The world of crypto offers many opportunities for users who want to invest, transact, or innovate with blockchain technology. However, the crypto world also has risks that should not be ignored, namely the threat of social engineering.
What is Social Engineering?
Social engineering is a psychological manipulation technique that aims to obtain confidential information or access to a system from the victim.
Cybercriminals, or hackers, often use social engineering to steal identities, money, or important data from unwary users.
Social engineering does not rely on technical or digital weaknesses, but rather human weaknesses, such as trust, fear, greed, or curiosity.
By exploiting human emotions and instincts, social engineering can trick victims into doing things that are detrimental to themselves or their organization.
How Social Engineering Works?
Social engineering works using the following cycle:
Study
Hackers look for information about victims, such as name, address, telephone number, email, job, hobbies, friends or family. This information can be obtained from social media, websites, directories, or other sources.
Trust development
The hacker pretends to be someone the victim knows or trusts, such as a friend, colleague, boss, customer, bank, or authority. Hackers use the information obtained to make victims feel comfortable and trusted.
Manipulation
Hackers ask victims to do something that benefits the hacker, such as providing personal information, passwords, verification codes, or money. Hackers use techniques such as exploiting curiosity, inducing fear, promising rewards, or creating a sense of urgency.
Exploitation
Hackers use the information or access they gain to achieve their goals, such as stealing money, data or the victim's identity. Hackers can also use this information to carry out advanced attacks, such as ransomware, malware, or phishing.
Release
Hackers erase their tracks and avoid detection or responsibility. Hackers can change or delete data, delete accounts, or change phone numbers or emails.
Examples of Social Engineering in the Crypto World
Social engineering can attack anyone, including crypto users. Some examples of social engineering that often occur in the crypto world are:
Phishing
Hackers send fake emails, messages or links claiming to be crypto platforms, crypto wallets or other related parties. The goal is to get the victim to click on the link and enter personal information.
Such as passwords, wallet addresses, or verification codes. Thus, hackers can access and drain the victim's crypto wallet.
Baiting
Hackers offer something attractive to victims, such as gifts, bonuses, or discounts. The condition is that the victim must send a certain amount of crypto to a certain address, or download a certain application or file.
However, once the victim does so, the hacker will either disappear with the victim's crypto, or infect the victim's device with malware.
Impersonation
Hackers disguise themselves as influential people in the crypto world, such as figures, influencers, or developers. Hackers then use hacked or created social media accounts, blogs or forums to spread false information, such as announcements, recommendations or criticism.
Its purpose is to influence the price, demand, or reputation of a particular crypto, or to deceive its followers.
How to Prevent Social Engineering?
Social engineering can be prevented in the following ways:
Be careful
Don't easily trust people you don't know, or who claim to be people you know. Always check the identity, source and veracity of the information you receive. Don't be easily tempted by offers that are too good to be true, or rush in with unreasonable threats.
Educated
Learn about how social engineering works and the types, as well as how to recognize and avoid it. Follow the latest developments and news about the world of crypto, especially those related to security and privacy.
Don't hesitate to ask or consult with people who are more experienced or experts in their field.
Be proactive
Use available security tools and methods, such as spam filters, antivirus, firewalls, and VPNs. Use a strong, different password for each account, and change it regularly.
Enable two-factor authentication (2FA) for your account and crypto wallet. Store your crypto in an offline wallet or cold storage, and never share your private keys with anyone.
Read also:
Magic Eden: A Cross-Chain Crypto Wallet for a Multi-Blockchain Future
What's that Arbitrage Trading?
What is Coin in Cryptocurrencies?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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