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The collapse of economies will lead to rampant crypto scammers – Kaspersky
Kaspersky Lab analysts expect cybercrime to rise due to coronavirus pandemic
Crypto scammers will switch to new schemes due to the emergence of products for identifying cryptocurrency accounts
The collapse of the economy in any country will immediately affect the growth of crypto scams
Coronavirus pandemic will lead to a wave of poverty, sparking an increase in cases of fraud related to crypto-currencies
The economic impact of the 2020 coronavirus pandemic could be reflected in the growth of cryptocurrency fraud. This is the conclusion reached by Kaspersky Lab analysts.
The wave of poverty triggered by the COVID-19 pandemic will push people down the curve of cybercrime, according to a report posted on Securelist.
“Some economies could collapse, pulling national currencies with them and making bitcoin stealing much more attractive.
We should expect an increase in cases of fraud, aimed mainly at BTC, since this cryptocurrency is the most popular, “analysts say..
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According to experts, countries under economic sanctions will rely more on ransomware that mimics the work of cybercriminals. They can reuse existing code or create their own scam campaigns from scratch, according to Kaspersky Lab..
A new type of fraud
Analysts also predict the emergence of a new type of scam targeting cryptocurrencies.
Due to the emergence of new products focused on identifying stolen cryptocurrencies and de-anonymizing bitcoin accounts, Kaspersky Lab expects that attackers will demand privacy-oriented coins from victims. Coins like Monero (XMR) will be used as a transit currency, which can then be converted into bitcoins, reliably hiding their traces.
Either way, cybercriminals targeting financial assets will resort to extortion or DDoS attacks in order to obtain cryptocurrencies in 2021.
Previously BeInCrypto editors reported, that a leading Taiwanese computer manufacturer has fallen victim to ransomware that is demanding a ransom of almost $ 14 million in bitcoin.