Skip to main content

Spammers are tapping into the Bitcoin frenzy

(Image credit: Image Credit: Geralt / Pixabay)

People that invested in Bitcoin in the early days weren't the only bunch that were euphoric with the cryptocurrency's recent price surge. Cybercriminals were also rubbing their palms in satisfaction as they used the opportunity to scam a lot of people.

According to Kaspersky Lab's latest report, the Bitcoin price surge has also resulted in a surge in spam and other scam methods.

The Spam and Phishing in Q3 2017 report, which just came out recently, describes a fraud method revolving around trading cryptocurrencies.

“In one such scenario users receive an email invitation to install special software for trading in the cryptocurrency market, but when they click on the link, they are redirected to different websites promoting investments options, including binary options trading. By doing this, cybercriminals hope that users will be enticed to invest more and more money, and transfer currency to a trading account which they own," the report says.

At the end of the day, there is nothing guaranteeing the victim that it will get anything, including their investment. “This type of fraud scheme is similar to a casino set-up, and aims to provoke users to bid until they have nothing left, leaving the cybercriminal with everything,” the report adds.

Cybercriminals are also inviting people into fake, paid educational workshops, promising they’ll learn more about the cryptocurrency world.

“This underhand tactic aimed to exploit a lack of understanding about blockchain technology and how cryptocurrencies work,” the report adds.

Image Credit: Geralt / Pixabay

Sead Fadilpašić
Sead Fadilpašić

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.