Email Safety 101 to Fight Crypto Scams

Protect your crypto investments from phishing scams with our comprehensive guide, safeguard your assets and stay one step ahead of cybercriminals.

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Email Safety 101 to Fight Crypto Scams
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You seem like a crypto enthusiast worried about all the scams happening in the crypto market and you want to protect yourself from that. Is that right? 

If so then, this guide is what’s going to keep you in the safe zone. Crypto industry is huge, which is why cyber criminals are always looking for a way to exploit the people in it however they can. It is absolutely necessary to keep your email safe so you don’t end up being on the scammed side. 

In 2022, Kaspersky reported that it prevented around 5 million crypto-related phishing attacks. It marks an increase of 40% from the previous year.

This shows the urgency of staying vigilant with your email security.

Understanding Crypto Phishing Scams

First things first, it’s crucial to know what you’re up against. Cybercriminals are constantly on the lookout for any opportunity to swipe your valuable crypto assets. One type of crypto scams are cryptocurrency phishing attacks. 

Phishing is a type of cyberattack where bad actors try to trick people into giving away their personal information. Essentially, these attackers pretend to be trustworthy sources or use other sneaky methods to make users share their valuable details. In crypto phishing scams attackers may aim to steal cryptocurrency by convincing you that they are someone you can trust enough to share credentials to your crypto wallets.

A staggering 88% of AI phishing or deepfake scam techniques were aimed at the cryptocurrency sector in 2023.

Common Tactics Used by Crypto Scammers 

There are tons of ways these attackers can use to scam you. A few of the major ones include: 

  • Business Impersonators: In this scam, the attackers pretend to be someone from within a company, like an employee or a specific department. They do this to trick other employees or individuals into giving away sensitive information by making them believe they are communicating with a coworker or a trusted authority within the company.
  • Government Impersonators: Here, the scammers act like they’re from a government agency or organization. They use people’s fear or respect for the law to trick them into providing personal or financial details. The scammers might make the victims believe they need to comply with some legal requirements or face consequences.
  • Job Impersonators: In this type of scam, the attackers pose as job recruiters or employers, often offering great job opportunities. They target people looking for jobs and trick them into sharing personal information or even paying money. This might be under the guise of application fees, training materials, or other job-related costs.

Biggest Cryptocurrency Scams in History

  1. Altcoin, founded by Dr Ruja Ignatova and her husband, Daniel Dabek became the foundation for a crypto investment scheme company called Onecoin. The company scammed people of $25 billion.
  2. Turkish crypto exchange company Thodex scammed 100,000 investors off of over $2 billion between 2017 – 2021.
  3. Gerald Cotten, founder of Canadian crypto exchange platform Quadriga, stole 250 million canadian dollars from users. 
  4. Centra Tech founded by Ray Trapani and co-founded by Sohrab Sharma and Robert Farkas scammed stole billions of dollars from customers. 
  5. Sam Bankman-Fried made headlines as the perpetrator of on one of America’s biggest financial fraud through FTX – his cryptocurrency company. 

Securing Your Emails Against Cryptocurrency Phishing Scams

Use Strong, Unique Passwords

It might seem obvious, but the importance of a robust password can’t be overstressed. Opt for long, complex passwords that mix letters, numbers, and symbols. And no, “password123” won’t cut it—think more on the lines of “e$7Jb!9pR3t”. Better yet, use a password manager to keep track of your different passwords without the risk of forgetting them.

Enable Two-Factor Authentication (2FA)

Adding an extra layer of security never hurts. Two-factor authentication requires not only your password but also something only you have access to, like your phone. This means if someone steals your password, there’s still a barrier to your account.

Be Wary of Suspicious Emails

If an email looks odd, it probably is. Watch for telltale signs of phishing:

  • Spelling errors and awkward language
  • Urgent requests for personal information
  • Links that don’t match the supposed sender’s website

Always verify by contacting the sender directly through a known and trusted method if you’re unsure.

Advanced Tips: Stay a Step Ahead of Scammers

Apart from the steps mentioned above, here are some important tips on keeping your cryptocurrency safe from attackers:

Use a Dedicated Email for Crypto Transactions

Consider having a separate email address just for your crypto dealings. This can significantly lessen the risk of your primary email—and potentially more sensitive personal information—getting compromised.

Keep Your Software Updated

Make it a habit to install updates for your email client, web browser, and operating system as soon as they’re available. These updates often include patches for security vulnerabilities that, if exploited, could lead to unauthorized access to your email.

Encrypt Your Emails

For those who want an extra layer of security, email encryption can be a game changer. It scrambles your messages, so they can only be read by someone with the right encryption key. Tools like PGP (Pretty Good Privacy) are popular among crypto users.

Best Email Security Practices for Crypto Users

Here are the best ways by which you can protect yourself and your crypto assets.

Enable Firewalls

Firewalls act like a bouncer at the door of your digital space. They scrutinize incoming and outgoing emails to block any suspicious or unverified content. If you’re still getting spam emails despite your email service provider’s default firewall, it might be time to consider an additional email security service. These services specialize in more advanced filtering techniques and can offer an extra layer of security to keep unwanted emails out.

Avoid Action Bias

It’s easy to react quickly to emails, especially if they seem urgent. However, this action bias can lead you straight into a trap. Before responding to or acting on any email, take a moment to verify its source. Look for odd language or out-of-place details, and confirm the sender’s identity through independent means before sharing any sensitive information. Being methodical can save you from many potential threats.

Avoid Unprotected Wi-Fi Networks

Unsecured Wi-Fi networks, like those in coffee shops or airports, are playgrounds for hackers. When you use these networks, your data can be intercepted by anyone else on the network. To protect your information, use a Virtual Private Network (VPN). A VPN encrypts your internet connection, making it much harder for hackers to access your data and track your online activities.

Use Anti-Phishing Software

Anti-phishing solutions provide an essential shield when dealing with sophisticated phishing attempts that might bypass simpler filters. These tools analyze emails and web browsing to block malicious links and sites in real-time. They use threat intelligence to stay ahead of new scams, offering proactive protection that adapts to emerging threats.

Protect Yourself from Crypto Phishing Scams with PowerDMARC!

Securing yourself from any potential email threat is now as important as ever. We at PowerDMARC can help shield you and other crypto users from prevalent email scams originating from your own domain. We assist you in implementing critical email authentication protocols that strengthen your domain’s defense against phishing attacks.

With comprehensive reporting and visibility into email traffic, crypto organizations can swiftly detect and mitigate unauthorized attempts to compromise their email communications. 

For those in the crypto space, where transactions are irreversible and privacy is critical, using email authentication services can undoubtedly make a positive difference! Sign up for a free trial now to test the platform out for yourself!

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