Bitcoin, Ethereum investors, beware of Flubot! Check cryptocurrency scam how-to

Bitcoin, Ethereum, other cryptocurrency users are being targetted. Flubot malware is one of the most common trojans - it mimics bank and cryptocurrency app logins.

Bitcoin, Ethereum and other cryptocurrencies have soared recently, but the investors are being targetted. (MINT_PRINT (iStock))

Bitcoin, Ethereum and other cryptocurrency investors are being targetted by cybercriminals. With the rising use of the internet in this digital world, tackling cybercriminals is emerging as one of the key issues that need to be addressed. And cryptocurrency has emerged as a catalyst for ransomware and cybercrime. We are not saying this! A report by cybersecurity firm Sophos revealed that 79 percent of global cybersecurity incidents were fueled by cryptocurrency in the last 18 months. This also raises the question - is cryptocurrency safe at all?

“The illicit use of cryptocurrency, both to evade sanctions and to obfuscate involvement in criminal activity, will continue to increase in 2022, with ransomware and crypto-jacking being the two most prominent ways that criminals can directly receive cryptocurrency payments from their victims,” Sophos report mentioned.

How it is done: Modus operandi

Investigated by the rapid response team of Sophos, it has been revealed that most of the cryptocurrency investors are becoming targets for ransomware through face app login screens.

The study mentions Flubot, a mobile malware family that wreaked havoc in 2021 as one of the most common banking trojans affecting Android users. The software resembles bank and cryptocurrency app login windows in order to collect the passwords of users. It not only steals bank account information, but also the contact information, which it then employs to spam the victim's friends and associates with messages that can lead to more Flubot infections.

The malware is spread mostly by SMS text messages and seems like popular shipment companies such as DHL, FedEx, and UPS. The victim receives SMS warnings including a URL link, as well as the occasional SMS pretending to be a voicemail message containing a web link. Sophos also warns that automated botnet attacks, such as Mirai, have gained popularity in recent years, becoming the preferred method of delivering crypto-mining software. These minor codes can infect various corporate assets which can be used as a collective processing power of thousands of machines by cybercriminals to mine cryptocurrency and spread it further.

Sophos report's objective

The report's objective is to provide insight into the security threats and trends that organisations will face in 2022, as well as the threat landscape in 2021, with additional information on potential security breaches that could be employed in the future. The trend is expected to continue until global cryptocurrencies are better regulated, the cyber-security firm said.