The number of digital accounts stolen has gone through the roof recently, with cryptocurrency holders being a high priority target for the threat actors.
According to a new report from fraud prevention experts Sift, the number of successful account takeover attacks increased by 113% in the first half of this year, compared to the same period in the year before.
Furthermore, there’s been a 79% increase in takeover attacks on cryptocurrency accounts. Sift bases these findings on a survey of more than 1,000 consumers, as well as its global network of more than 34,000 sites and apps.
The crypto market
According to Sift, cryptocurrency account holders are of particular interest to criminals at the moment due to the deep winter the market is currently in. Bitcoin is currently trading at around $16,500, down significantly from the $69,000 it held in November last year. In fact, since last year, the price of bitcoin has only gone down.
That, Sift’s researchers claim, has made holders check their accounts and portfolios a lot less frequently than they used to, making them ideal targets for takeover attacks.
Once they assume control of an account, they team up with other criminals to siphon the funds while remaining undetected, the report explains.
The report highlights the importance of having strong passwords and additional security measures. A strong password has both lowercase and uppercase letters, numbers, as well as symbols, and is at least eight characters long. Strong passwords are not written on a piece of paper, stored on an unprotected cloud service, or shared with friends and family. Instead, they are stored using password management tools.
Furthermore, having multi-factor authentication set up is also a must these days, commonly via SMS or a token to verify a user's identity (opens in new tab). For optimal security, however, passwords should be avoided altogether – instead other methods such as biometric keys should be used where possible to secure your accounts and data. Slowly but surely these are gaining major popularity among businesses and private individuals.
Via: VentureBeat (opens in new tab)
English
Arabic
Belarusian
Bengali
Bosnian
Bulgarian
Chinese (Simplified)
Croatian
Czech
Danish
Dutch
Estonian
Filipino
Finnish
French
Georgian
German
Greek
Gujarati
Hausa
Hebrew
Hindi
Hmong
Hungarian
Igbo
Indonesian
Italian
Japanese
Javanese
Kazakh
Korean
Kurdish (Kurmanji)
Kyrgyz
Lao
Latvian
Lithuanian
Macedonian
Malagasy
Norwegian
Persian
Polish
Portuguese
Punjabi
Romanian
Russian
Serbian
Slovak
Slovenian
Spanish
Swedish
Thai
Turkish
Ukrainian
Vietnamese
Yoruba