Cryptocurrency Thefts Blamed on Social Engineering Hacks of Phone Providers
A number of digital currency users have been hacked recently and the blame is being squarely placed on carrier providers. Jack Peterson, Augur developer, told CCN: It’s what has happened in every single case… Their phones were compromised first and then their emails, etc. and they had recovery phones enabled. A recovery phone number is a very popular feature for second layer added security to any password breaches. To ensure the rightful owner gains access, service providers send a unique text message, usually with a time lapse period. As each phone number is unique, the reasonable....
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Cryptocurrency exchange losses have been a nuisance since Bitcoin was first created. Many remember the loss of roughly 850,000 BTC in the demise of Mt Gox and the most recent 120,000 BTC Bitfinex compromise. However, over the course of the past eight years there has been various exchange hacks and/or inside jobs. 50+ Cryptocurrency Hacking Thefts Since....
Various companies all over the world are looking to come up with new methods to prevent fraud from taking place in the financial industry. While plastic card payments are a major threat when it comes to fraud, there are other factors to take into consideration as well. Social engineering is playing an ever-increasing role of importance these days, and Pindrop wants to prevent companies from being scammed over the phone. Bitcoin users can benefit from these efforts as well. Pindrop Raises Another US$75m in Funding. Preventing individuals and companies from falling victim to fraud and....
2020 has been the year of DeFi, but not all has gone smoothly with the fledgling financial ecosystem. Unlike in previous years, crypto news in 2020 has not been dominated by major exchange hacks and million dollar Bitcoin thefts. However, there have still been quite a few and most of them have originated from the nascent decentralized finance sector.DeFi has been one of the main drivers of crypto market momentum in 2020 and it stands to reason that the emerging financial landscape has been a magnet for scammers and hackers. Largely unaudited smart contracts coupled with cloned code have....
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The recent surge in DeFi makes the industry is an attractive target for hackers. Cryptocurrency-related crimes have slowed down in 2020, but some sectors within the crypto industry have become a new hotbed for criminal activity, a new report says.Citing major crypto analytics firm CipherTrace, Reuters reported on Nov. 10 that total losses from crypto thefts, hacks and fraud dropped from $4.4 billion in 2019 to $1.8 billion over the first 10 months of 2020.CipherTrace CEO Dave Jevans said that the general decline of criminal activity in the crypto industry is a result of increased security....