US authorities warn general public about crypto fraudsters posing as government officials

In an effort to protect cryptocurrency investors, US authorities have sounded the alarm on a worrying trend: scammers posing as government officials. With corroborating data from the Federal Trade Commission (FTC), Cybersecurity and Infrastructure Security Agency (CISA) issued a stark warning in a revised advisory Wednesday, highlighting the sophisticated nature of these scams and their potential to wreak havoc on unsuspecting victims.

The Growing Threat of Identity Theft Scams

Cryptocurrency scams are nothing new, but the audacity and ingenuity of these latest identity thefts have made the threat worse. Fraudsters exploit the appearance of government authority to deceive investors, a tactic that has proven alarmingly effective.

Consumers reported losing $76 million to government identity theft scams in 2023, a 90% increase from $40 million in 2022, according to FTC data.

The modus operandi usually involves fake emails or phone calls from individuals claiming to be from federal agencies such as the IRS, SEC or even the FBI. These identity thieves aim to extract sensitive information or trick victims into sending cryptocurrencies to fraudulent addresses.

One notable example involves a phishing campaign in which emails imitate official correspondence from agencies like the SEC. The emails contained links to fake websites that looked very similar to legitimate government portals. Victims were then tricked into providing personal information or making payments under the guise of resolving tax issues or regulatory violations.

CISA highlighted the sophistication of these scams, noting that they often use advanced social engineering tactics. According to a report, these scams are not only elaborate, but also highly personalized, making them particularly difficult to detect. For example, during an attack on June 5, 2024, phishing emails were sent to subscribers of a major crypto company via a compromised mailing list provider, leading to illegal access and export of the private information of approximately 1.9 million users in just a few hours from their database.

The SEC has also been proactive in combating these scams. In a recent investor alert, the agency highlighted the “devastating losses” suffered by retail investors due to these fraudulent schemes and noted that the popularity of initial coin offerings (ICOs) and other digital assets has made the crypto space a hotbed of fraudulent activity. . As Cointelegraph points out, fear of missing out (FOMO) is a big factor that drives many investors to fall prey to these scams.

Additionally, identity theft scams extend beyond emails. Social media platforms are full of fake profiles of well-known crypto personalities and companies. For example, @SECGov from the SEC account was compromised on Tuesday January 9, 2024 and an “unauthorized” post was tweeted about it.

Who are the targets?

Mostly scammers target the elderly. By 2023, nearly half of plaintiffs were over the age of 60, accounting for 58% of losses (nearly $770 million) nationwide. Tragically, some victims faced such shame or financial hardship that they resorted to suicide.

HAS be careful, investors should take a skeptical approach to unsolicited communications, verify the authenticity of any contact through official channels, use strong passwords and avoid clicking on links or downloading attachments from unknown sources. As the old saying goes: “If it sounds too good to be true, it probably is.” »

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