The crypto community is rife with scams. As crypto gains popularity and adoption by larger organizations and mainstream users, it will become increasingly attractive to cybercriminals.
One of the most common, and potentially devastating scams in this crypto space, is phishing for wallet recovery codes. These are the 12, 18, or 24-word recovery phrases that you need in order to access your cryptocurrency accounts and funds if you ever forget your passwords.
Phishing attacks can take on many forms, but they all have one goal – get you to part with your cryptocurrency!
Phishing is a common form of cyberattack where an attacker impersonates a legitimate site to solicit personal information, which is then used for identity theft and fraud. Phishing attacks commonly occur through email or messaging, but can also take the form of a phone call or text message.
Phishing is on the rise, with scammers finding new and creative ways to steal digital assets. According to the Federal Trade Commission (FTC), 14,079 investment scams were reported in the first quarter of 2021, and victims lost $215 million in this quarter alone. Social media became a favourite attack medium, accounting for 47% of all attacks.
The Modus Operandi Of Phishing Frauds
Have you ever received an email from someone claiming to be a representative of your crypto exchange? Maybe they said there was something wrong with your account and they needed your sensitive data in order to fix it? If so, then you’ve likely been the victim of phishing scams.
One of the most popular schemes scammers use is offering a “wallet recovery service”. Never ever fall for a wallet recovery service as they are often scams. You can never trust any service that requires you to send them your passphrase.
If you’re using a digital wallet to store your cryptocurrency, you need to know that there’s a new wave of scammers targeting crypto users. The phishing scam basically involves someone sending an email claiming to be from the digital wallet provider and requesting your recovery key or mnemonic phrase.
They can easily spoof the email accounts of real businesses and send you a message that looks like it’s coming from your bank or credit card company or something else you trust. Mentioning the wallet brand name in the subject line is intended to trick people into thinking it’s a legitimate message.
All they need is for you to click on malicious links or open tainted attachments that can install malware so they can gain access to your private data and wallet.
How To Protect Yourself And Your Wallet
Phishing scams are one of the most common ways for cybercriminals to gain access to your personal information. As such, it’s important to know how to protect yourself and your wallet.
The best way to protect yourself is to make sure you store your recovery phrases in a safe place offline, and don’t share it with anyone else. If someone contacts you and claims to be from a site that offers crypto storage, never give out this information.
Be sure that you know who you are dealing with. If you receive a strange email that claims to come from your bank or another institution, then don’t click on any links or attachments and forward it immediately to the company in question. If you suspect an email is a scam, check the official website of the organization to see if they have sent any emails recently about recent events.
Never Worry About Losing Your Recovery Codes Again
It is time to stop entering lengthy, complex wallet recovery codes. The security of your cryptocurrency should not depend on memorising a password or phrase that you may forget or lose at any moment.
Your crypto assets are only as secure as your recovery phrase. If someone steals it, you lose everything. Hackers are constantly trying to break into digital wallets and exchanges, and they have an increasing array of tools at their disposal. That’s why you need a truly secure solution for storing and managing your digital assets.
This will all change with the release of UKISS HUGWARE™. It is the next-gen wallet that allows you to store your crypto in a secure location without having to rely on a recovery phrase.
How? UKISS HUGWARE™ is a hardware wallet that includes a USB backup device to recover lost passwords and keys. This will ensure that users do not lose their crypto in the event where they are unable to access their original wallet. This would eliminate the risk of loss and theft by malware or other means.
After all, there’s nothing worse than seeing the value of your crypto go up and then losing access to it because you lost or forgot the passphrase or private key used to access it.
UKISS believes that every person deserves peace of mind over their digital assets and personal data. Reinventing corporate data security technology for the consumer market, we envision making day-to-day data security accessible for everyone.
We’re pioneering UKISS HUGWARE™ – a next-generation hardware wallet that’s based on a user-centric technological design, can be easily integrated with various digital wallet platforms, and has expanded capabilities for other types of data security – all while putting complete control in the hands of the user.
If you’re looking for a way to store and manage your cryptocurrency that balances convenience with security, look no further than UKISS HUGWARE™.
Stay tuned for information about the launch date of our revolutionary next-gen crypto wallet!
About UKISS Technology
UKISS Technology is pioneering the next-generation cryptosecurity wallet that is simple, safe, and secure to use. Their technology has also been granted patents in most major markets including China, the United States, Europe, Asia, and India. Their clients include government ministries, leading medical healthcare providers based in the APAC region, and major FinTech players. Check out UKISS.io for more details.