Hackers have learned how to steal cryptocurrency using phone calls

Clayton LeaBraaten, Senior Executive Advisor at Truecaller, a telephone security company, reported on a new method of cryptocurrency theft that is currently being actively used by criminals — professional fraudsters steal digital assets through phone calls.

According to LeaBraaten, current market conditions have become favorable for fraudsters. During market volatility, attackers launch millions of phone bots that call and text users. Hackers exploit investors' interest in cryptocurrencies, scaring them with possible loss of funds or vice versa, promising big profits.

The most popular fraud scheme nowadays is a call from a fake representative of the technical support service of a popular crypto exchange. To gain the trust of victims, hackers use publicly available information from social networks and open sources — most users publish a lot of personal information on social networks. The goal of the attackers is to lure out confidential data about crypto wallets and access codes.

«Fraudsters use utilities to collect and structure a lot of information about their potential victims. Thecurrent conditions provide a lot of material for social engineering, especially against the younger generation,» the expert emphasized.

The scheme of stealing cryptocurrency by phone was used by fraudsters who were exposed last week by law enforcement agencies in Italy and Albania. As it became known, the fraudsters contacted their victims by phone and convinced them to register accounts on a fake crypto platform. In an attempt to remain undetected, the criminals used VPNs and virtual numbers that do not identify themselves.

The hapless investors were promised large profits with zero risks. Later, the fraudsters encouraged their clients to increase their investments. Using software for remote computer access, the fraudsters changed account data because they had all the necessary information. In this way, the criminals managed to obtain about € 15 million.