoin scams

There is no end to people complaining on Facebook about losing their money to Bitcoin pyramid schemes. As for Instagram, there is a growing market of scams promising users to get rich quickly. These scams include Get Rich Quick Bitcoin Pyramid and Cash Cow Pyramid Schemes.

1. Big wins, short timespan:

People who talk about making large returns on smaller investments or pressure to transfer money quickly are warning flags. Anyone contacting you about a “Bitcoin mentor” should be avoided.

2. Could you send me the money?

Investing funds in someone else’s digital wallet via purchasing cryptocurrency is a waste of time and money. This is similar to a request to give a loan to a stranger, without anything to guarantee a return.

3. Hostage-style scams to cryptocurrency:

Many videos on success claims made by Bitcoin are creepy videos produced by previously scammed people. Users are asked to record videos in exchange for rewards in bitcoins or fiats. Advertisement of such offers is spread on Instagram, which is senseless and untrue.

4. Changes in circumstances:

If you are asked to change the username and password of your account to the one that will send you, then the scammers are trying to get access to your profile on Instagram. In the future, fraudsters can perform unauthorized actions on your behalf, and you will not be able to influence them. So make up your passwords and logins that only you will know.

How To Protect Yourself from Instagram Scams

• Double check the URL

If any unauthorized activity or something else occurs on your Instagram account, notifications about this will not come to your app. To avoid falling victim to fraud, check the official messages on Instagram that have been sent over the past 14 days. To do this, click "Settings". But if you have doubts that your account has been compromised, go into your "Settings" and click "Login Activity".

• Find the verified blue check mark

Official Instagram and celebrity accounts are often marked with a blue tick next to the user name. If you notice that you are being contacted on behalf of some brand, but this account is not confirmed as official, then it is likely not legitimate. If you want confirmation of whether this account is official, go into their profile and select "About This Account."

• Enable two-factor authentication (2FA)

Enabling two-factor authentication means that whoever logs into your account must pass an additional checkpoint. This means that after you enter your login and password. You will receive a confirmation code as a text message or e-mail. You will need to enter this code, and then you can log in to your account. In addition, 2FA also provides fingerprint or facial verification or a question you can only answer.

• Never trust the strangers with your money

Trusting someone with money is the last thing you need to do on social networks. Don’t be fooled if you’re offered something to do, publish a post, or make a video in exchange for a cash reward. This is most likely fraud, so you can compromise yourself, give bad reviews to others, and give out your payment and confidential data for money transfers, etc.

The post “Get Rich With Bitcoin” Instagram Bitcoin Scams appeared first on Gridinsoft Blog.

Cryptocurrency investment scams

There are many types of crypto fraud. Below we will look most common ones, describe how they work, and tell you how to avoid them and what you should do if you encounter something like this. Here are the most common types of scams:

Fake websites

Sometimes scammers create fake cryptocurrency trading platforms or fake versions of official crypto wallets to deceive not very careful victims. These fake websites usually have similar but slightly different domain names from the sites they are trying to imitate. Because of their high similarity to legitimate sites, they are difficult to distinguish. Fake crypto sites work in one of two ways:

• As phishing pages: all the data you enter (your crypto wallet password and recovery phrase) and other financial information, once entered, fall into the hands of fraudsters.
• As straightforward theft: the site may initially allow you to withdraw a small amount of money. Once you gain trust, you can put more money into the website. However, when you later want to withdraw your money, the site will either close or reject the request. Alternatively, they can offer you to take part in a “giveaway”, which promises x100 returns – ones that you will never see, along with your initial investment.

Phishing scams

Crypto-phishing scams often target information related to online wallets. Scammers target the crypto wallet’s private keys, which are necessary to access its funds. This method is similar to other phishing attempts and is associated with the fake websites described above. Acting on a classic scheme, they send an email to lure recipients to a specially created website, asking them to enter secret key information. Once the hackers get this information, they steal the cryptocurrency in those wallets.

Pump and dump schemes

This refers to a particular coin or token that fraudsters promote through email newsletters or social networks such as Telegram, Twitter, Reddit or Discord. Not wanting to miss out, the traders hastily buy up the coins, inflating the price. After successfully growing the price, the scammers sell their assets, which leads to a crash as the value of the asset plummets. This can happen within seconds – and you can never foresee the moment.

