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By Sandeep Kasalkar

How to Protect Your Crypto From Sms Phishing Attack?

The world of cryptocurrency offers incredible opportunities for investors and enthusiasts alike. However, with great power comes great responsibility, especially when it comes to safeguarding your digital assets. One of the prevalent threats in the crypto world is SMS phishing attacks, also known as SMiShing attacks. In this blog, we’ll delve into what SMS phishing attacks are and provide you with practical steps to protect your crypto holdings.

Phishing attacks in the crypto world come in various camouflage and we may have a fair idea of some of them. However, let’s know about some of the simplest yet most dangerous forms of phishing attacks, viz. SMS Phishing, DNS Hijacking and Phishing Bots.

Sms Phishing Attack

SMS phishing, also known as smishing, uses text messages rather than emails. Smishing attackers text their victims with what appear to be official business texts. The victim will be asked for their login information when they click the link in the SMS, which the attacker then uses to access their account.

Dns Hijacking

By altering the DNS entries for a valid website, Domain Name System (DNS) hijacking directs victims to a phoney website. A phisher modifies the DNS entries to point to a different IP address in order to carry out the attack. Victims who attempt to access the actual website will instead be sent to the attacker’s bogus website.

After that, the attack is carried out by infecting users’ computers with malware, seizing control of their routers, or interfering with DNS communications.

Phishing bots

Computer programmes called phishing bots automate phishing attempts. They can be used to build false websites and host them on servers, as well as send out bulk phishing emails. These bots may also automatically gather the login details and other private data from their victims.

These programmes are frequently used in conjunction with other attack methods, such as spamming and denial-of-service attacks.

Here are some common tactics used in SMS phishing attacks:

1-Urgent Warnings: Attackers create a sense of urgency, claiming your account is compromised or you need to verify your identity immediately.

2-Fake Links: SMS messages contain links to malicious websites designed to steal your information.

3-Impersonation: Attackers pretend to be a legitimate organization, making it harder to detect their malicious intent.

Now, let’s explore how you can protect your crypto assets from SMS phishing attacks.

Tips to Protect Your Crypto from SMS Phishing Attacks

1. Verify the Source:

Always double-check the sender’s phone number and the content of the message. Be cautious if the message claims to be from a known organization but uses a generic phone number or email address. Legitimate organizations usually have official contact information.

2. Avoid Clicking on Suspicious Links:

Never click on links in text messages, especially if you didn’t expect to receive the message. Instead, visit the organization’s official website by typing the URL directly into your browser or using a bookmark.

3. Enable Two-Factor Authentication (2FA):

Enable 2FA on all your cryptocurrency exchange and wallet accounts. This adds an extra layer of security, making it much harder for attackers to gain access to your funds even if they obtain your password.

4. Educate Yourself:

Stay informed about common phishing tactics and scams in the crypto space. The more you know, the better equipped you’ll be to recognize and avoid phishing attempts.

5. Use a Hardware Wallet:

Consider using a hardware wallet to store your crypto assets. Hardware wallets are offline devices that are highly secure and immune to phishing attacks because they don’t rely on internet-connected devices.

6. Keep Software Updated:

Ensure that your smartphone’s operating system and apps are up to date. Updates often include security patches that protect against known vulnerabilities.

7. Use a Reputable Mobile Security App:

Install a trusted mobile security app that can detect and block phishing attempts. These apps can provide an extra layer of defense against SMiShing attacks.

8. Report Suspicious Messages:

If you receive a suspicious text message, report it to your mobile service provider and the Anti-Phishing Working Group (APWG). This can help in tracking and preventing future attacks.

Conclusion-

As the crypto world continues to grow, so does the threat landscape. SMS phishing attacks are a real and evolving danger. Protecting your digital assets requires vigilance, education, and the implementation of security measures like 2FA and hardware wallets. By staying informed and following best practices, you can safeguard your crypto holdings and enjoy the benefits of this exciting financial frontier while minimizing the risks associated with SMS phishing attacks. Remember, when it comes to crypto, your security is paramount.

Watch more about phishing attacks here:

Link: https://www.youtube.com/watch?v=8wiIfG6nCLk&t=23s

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