According to a new report, the world of cryptocurrency is seeing a rise in fraud schemes involving artificial intelligence and social engineering. The report is prepared by Bitget in collaboration with SlowMist and Elliptic.
Three Main Types of Scams to Watch Out For
The report highlights three main scam tactics:
* Using AI to create fake videos of notable individuals to attract attention to fraudulent investment platforms. * Social engineering takes the form of job offer Trojans, phishing bots, and non-existent staking opportunities. * Many DeFi, NFT, and GameFi projects disguise themselves as modern Ponzi schemes.
AI Technology and Fraud
Recently, the use of AI tools has significantly changed crypto scams. For instance, criminals can now create nearly perfect videos of public figures that supposedly promote fake cryptocurrency platforms. Such videos can mislead even the most careful individuals. In 2024, scammers utilized deepfake technology to produce videos of Singapore's Prime Minister to promote fake investment sites.
CITE_W_A: "Criminals continuously evolve their attack methods using AI and finding new ways to scale their activities. This means we are also working to scale our technology and blockchain capabilities to track and identify the new methods criminals are using." - Arda Akartuna, Lead Crypto Threat Researcher, Elliptic.
Tips for Scam Detection and Prevention
SlowMist offers several recommendations for both users and organizations:
* Ensure accuracy of information: Do not click on any links in social media comments or unexpected messages. Always confirm important actions with leading organizations. * Be cautious of mentions of AI, as scams related to artificial intelligence gains may arise in the cryptocurrency space. * Utilize blockchain platforms like MistTrack and Etherscan to analyze NFTs and verify normal fund movements. * Avoid projects that seem to guarantee "fortunes" in a short period. * Users should protect themselves by using MFA, regularly updating passwords, and selecting files and code only from reliable sources.
Given the increasingly sophisticated methods of fraud, it is crucial to unite businesses, users, and authorities to prevent and detect fraudulent activities. The approaches discussed in the report underscore the importance of collaboration in combating fraud in the cryptocurrency space.
