According to a news report from Kaspersky Lab, Cybercriminals during the second quarter of this year earned greater than $2.3 million from cryptocurrency scams.
The company’s report in its Spam and Phishing in Q2 2018 report, evidence that it had stopped almost 60,000 trials by users from visiting fraudulent web pages which deals with famous cryptocurrency wallets and exchanges from April to June 2018. The fraudsters gained the funds by making their victims send their coins to ICOs and token distributions that are fake, Kaspersky clearly stated.
As was previously reported, it’s not just the token sales but also, the would-be victims have been targeted by these malicious websites hiding as famous cryptocurrency services. “The permanence of attacks targeting financial organizations reflects the fact that more and more people are using electronic money,” lead web content analyst for Kaspersky, Nadezhda Demidova, noted in the company’s news release, stating further:
“Still, not all of them are sufficiently aware of the possible risks, so intruders are actively trying to steal sensitive information through phishing.”
Observing from a wider perspective, the report from Kaspersky also indicated the global reach of phishing scams, with the most activity being witnessed by South America and Asia in this area.
During that period, Brazil alone witnessed 15.51 percent of all phishing attacks. China and Georgia shared the second position (14.44 percent), after which is Kirghizstan (13.6 percent) and then Russia (13.27 percent).
The rise of the cryptocurrency market since last year has seen an overall increase in financial related crimes across the world. The cryptocurrency industry which is still largely unregulated is causing problems for regulators and authorities all over the world.
It is therefore believed that the crypto market will have to be regulated at some point, with countries like Japan, Korea, and United States leading the pack in that area.