Cryptocurrency social media phishing
Cryptocurrencies are unregulated in Canada and operate independently of any financial institution or regulations. This means there is no avenue for recovery, nor financial protection when investing with cryptocurrencies. For financial fraudsters, cryptocurrency brings a new twist to an old con.
Recently, there has been an increase in reports of Cryptocurrency phishing investment scams.
Means of contact
- Social media
Scammers send phishing notification emails advising you to log in to your Instagram account with a link to a fake Instagram login page. The victim logs in, allowing the scammer to steal their account credentials. Once the account is in their control, they blackmail the victim to record a video of them promoting a fake cryptocurrency platform. The video is then posted to the victim's social media accounts with a link for followers to invest on a fake cryptocurrency platform.
Tactics used
- Email phishing attempts posing as one of your social media platforms
- Spoofing websites
- Blackmail and extortion
- Low risk investments with high returns
- High pressure sales tactics
- Investment offers from people and organizations you don't know
- Anti-establishment rhetoric promoting subversion of government or financial institutions