Phishing attempts on social media are a key ‘Web3 pain point’: Report
Hackers are getting more active as Web3 use increases and more newcomers enter the market; in the most recent quarter of 2022, more phishing assaults were reported, and social media was identified as a primary platform of choice for carrying out the hacks.
The research group has discovered a 170 percent spike in phishing assaults in the second quarter of 2022. According to the security company, 106 attacks were noticed in the first quarter, and 290 incidents were noted in the following quarter.
The majority of phishing attempts, according to the blockchain security company, have been carried out on social media sites like Discord and Telegram, which don't have account verification tools like Twitter. As a result, malevolent people can mimic the accounts of well-known organisations and people while luring their victims with freebies and other incentives.
Security companies have noted that, similar to Web2 assaults, hackers are using human error as a springboard for this kind of attack. Community education is important in addressing this, according to the security company. People's knowledge and alertness against phishing attempts may be raised by instructing new community members on how to prevent hacks and frauds.
Earlier this week, the British Army's official social media accounts were hacked by cryptocurrency fraudsters. Using the army's official page, the attackers distributed phishing links, encouraged cryptocurrency frauds, and marketed fake nonfungible token (NFT) collections. Officials were able to restore the accounts and remove the hackers' posts hours after the attack. In April, Bored Ape Yacht Club (BAYC) NFTs were seized after attackers took control of the project's official Instagram account. According to reports, the attack may have resulted in the loss of assets valued up to $40 million.
