It’s that time of year when scammers look for victims. They take advantage of current trends like all the concern over Cryptocurrency. the exchanges are platforms that allow you to buy and sell cryptocurrencies, such as Bitcoin. When you buy cryptocurrency, it’s stored in a digital wallet. Most cryptocurrency exchanges require that you use an additional authentication method, such as a recovery phrase, to access your wallet. Cybercriminals use social engineering to try to bypass this added authentication and steal your currency.
The criminals target the elderly because the scams find victims
The Better Business Bureau says cybercriminals send you an email pretending to be a cryptocurrency exchange representative. This email states that you need to provide information to receive a refund due to an issue with your account. To receive this refund, this email asks you to click a link and enter your recovery phrase. If you click the link and provide this information, cybercriminals can use it to reset your password and prevent you from accessing your account. Then, they can transfer your currency to their own accounts.
Another scam involves student debt
The U.S. Government recently announced its plan to give citizens up to $20,000 of student loan relief. The plan requires that people submit an application to determine if they qualify for the loan. Cybercriminals are taking advantage of this process by using fraudulent applications in their scams.