Cryptocurrency Phishing Scams

The number of phishing attacks doubled in 2022 compared to 2021, with more and more of them being related to cryptocurrency as reported by cybersecurity company Kaspersky. They reported over 5 million detections of crypto based phishing attacks, compared with 3.6 million in 2021 - that's a 40% increase!

To many people, especially young people, cryptocurrency still seems like an easy way to make money and get rich quickly with minimal effort. as we tentatively come out of the COVID pandemic and into a financial recession, crypto scammers are taking advantage of people's financial concerns and fears to steal their sensitive information with false promises of making lots of money.

These phishing scams are becoming more sophisticated and more believable, and cybercriminals are taking full advantage of social media to spread their scams.

The Quantum-AI, Elon Musk Cryptocurrency Scam

One example of this is a video that appears to be a CBC news broadcast is being shared amongst Canadian users of Facebook. It claims that a new cryptocurrency investing and trading platform called Quantum-AI is paying out millions of dollars to Canadians, and that Elon Musk of Tesla and Twitter, and other Canadian celebrities have invested in, and endorsed the platform.

This report has been refuted by the CBC and appears to be completely fake, with the footage being faked from various interviews and TED talks from the past.

In this viral video, Quantum-AI it is advertised as a smart investing system which - quote - "makes you $800 daily and cures poverty" - end quote, but the video is digitally fabricated. The scam is baiting people by using trending buzzwords and topics. using the words ai and artificial intelligence also confuses people because it has a similar name to the real OpenAI, and Google's Quantum AI project.

The video uses audio of Musk to claim that he has invested in the platform. This audio is taken out of context and is actually from a TED2017 conversation. The transcript of the real conversation contains no mention of quantum ai or cryptocurrency.

This isn't the first time the Quantum-AI scam has been seen on social media. There have been reports of similar fake news videos and fake websites since 2019. In other fake videos, there is also footage of other supposedly invested Canadian celebrities is also taken out of context from various interviews they've done, but none where they are actually talking about cryptocurrency.

There is footage of Ryan Reynolds from his August 9, 2022, appearance onJimmy Kimmel Live. He did not mention Quantum Ai during the conversation. The still of actress Rachel McAdams dates from her February 7, 2012, appearanceon "The Ellen DeGeneres Show".

How to Spot Cryptocurrency Scams

Cybercriminals are always finding new ways to trick you into giving up your money or personal information. to steer clear of a crypto scam, here are some things to think about.

You should ask yourself why any anybody claiming to have created a guaranteed way to make money quickly would want to share its methods and create competition for itself, and why they would need your help if they are so successful.

If they are making claims that sound too good to be true, then it almost certainly is so stay away - trading in cryptocurrency is risky and there is no guarantee of profits. only scammers will promise big returns or quick money.

Do your research, well-known scams will often appear on regulation blacklists and warning lists. for example, Quantum-AI has been placed on Ontario's OSC investor warning list, as well as New Zealand and Germany's investor blacklists.

No legitimate business or government will ever email, text, or message you on social media to ask for money, and they will never ask that you buy or pay for something with cryptocurrency. Only scammers will demand payment in cryptocurrency,

Don't click any unexpected links you receive from emails, texts, or social media message - even if it looks like it comes from a company you know.

You can report cryptocurrency scams to the Canadian Centre for Cyber Security.

As our children spend more and more time online we need to educate them to be able to identify phishing scams and check facts before they are tricked by them or help to spread misinformation.

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Be Educated. Be Connected. Be Safe.