Kaspersky Highlights Crypto Phishing Trends in Southeast Asia: Urges Vigilance in Safeguarding Digital Assets

Kaspersky’s latest report reveals a decrease in cryptocurrency phishing attempts in Southeast Asia (SEA) in 2022, except in the Philippines, Indonesia, and Malaysia, where such attacks are on the rise. With SEA responsible for 14% of global cryptocurrency transactions and predicted to lead mass adoption, Kaspersky highlights the importance of users being informed about the latest phishing techniques to secure their assets.

KUALA LUMPUR, 4 July 2023 – Leading global cybersecurity company Kaspersky has released new data on crypto-related phishing activities in Southeast Asia (SEA), indicating a slight decline in 2022. While three countries in the region experienced a decrease in detections, the Philippines, Indonesia, and Malaysia saw an alarming increase in attempts to steal funds from cryptowallet owners. Kaspersky highlights the need for heightened awareness and knowledge among crypto adopters to safeguard their assets.

According to Kaspersky’s latest report, phishing attempts targeting cryptocurrency users showed a decrease in SEA last year. The data revealed a drop from 164,330 detections in 2021 to 147,649 in 2022. However, this decline was only observed in Singapore (-74%), Thailand (-51%), and Vietnam (-15%). On the other hand, the Philippines witnessed a surge from 9,164 detections in 2021 to 24,737 in 2022, while Indonesia experienced an increase from 19,584 to 24,642, and Malaysia from 16,071 to 16,767.

Adrian Hia, Managing Director for Asia Pacific at Kaspersky, highlighted the growing adoption of cryptocurrencies in Southeast Asia, attributing the increase in phishing attempts to the region’s youthful and tech-savvy population. He emphasized the importance of crypto adopters being well-informed about the latest techniques employed by crypto-phishers to protect their digital assets.

To shed light on one prevalent tactic used by crypto-phishers, Roman Dedenok, Kaspersky’s Spam Analysis Expert, discussed a common scenario where scammers entice victims with promises of free cryptocurrency through email campaigns. These emails, purportedly sent by a crypto community support team, offer large sums of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tron (TRX), or Ripple (XRP) as a giveaway. The scammers provide a link to a phishing website where users are prompted to enter their wallet information and a secret seed phrase, ultimately leading to the theft of their funds.

Kaspersky advises crypto enthusiasts to safeguard their funds by keeping their seed phrase confidential, refraining from clicking on suspicious email links related to giveaways or account issues, and utilizing reliable security solutions to prevent phishing attacks.

As the cryptocurrency landscape continues to evolve, Kaspersky remains committed to raising awareness about cyber threats and equipping individuals with the knowledge needed to protect their digital assets effectively.

Author: Terry KS

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