What You Should Know About Crypto Scams

Aug 29
2018

Most companies today have heard about cryptocurrency, and many are using it currently for their business goals. However, too many companies don’t realize the risk and threat of the dark side of this technology. There’s a constant deluge of scammers trying to impersonate companies online to access their currency and they need to put measures in place to protect against it. Here’s what you should know:

Phishing

One of the most common ways that scammers will try to get access to your crypto is by posing as someone in your company. They might send an email that is spoofed to look like it is coming from an employee or official from your company’s bank.

Once you click on the link in the email, they inject code that runs in the background, logging your keystrokes and stealing your password to your currency. To prevent this, train your employees on the importance of verifying information and identities before ever clicking on suspicious links.

Phone Calls

A common scam that hackers are doing is relying on social engineering. By studying how to communicate with authority in their voice, they call into your company posing as a financial executive.

When your unwitting employee answers the phone, they may be persuaded to hand over key information about your finances in order to fix this “emergency” that there is conveniently no time to explain. Teach your call center reps to always call numbers back from their own line rather than ever taking demands from an incoming phone call.

MITM Attacks

Each time on your computers or even phones in your office connects to your office internet, it has a unique ID associated with it. This is how the network knows to trust the device.

By performing a MITM, or man in the middle attack, the scammers put their signals in the middle of your communications. Because they are invisible in the background of the connection, you never realize that they are listening in and logging all the information flowing through your network. Make sure you have firewalls in your network security or it could be easy for this to happen to you.

When it comes to cryptocurrency, it is one of the more dynamic technologies to come onto the business scene in years. However, if you are not careful, scammers could use the tactics above and gain access to your currency, your financial information, and potentially other private data that could harm your business. Implement strategies now so you can enjoy security and peace of mind.

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This post was written by Matt Purser