Ponzi schemes

Ponzi schemes pay old investors at the expense of income from new investors. To attract new investors, cryptocurrency scammers lure new investors with income promices. It’s a scheme that works in circles because there are no legitimate incomes to pay off the promices; the profits come at the expense of new investors’ money. The main lure of the Ponzi scheme is the promise of huge profits with little risk. However, there are always risks with these investments and no guaranteed profits; they are short-lived. Some of them are conjoined with the aforementioned pump and dump schemes.

Fake apps

Another typical way scammers deceive cryptocurrency investors is through fake apps on Google Play. Although such apps are quickly detected and removed, they harm victims and siphon coins. Unfortunately, thousands of people manage to download fake cryptocurrency apps. Some of them may be spread on online forums and in Discord communities, pretending to be the in-dev tools, that are posted “for testing”. In fact, the sole thing that will be tested is the thickness of the victims’ wallets.

Fake celebrity endorsements

Crypto-fraudsters can impersonate celebrities, business people, and influencers, claiming their support to attract the attention of potential victims. Sometimes it involves selling phantom cryptocurrencies, which do not exist, to aspiring investors. These scams can be very sophisticated, including glossy websites and brochures showing support for celebrities like Elon Musk. Rarely, crooks manage to hack into the celebrities accounts and post scam offers from their name. Such actions can make hackers a solid fortune.

Giveaway scams

Sometimes scammers promise to multiply the cryptocurrency sent to them in a free giveaway. These are usually convincing messages that can create a sense of legitimacy and a sense of urgency. This supposed “once-in-a-lifetime” opportunity can encourage people to transfer funds in hopes of an instant return. Such scams usually involve some cheap tokens, and even the ones promoted in a pump and dump scheme – that does all scammers a big favor in money stealing.

Romance scams

Dating app scams are common, and crypto scams are no exception. These scams are relationship-related, but usually at a distance and exclusively online. It takes time for one party to gain the other party’s trust. Over time, one party begins to convince the other to buy or give money in cryptocurrency. After receiving the money, the scammer disappears. These scams are also called “pig butchering scams”.

Blackmail and extortion scams

Another dirty method used by scammers is blackmail. They send emails claiming to have records of adult websites visited by the user, or the footage from the camera of what the person was doing while browsing such pages. They also threaten to publish these records unless the victim shares their private keys or sends the scammer cryptocurrency.

Cloud mining scams

Cloud mining companies allow you to remotely rent your mining equipment for a fee and a share of the income you are supposed to get. In theory, this will enable people to mine remotely without buying expensive mining equipment. In practice, however, many cloud mining companies are fraudulent or inefficient. Everything boils down to you losing money or earning less than expected.

Fraudulent initial coin offerings (ICOs)

Initial coin offerings or ICOs are a good way for startup cryptocurrency companies to raise money from future users. Typically, customers are promised a discount on new cryptocurrencies in exchange for sending active cryptocurrencies such as ETC or another popular cryptocurrency. Unfortunately, several ICOs were fraudulent, and the criminals went to great lengths to deceive investors. For example, they rented fake offices and created high-quality marketing materials and even got support from well-known cryptoindustry organizations.

How to spot cryptocurrency scams

So, to spot crypto-fraud, you need to understand what the warning signs are that you should pay attention to, namely:

Promises of guaranteed returns: no financial investment can guarantee future profits. Investments can go up, can go down. So any crypto offer that guarantees you will make money is a red flag. Either do promises of the “insurance for your account”, “guaranteed recovery in case of money loss”. et cetera.

A poor or non-existent whitepaper: Every cryptocurrency must have a technical record because it is one of the most critical aspects of the initial coin offering. The technical document should explain how the cryptocurrency was developed and works. If the technical paper doesn’t make sense or doesn’t exist, it makes sense to think twice before dealing with it.

Excessive marketing: All companies advertise themselves. That’s fine. However, suppose the advertising is overly intrusive. There is a good chance that this is one of the ways crypto scammers attract people. It’s designed to reach as many people as possible in the shortest time to raise money quickly. If you feel that certain crypto offer seems to have a too obtrusive marketing, or it makes extravagant claims without backing them up, take your time to agree and do further research.

Unnamed team members: most investment firms can find out who the key people are. This usually means readily available biographies of the people who run the investments and an active social media presence. If this information is not available, be careful. That is not a 100% guarantee of a scam – Satoshi Nakamoto is a pseudonym as well – but should set you on alarm.

Team members that were spotted in earlier scams or failed projects: same as anonymous actors, guys who’ve ever got their hands dirty with frauds or failed start-ups should not be trusted. Even if the thing looks promising, and the management ensures you that everything is legit, that will not be a great idea to trust them with your money.

