The rise of cryptocurrency and online banking has brought a surge in cybercrime and identity fraud. A recent study by PrivacyAffairs.com indicates that an individual’s personal information is valued at $1,010 on the dark web. Hackers target online banking logins, credit card details, and social media credentials.
The growing trend of selling hacked cryptocurrency accounts is of significant concern, which is now a booming business, according to an official press release published on May 1, 2023. Cryptocurrency exchange Coinbase has become a particularly popular target for hackers, with stolen verified accounts selling for $610 on the dark web. Kraken, another popular exchange, has also seen its users’ accounts hacked and sold online for as low as $810.
The sale of hacked cryptocurrency accounts is a highly lucrative business for cybercriminals, and their demand has only grown in recent years as more people invest in digital assets. Cryptocurrencies being largely unregulated and decentralized, they are seen as an attractive target for hackers looking to make a quick profit.
As the value of cryptocurrencies continues to rise, so too does the incentive for hackers to steal them. The anonymity of cryptocurrencies makes it difficult to track down and recover stolen assets, leaving victims with little recourse.
PrivacyAffairs.com emphasizes the importance of public awareness and diligence to mitigate the threat of identity theft and hacking. Users should be vigilant about protecting their personal information online and using strong, unique passwords for each account. Two-factor authentication is also a crucial tool in securing online accounts.
For cryptocurrency users, it is essential to take extra precautions, such as using cold wallets to store their digital assets offline and avoiding sharing their private keys or seed phrases with anyone.
Guide against crypto cybercrime & identity theft
As the use of digital assets and online banking continues to grow, the threat of cybercrime and identity fraud will also continue to increase. Users must take the necessary precautions to protect themselves and their assets from hackers and other malicious actors on the dark web.
Using a password manager is one way to protect oneself from identity theft. Password managers are software applications that allow users to store and manage their login credentials for various websites and services securely. Password managers use encryption to keep users’ passwords safe and generate strong, unique passwords for each account.
Another critical aspect of protecting oneself from cybercrime is awareness of phishing attacks. Phishing attacks are fraudulent attempts to obtain sensitive information, such as usernames, passwords, and credit card details, by disguising it as a trustworthy entity in an email or text message. Phishing attacks can be difficult to detect, but some tell-tale signs include unsolicited messages, typos, and suspicious links.