Crypto and phishing have been a better love story than Twilight. As time advances, cybercriminals are inventing new and unique techniques to siphon money out of people’s accounts. This is a real problem that authorities need to plug if they want to make the crypto landscape more secure and safe for traders.
In a recent turn of events, something similar happened. However, this time, browser recommendations enabled the crooks to siphon money out of people’s accounts. This is not the first time. Phishing websites have become great at masking themselves. As a result, browsers often mistake them for legitimate websites.
These are the most sophisticated and advanced forms of modern scams, often termed Punycode phishing scam attacks. In such scams, criminals would create a website that either mimics an established website or a new one geared towards siphoning money out of hapless victims.
$20,000 Gone In Minutes
In a similar event, Chrome’s recommendation pushed a trader towards such a website. As a result, the person lost close to $20,000 in a few minutes. This has sent shockwaves in the community as more and more people have presented their concerns.
The founder of SlowMist presented his take on the incident, stating, “This is the pitfall of Chrome. The recommendation mechanism is not well done, and it recommends phishing websites to users… The user was originally visiting the real website.”
Although regulatory organizations have not commented, bodies like the DFPI (California Department of Financial Protection and Innovation) and other scam monitoring organizations have issued repeated warnings about it.
However, the need to implement real and stringent strategies to avoid such incidents is real and urgent.
