In 2022, there was a 40% increase in cryptocurrency phishing attacks, as reported by Kaspersky, a Russian cybersecurity and anti-virus provider. The company detected over 5 million attacks compared to just over 3.5 million in 2021. Instead of traditional financial threats like desktop and mobile banking malware, cyber attackers are focusing on phishing scams, where investors are contacted through fake websites and channels that imitate official companies. Users are then tricked into sharing personal information, such as private keys, which provide attackers unwarranted access to cryptocurrency wallets and assets. Kaspersky conducted a survey in 2022 where one out of seven respondents admitted to being affected by cryptocurrency phishing.
Although phishing attacks usually involve fake wallet phishing pages or giveaway scams, attackers are constantly evolving their strategies. Scammers are attracted to cryptocurrency because it symbolizes getting rich quickly with minimal effort, so they continue to innovate their techniques and stories to lure unwary crypto investors.