Digital currencies issued by local governments in Japan are increasingly being exploited in phishing scams. Fraudsters are taking advantage of vulnerabilities in reward programs, raising concerns about their security.
Fraud Cases Expose Security Risks
According to a report by Japan Times, an increasing number of fraud cases are exposing vulnerabilities in regional digital currencies issued by municipalities across Japan. This has led to calls for stricter security measures.
For example, police in Osaka arrested seven Vietnamese nationals accused of using stolen credit card information to fraudulently obtain "machikane points," a regional digital currency used in Toyonaka city. The group allegedly exploited a reward system that offers up to 2,500 yen (approximately $345) for purchases worth 50,000 yen (~$6,900).
The scammers used the same credit card across multiple accounts, netting nearly half a million dollars in just two days. Investigators suspect that more individuals may be involved in the scheme.
Similar Scams Nationwide
Similar fraud cases have been reported in other regions, such as in Kumagaya city in Saitama Prefecture, where the local currency Kuma Pay was targeted. Several municipalities across Japan have reported incidents, though some have refrained from disclosing details.
Rapid Growth in Digital Currencies
Regional digital currencies have seen a significant surge in popularity in recent years. Data from Senshu University shows that the number of municipalities issuing digital currencies increased from 32 in 2019 to 219 in 2023. These currencies are designed to support local economies, but experts warn that newly introduced digital currencies are often targeted by phishing groups.
Calls for Improved Security
Authorities are urging municipalities to strengthen identity verification protocols and restrict credit card usage to those registered under the buyer's name. However, some officials admit that it is challenging to completely prevent phishing-related thefts.
Conclusion: Phishing scams highlight the need for better protection of digital currencies in Japan. While these currencies are a valuable tool for boosting local economies, their security vulnerabilities pose a significant risk. Implementing stricter verification protocols could help mitigate the issue, but fully preventing such scams remains a challenge.

#phishing , #CryptoNewss , #cybersecurity , #digitalcurrency , #HackerAlert

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Phishing measures are becoming increasingly necessary as hackers attempt to steal your personal information and funds online every day. 
According to a recent report by Scam Sniffer, in February, about 57,000 victims suffered losses of around $47 million due to crypto phishing scams. They pointed out that “most victims were lured to phishing websites through phishing comments from impersonated Twitter accounts.” 
Therefore, to avoid falling into the hands of fraudsters, you need to be able to recognize phishing and know how to protect yourself and your money. In this article, we will discuss this in detail.
Latest Hacker Attack On Exchanges
Cybersecurity company Lookout has announced the disclosure of a new phishing tool called CryptoChameleon. This tool demonstrates a new tactic aimed at some cryptocurrency exchanges such as Binance, Gemini, Coinbase, as well as the US Federal Communications Commission (FCC) via mobile phones. Attackers can create copies of single sign-on (SSO) pages and then use a combination of email and voice calls to obtain user data.
The report notes that CryptoChameleon has attacked employees of the Federal Communications Commission and Binance. In addition, users of Binance, Gemini, ShakePay, and other exchanges were affected. CryptoChameleon uses phone numbers and websites that look legitimate and represent the company’s support service in Gmail, iCloud, Outlook, X, and other services.
Lookout reported that they were able to speak to some of the victims and confirm that a combination of phone calls and messages were used to force the victim to complete the process.
“In one scenario, a victim received an unsolicited phone call that spoofed a real company’s customer support line. The person on the other end of the line was the threat actor, but sounded like a member of the support team from that company.”
Hackers informed the user that their account had been hacked, but they would help them restore it. During a phone conversation with the victim, the attackers would send a message that redirected to a phishing page.
The company’s analysis revealed more than 100 successful phishing attempts and ongoing phishing activity, mostly on Hostwinds, Hostinger, and Russian RetnNet servers. The vast majority of victims are located in the United States.
How Do I Recognize Phishing?
The main goal of phishing is to obtain confidential user information.
Attackers commonly send emails with malicious links on behalf of websites or exchanges. These can be security warnings, account hacking, various surveys, etc. Fraudsters usually emphasize the urgency of action or attract attention by offering a large reward for participation.
Signs that may indicate that the email is fraudulent:
The message uses subdomains, misspelled URLsThe message is written in a way that instills fear or a sense of urgency.The email asks you to confirm personal information, such as financial information or a password.The message is written illiterately and contains spelling and grammatical errors.
There are other verification methods used by companies such as Binance, WhiteBIT, and KuCoin, which have an additional way to verify the authenticity of an email with the Anti-Phishing feature. After activating it, the user has to enter a custom code that will signal that the email came from these companies. After saving the code, every time the user receives a technical email from the exchanges, it will contain this code.
How To Avoid Phishing Scams?
Use strong passwords and enable two-factor authentication: Use a strong and unique password for all accounts. Don’t write them down in an easily accessible place or share them with others. For storing and managing complex passwords, it’s best to use a password manager, such as 1Password, LastPass, Dashlane, and others. Enable two-factor authentication for all accounts to provide an extra layer of security. To do this, you can install a 2FA app on your phone, such as Google Authenticator, Authy, 2FAS, etc.
Don’t ignore update notifications: Security patches and updates are released primarily to address current cyberattack techniques, closing security gaps. Set your software to update automatically to avoid new threats.
Check the website address before entering your information: The URL of a page can often differ from the domain by a single letter and sometimes by case. For example, 1-l, I-l (uppercase “i” and lowercase “l”). It is also not recommended to enter passwords and logins on websites without HTTPS (a lock icon next to it) — it protects the connection and encrypts data.
Do not click on suspicious links: Commonly, scammers use links about winning millions of dollars or gifts as a lure. Therefore, do not click on such links and always check all current sweepstakes and company events.
Summary
Understanding phishing schemes and their signs is the most important thing in the fight against this type of fraud.
By knowing how to recognize harmful attacks and what methods attackers use, users can better protect their personal data. And by following the above recommendations, they can reduce the likelihood of theft.\

