As crypto prices swing, fraudsters wait to pounce | #socialmedia

Cryptocurrency prices have been very volatile of late with a huge rally followed by a sharp correction and the start of a recovery.

As a result, businesses have become more tempting targets for cryptojacking – or the unauthorized use of a computer to mine cryptocurrency, with attempts jumping when crypto prices increase. How can organizations combat these issues before the next bull run?

The best way is by avoiding infection from the start with some simple security practices, such as: Implement multi-factor authentication; leverage advanced behavior-based anti-malware services; treat all unsolicited email links and attachments with extreme caution; and keep up to date with web browser and extension security patches.

Social media scams also play a major role in cryptojacking. Last year’s Twitter hack is an excellent lesson in how crypto scams soar during significant market moves – a hacker made $120,000 by taking over several high-profile Twitter accounts and promising to double any bitcoin sent to a specific address. These ploys are especially enticing to new investors looking to beef up their portfolios. Businesses can protect against threats by leveraging a few easy security principles: Thoroughly vet all cryptocurrency transactions and requests; verify the authenticity of the person or site in question before making any transactions; and watch for attempts using high-profile Twitter accounts to legitimize scams.

These are very alarming and real threats. The good news is that as cryptocurrency adoption grows, so does market monitoring, making it easier to track cryptojacking schemes back to the hackers. The FBI’s recent Internet Crime Report described how its Recovery Asset Team tracked down five fraudulent wire transfers and quickly placed a hold on funds, allowing the victim time for the indemnification process. This kind of due diligence goes a long way in deterring online fraud.

While the future of cryptocurrency prices remains uncertain, businesses must stay alert to protect against such threats. Keep these criminal techniques and security tips in mind to avoid falling prey to cyberattacks during future cryptocurrency bull runs.

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