How to protect yourself from cryptocurrency scams

Many crypto scams are complicated because they are pretty convincing. However, here are a few steps you can take to protect yourself:

Protect your wallet: the wallet must necessarily have private keys. If a firm asks you for your keys to participate in an investment opportunity, it’s a scam. Do not give your wallet keys to anyone – same as you never give a key from your home to a stranger.

Keep an eye on your wallet app: if you doubt the wallet’s legitimacy, send a small amount to make sure. If you notice suspicious behavior when you update your wallet app, terminate the update and uninstall the app.

Invest only in what you understand: when you do not know how a particular cryptocurrency works, it is better to refrain from investing and study it further before deciding whether to invest.

Take your time: scammers often use strong pressure tactics to get you to invest your money quickly and thoughtlessly, sometimes promising bonuses or discounts if you invest right now. So take your time and research all the nuances before you invest.

Be suspicious of social media ads: crypto scammers often promote fraudulent schemes on social networks. They may use images of celebrities or disguise themselves as famous businessmen to create a sense of legitimacy or promise gifts and free money. Maintain skepticism when you see cryptocurrency opportunities advertised on social media and be diligent.

Ignore cold calls: when someone contacts you out of the blue to sell you a cryptocurrency investment opportunity, it’s a scam. It’s essential never to give out personal information or transfer money to someone who contacts you this way.

Only download apps from official platforms: unfortunately, fake apps can end up in the Google Play Store. Anyway, it is safer to download apps from these platforms than anywhere else – at least Google wipes the fraudulent apps time to time.

Please do your research: With popular cryptocurrencies, it’s easy. We know it’s not a scam, but if you haven’t heard of a particular cryptocurrency, you should research it first. See if there’s a white paper you can read, find out who launches it and how it works, and look for reviews and testimonials. Also, find a current and trustworthy list of fake cryptocurrencies.

Too good to be true: Suppose a company promises a guaranteed profit or multiplies your assets out of thin air. It’s probably a scam. If something seems too good to be accurate, it is.

Finally, as with any investment opportunity, the cardinal rule is never to invest money you can’t afford to lose. Even if you are not being scammed, cryptocurrency is unstable and speculative, so it is essential to understand all the risks.

What can I do if I fall victim to a crypto scam

Becoming a victim of cryptocurrency fraud can be very unpleasant. However, it is essential to act quickly, especially if you have made a payment or disclosed personal information. Contact your bank immediately if you have:

Cryptocurrency scammers often sell the data they receive to other criminals. Hence, it’s essential to change your usernames and passwords across the board as soon as possible to prevent further damage. When you are a victim of a crypto scam on social media, report it to tech support on the relevant social media platform. Then, you can report the fraud to the appropriate authority in your jurisdiction. For example, in the U.S., this would be the Federal Trade Commission. Other countries have their counterparts.

The post Common Cryptocurrency Scams and Frauds: How to Avoid appeared first on Gridinsoft Blog.

So we were able to learn that the group’s goal was to focus its forces on cryptocurrency, get to the blockchain, developing a variety of solutions for this. It also became known about the dissolution of the staff within the company and its brand, which is disappearing, but the organization remains steadfast. These changes do not affect the activities of the gang of extortionists, but on the contrary, they continue, so to say, in their spirit.

The cryptocurrency and the blockchains were leaked, namely from chats discussing plans. These conversations took place between the group’s main figures, namely Stern (Chairman or President) and Mango (Chief Operating Officer, who is in charge of internal affairs at Conti).

Four scenarios

Just because the gang started using blockchain actively doesn’t mean that Conti developed something to use it. If you consider all the expectations of the management, then the investment goes to the development of its own applications blockchain. While there is no development detail in the chat rooms, the content provides insight into the range of possible applications. It is also possible to launch your cryptocurrency, and maybe even use the blockchain for internal communications and smart contracts, among other things.

Of all the chats leaked into the network, we were able to identify four scenarios for blockchain applications, namely: extortion, corporate espionage, cryptocurrency market manipulation, as well as building an internal communications network.

Focus on corporate espionage

Its blockchain is a good option for Conti. After all, having it, the gang will be much more convenient to store stolen data, as this data will become almost untouchable, which complicates the task of removing them from the server competitors or investigators. A good opportunity for the company is to have a place to store stolen data, in which case Conti will become more focused on its criminal operations.