#security #phishing #guide

The rise of cryptocurrencies has brought about many opportunities for investors, traders, and businesses. However, it has also opened up a new avenue for scammers to deceive unsuspecting individuals. Crypto scams have become increasingly prevalent in recent years, with new scams emerging all the time. In this article, we will explore the different types of crypto scams and the ways to avoid them.

Fake Crypto Exchanges:

One of the most common crypto scams is fake crypto exchanges. Scammers set up fake websites that look like legitimate exchanges, and lure users into depositing their funds. They often promise low fees and high returns, which can be tempting to investors. However, once the user deposits their funds, the scammers disappear with the money. To avoid falling victim to fake exchanges, users should always verify the authenticity of an exchange before depositing their funds.

Phishing Scams:

Phishing scams are another prevalent type of #crypto scam. Scammers use emails, social media, or other forms of communication to trick users into giving away their private keys or login credentials. Once they have this information, they can access the victim's crypto #wallet and steal their funds. To avoid #phishing #scams , users should always double-check the authenticity of the communication and avoid clicking on suspicious links.

Ponzi Schemes:

Ponzi schemes are fraudulent investment schemes that promise high returns to investors. The returns are paid out of the capital invested by new investors, rather than from any legitimate profits. The scheme eventually collapses when new investors stop joining, and the scammer disappears with the funds. To avoid Ponzi schemes, users should be wary of any investment opportunity that promises unusually high returns and always do their due diligence before investing.

Initial Coin Offering (ICO) Scams:

Initial Coin Offerings (ICOs) are a popular way for cryptocurrency projects to raise funds. However, they are also vulnerable to scams. ICO scams involve scammers creating fake projects and issuing fake tokens to unsuspecting investors. They often promise high returns and claim to have a revolutionary product, but once the ICO is complete, the scammers disappear with the funds. To avoid ICO scams, users should always research the project and the team behind it before investing.

Fake Cryptocurrency Wallets:

Crypto wallets are used to store and manage cryptocurrencies. However, scammers can create fake wallets that look like legitimate ones, and trick users into depositing their funds. Once the funds are deposited, the scammers disappear with the money. To avoid fake cryptocurrency wallets, users should always download wallets from trusted sources and verify the authenticity of the wallet before depositing any funds.

Conclusion:

In conclusion, crypto scams are a growing concern for investors and traders in the cryptocurrency market. As the market continues to grow, scammers will continue to find new ways to deceive unsuspecting individuals. To avoid falling victim to crypto scams, users should always do their due diligence and be cautious when dealing with unfamiliar platforms or projects. Remember, if an investment opportunity sounds too good to be true, it probably is.