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Robocallers are scamming people and are after their crypto

Following the demise of FTX, professional scam groups are preying on cryptocurrency users, sending millions of automated texts and calls in an effort to steal information and money.

Scammers frequently pay close attention to cryptocurrency news in order to better prey on their victims, according to Clayton LiaBraaten, senior executive adviser at Truecaller, an app that helps identify scam callers and messages.

Fraudsters adore turbulence and current affairs. They are quite successful whenever they can try to ride the waves of something very disruptive in the market.

When the market started to become volatile earlier in 2022, LiaBraaten claimed that Truecaller also noticed an increase in fraudulent messages involving Bitcoin and other cryptocurrencies.

He continued by saying that “agents” who are ultimately aiming to steal money send out millions of automated “robocalls” and texts in an effort to capitalize on people’s “fear, curiosity, and occasionally charity.

Numerous methods exist for obtaining phone numbers, including data breaches that have exposed millions of digits or tools that scrape social media sites for data.

Truecaller reports that imposter scams most frequently involve a bad actor pretending to be a service desk or other similar institution from a significant cryptocurrency exchange or business. In an effort to establish their legitimacy, scammers will often post their phone numbers on phony replica websites.

According to LiaBraaten, younger folks are more frequently the targets of fraudsters because there is so much information available on them since they put so much out there on social media.

They utilize the same handle throughout all of these social media channels, including TikTok and Bitcoin forums, […] Building a data graph on these people and starting to target them is quite simple. With the younger generations, social engineers have a lot of material to work with.

Scammers can send messages or make calls that are relevant to their intended targets due to the wealth of information individuals share online, which makes fraudulent communications more believable.

They are excellent social engineers and psychologists, therefore they will make every effort to bring anything that is pertinent to the situation, according to LiaBraaten.

Financial fraud may not necessarily follow the original contact or text. According to LiaBraaten, agents will initially try to find out facts about their target in an effort to build trust.

When they have enough information, they will attempt to access your cryptocurrency wallet. They are developing the character in ever-greater detail.

Many people, according to LiaBraaten, “don’t fully grasp crypto.” They target the weak, thus it’s doubtful that knowledgeable cryptocurrency enthusiasts will fall victim to this because they are highly watchful and smart with their money.

Regardless of one’s ability to spot a scam, he advised people to avoid engaging with anyone who phones or contacts them asking for passwords or personal information and to only utilize official channels.

One of the worst things you can do is stay on the phone with these guys because it is their mission to drain you of your cryptocurrency. It only takes one vulnerable moment, one minute of second-guessing yourself, and they’re off.

A “huge” SMS phishing scheme that targeted Binance consumers was brought to light by Changpeng “CZ” Zhao, CEO of Binance, in February.

Users were tricked into visiting a bogus website where their login information was collected by sending them a text message with a link to cancel withdrawals.

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