Crypto Scammers Using Deepfakes To Trap Victims: NortonLifeLock

Nowadays, Deepfakes and crypto scams are top in the line of swindles. According to Norton Labs, over $29 million in BTC was stolen in 2021, and the frequency of these frauds will increase in 2022 as the bitcoin market’s value increases.

Cybercriminals are experts at benefiting from falsehood, so it’s imperative for internet users (consumers) to pay attention to the most recent scammers and to assess anything skeptical they meet on the internet, according to NortonLifeLock.

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Today, Norton Labs released its annual Consumer Cyber Safety Pulse Report, communicating the top consumer data protection perspectives, tips, and advice from January through March 2022. Including, how fraudsters mislead people with deepfakes and bitcoin swindles to access their financial and personal info.

Norton’s report recorded the following numbers of attacks in India: over 18,013,055 threats, 59,907 phishing attempts, and 31,062 tech support scams.

Noton also blocked 78.9 million file threats, 227,000 mobile threats, and 86,000 ransomware attacks.

Deepfakes And Crypto Scams Utilization

Bad actors use Deepfakes to spread fake information. For example, the Norton labs team noted that these criminals use Deepfakes to create fake social media accounts (fake profile information) like YouTube, LinkedIn, Twitter, and Facebook. Also, generate charity scams like kids wish to network, the cancer fund of America, breast cancer relief foundation, many other charity-based frauds, and other fraudulent tactics.

These fake accounts and charity scams spread false information to fulfill their destructive purposes. 

One example is the ongoing Ukraine war propaganda. Bad actors are spreading fake news referring to the continuous military conflict in Ukraine and Deepfakes by making a video that sows a seed of confusion and doubt.

Crypto Scammers

Cryptocurrency crime soared 79% in 2021 as the industry is at its peak and adopted widely. 

Cybercriminals are becoming wiser. They steal stakeholders’ financial accounts and their information by different ploys, like the Rug Pull, Pump and Dump, Pig Butchering crypto scams.

Furthermore, according to Nortons’ reports, over $29 million in Bitcoin was stolen in 2021, and says the frequency of these frauds will increase in 2022 as the Bitcoin market’s value increases.

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Therefore, Darren Shou, head of technology, NortonLifeLock, said, “Scammers are always evolving their tactics to make their attacks look more believable.”

He also added, 

Cybercriminals are masters at profiting from deception, so it’s crucial for consumers to be aware of the latest scams and critically analyze anything suspicious they encounter on the internet, whether on social media or in their inbox. We are here to help consumers navigate a changing digital world where you can’t always believe what you are seeing.

                Featured image from Flickr and chart from Tradingview.com