Blockchain is a good place to store stolen data, as well as a place to hold private auctions on stolen data. Sales and buyers will naturally because everything will pass through private channels, away from the eyes of the community. Not working in public is the way these extortion gangs operate. But Conti doesn’t want to be a big platform either, because the bigger your activity, the more attention to your activity.

Subscriptions and discounts

It is envisaged that blockchain applications will be more focused on the development of Conti’s racketeering business. In the future, the stolen data may be broken down into microtransactions, as well as offering incremental payments to victims, redeeming the data in parts. A system of smart contracts and automatic transactions are also being developed. It is a kind of reliable subscription for data return.

The ransom for blackmail materials and confidential data will be significantly higher than the other less important pieces of information. also, Conti may in the future provide discounts and promotions when paying on a certain day or holiday. That way, they’ll have some sort of plausible impact on the victim and her decision to pay them.

A cryptocurrency of their own

Creating a cryptocurrency is another strategic business move, by Conti. It will be sold into a fictitious scheme. Proprietary coins can be used for money laundering, manipulation, and sale.

Running a cryptocurrency now is a good choice because the interest in it is now more than great. The income from this now exceeds any savings and investment. It is also a good way for those who do not trust their government much.

Communication under the radar

The creation of an internal communication system could not but interest Conti to include this in its list of developments. From the leaked information we can understand that the situation in the internal communication is not quite, so to speak, smooth. The problem with negative psychological impact is also confusion within the gang. By creating a social network based on the blockchain, it is possible to have a clearer, safer and simpler exchange of information. An established communication system may make Conti more efficient and less visible to investigative control agencies.

New approach needed

There is no active phase of Conti activity after the last leaks. And the main thing to understand is that the technical approach to unmasking Conti activities is no longer enough. Well, I guess the operative schematics of the investigation will be the financial investigations because the blockchain is getting more and more turnover. It is possible but difficult to track crypto-cash flows. For cyberspace, focusing on destruction is something new because it was previously only for national security forces.

But still, attacks and destruction are a good way to deal with Conti. So different thinking is used for detection. It is only a question of whether this is legally and morally correct. Of course, the easiest way would be to regulate the crypto market, but this goal is not as realistic as one would like.

Most of all from this picture, the concern is that if Conti succeeds with blockchains, the multitude of other gangs of extortionists will follow their example, and here begins the most interesting how to deal with them and what are the methods of this fight.

The post Conti’s blockchain plans: an ominous prospect appeared first on Gridinsoft Blog.

Scammers again use SpaceX as a bait in fraudulent schemes. The statements of Elon Musk, CEO of the company, have been watched for a long time, and as soon as he says something about cryptocurrency, this immediately gives rise to a lot of food for fraudulent schemes. Some scammers make expensive fakes, while others make do with little. Before the story of DeepFake Elon telling how to invest in the BitVex cryptocurrency platform had died down, a low-end legend of the same type had already appeared.

This time we are talking about the fake site spacex-btc[.]org. This site pretends to be SpaceX’s dedicated platform for some kind of cryptocurrency giveaway that should help people make money by trading on cryptocurrency price fluctuations. This website may be redirected to by banner ads from apparently not the most reliable websites.

So, first of all, let’s say it: it’s a FAKE.

And don’t be fooled by the fact that this website has an SSL certificate. Do not look at HTTPS in the line, but the very name of the site: spacex-btc. Yes, and with TLD org. This site is a pure spoof because this cowboy office has no connection with the authentic SpaceX website or company.

The site has a decent design, but it’s still not stylish enough for a company like SpaceX. If you look for flaws, you can immediately notice grammatical errors in the fake quote of Musk himself and the terrible layout of the page.

There is a chat button in the corner of the window. Of course, everything connected to luring money is performed perfectly in such offices. You can probably talk to them, and they probably have a call center. But don’t let that fool you. It may seem that no one will find it profitable to create an entire call center to ensure the credibility of a single fake page. But we must remember that the companies behind such scams work with many schemes at once, giving rise to deception on an industrial scale.

These websites have only one purpose – to get money from you. In 99.99% of cases, Forex-like deals in cryptocurrency that these companies advertise are done through the mediator, so you don’t even see your purchased cryptocurrency. Then a psychological game starts: the trading can be random at best. However, in the worst cases, scammers totally control the process. They can make their victims feel lucky and lure more and more money out of them.

Don’t buy into famous faces in advertising campaigns. If you are told that Elon Musk is launching his cryptocurrency or something like that, first check in the news if this is true.

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