The United States Federal Bureau of Investigation (FBI) has warned people transacting with cryptocurrency exchanges to watch out for would-be scammers. The bureau made this announcement on Wednesday 29th of March in a public notice on its website.
The publication titled; TECH SUPPORT FRAUD said that based on new findings, the Internet Crime Complaint Center (IC3) is providing new assistance concerning technical support fraud. It further explained that a tech Support Fraud involves a criminal claiming to provide customer, security, or technical support in an effort to defraud unwitting individuals. This type of fraud continues to be a problematic and widespread scam.
According to the Publication “In 2017, the IC3 received approximately 11,000 complaints related to tech support fraud. The claimed losses amounted to nearly $15 million, which represented an 86% increase in losses from 2016.”
Cyber-Fraud on Cryptocurrency
The Bureau claims that digital currency continues to suffer targeted cyber fraud where the victims loses money reaching thousands of dollars. One of the method the criminals use to defraud unsuspecting victims include using the victims’ personal data to request or open new accounts to accept and process unauthorized payments or the criminal could send phishing e-mails to the victim’s personal contacts from the victim’s computer. The FBI also noted that Criminals have become more belligerent, hostile, and abusive if challenged by victims.
Last week, a 15 years old British teenager Rashid Saleem managed to break into the hardware wallet French hardware company. Saleem bypassed the French company’s Nano S and Nano Blue security device after rewriting a code in the device’s firmware thereby showcasing the vulnerability of cryptocurrency wallets. Rashid successfully hacked the ledgers by inserting his own software in the chip embedded in the device that stores payment information and other customer’s data through a micro-controller.