Users of all major social media platforms are likely to find scammers in their DMs. Whether through fake support sites or investment opportunities, the uninformed are increasingly at risk of falling victim to fraudulent schemes. This article explores common forms of phishing scams and address poisoning, offering practical tips to help you safeguard your personal information and assets.
Common forms of Phishing Scam
A phishing scam is when scammers pretend to be someone you trust, like a company or a person, to trick you into sharing your private information. This could include passwords for your online accounts, or your seed phrase. They often do this by sending fake emails, text messages, or creating fake websites and apps that look real. There are many types of scams like this, here are some common ones:
- Fake Accounts: Scammers create fake profiles mimicking celebrities, companies, or organizations. They use similar profile pictures, usernames, and bios to appear legitimate and gain user trust.
- Malicious Links: Fraudsters post deceptive links leading to counterfeit websites designed to steal login credentials, credit card information, or other sensitive details.
- Fake Giveaways and Promotions: Scammers lure users with fraudulent giveaways, claiming they have won large prizes or cryptocurrencies in exchange for personal details or payments.
- Phishing Direct Messages (DMs): Attackers send direct messages that contain phishing links or requests for sensitive information, often pretending to be official support teams.
- Cryptocurrency Scams: Fraudulent cryptocurrency schemes may promote fake investment opportunities, encouraging users to send funds to scam wallets with promises of high returns.
How to protect yourself from a Phishing Scam?
- Verify Accounts: Always check your account verification status and past posts before engaging.
- Avoid Suspicious Links: Do not click on links from unknown or untrusted sources.
- Be Cautious of Giveaways: Always remember “If an offer seems too good to be true, it probably is”.
- Keep Personal Information Private: Never share sensitive details, passwords, or financial information via Twitter/X.
- Enable Two-Factor Authentication (2FA): Adding an extra layer of security to your Twitter/X account can help prevent unauthorized access.
- Stay Informed: Keep up to date with the latest phishing tactics to avoid falling victim to new scams.
Types of Address Poisoning scams
In this type of scam, attackers send a small, insignificant amount of cryptocurrency to a victim’s wallet. Their goal is to make their own wallet address appear in the victim’s transaction history, hoping the victim mistakenly copies it when sending future transactions.
But how Address Poisoning works? Here are some key points:
- The scammer creates an address that looks similar to one the victim has used before.
- They send a tiny amount of crypto to the victim’s wallet.
- When the victim later needs to send crypto, they might accidentally copy and paste the scammer’s address instead of the right one.
- Mainly effects Altcoins; Bitcoin users shouldn’t reuse addresses anyways
How to avoid Address Poisoning?
- Check Wallet Addresses: Always double-check the recipient’s wallet address before sending crypto.
- Use an Address Book: Save trusted wallet addresses instead of copying from transaction history.
- Enable Security Features: Use features like whitelisting and two-factor authentication.
- Watch for Small Transactions: Be careful if you receive tiny amounts of crypto from unknown sources.
Historic examples of scams in Twitter/X history
A victim lost $68 million after accidentally copying and pasting the wrong wallet address from a contaminated transaction history, unknowingly sending the funds to a scammer.
One of the most notable Twitter phishing scams occurred on July 15, 2020, when approximately 130 accounts belonging to celebrities and major companies were hacked. The attackers used these accounts to post fraudulent links, urging followers to send Bitcoin with the false promise of doubling their money in return. Many people fell for the scam, resulting in significant financial losses and raising serious concerns about security vulnerabilities on social media platforms.
More recently, on September 10, 2023, the Twitter account of Vitalik Buterin, the founder of Ethereum, was hacked. The attacker used his account to post phishing links, tricking followers into participating in a fake giveaway, which led to losses exceeding $690,000. This incident serves as yet another warning about the risks of phishing attacks on social media and the importance of securing personal accounts.
Conclusion
Phishing scams and address poisoning are serious risks. However, by staying alert, verifying information, and using security features, you can protect yourself from these scams. Always be cautious and think before you click or send money online.
If you feel you can benefit from more hands-on guidance, you can book a 1:1 session with our BitcoinVN Consulting team for personalized support.
