Bragging About Crypto Wealth May Be Risky, Google Security Expert Warns

Francisco Memoria
  • Mark Risher, the head fraud-fighter at Google, recently warned there's been an uptick in crypto-related attacks.
  • Per Risher, social engineering tactics have been becoming more advanced.

Mark Risher, Google’s head fraud-fighter, has recently warned against bragging about cryptocurrency-related wealth online, as it may make crypto users a target for cybercriminals, who have been increasingly targeting the nascent industry.

According to CNBC, Risher, who oversees Google’s initiatives to protect Gmail and other apps, revealed cybercriminals may choose their targets because they’re either looking to work up to a higher target, or because they see people bragging about wealth online.

Per the security expert, hackers can often get details on their victims through their social profiles and email accounts. Breaking into these may see them gain access to wallets with cryptocurrency in them, as some wallet providers grant access through email accounts.

Per Risher, there has been an “uptick in attacks against people who hold cryptocurrencies.” These attacks, CNBC reports, can often be traced back to online posts, where the victim reveals it holds cryptocurrencies.

To get to their funds, hackers then proceed to use social engineering tactics, including email scams. These, Risher stated, have become more advanced and don’t follow the “Nigerian Prince” line. He was quoted as saying:

You might think of this generic 'Dear Sir or Madam, I am contacting you to ask you for a favor,' but the truth is many of these attackers have done some serious research on their victims. "So you might get what we call 'social truth' in your message.

The ‘social truth’ reportedly includes personal details about the victim, which are often obtained after the hackers research his or her social profiles. Per CNBC, people often forget about what they post on social media or on online forums.

The expert added that to prevent these types of attacks crypto users should be careful about what they post online and limit what they reveal. Security analysts also advise users to use hardware wallets.

Ledger, a leading hardware wallet manufacturer, has recently received a Startup of the Year award from Ernst & Young (EY) for the Ile-de-France region. The app has recently added support for EOS, which just became a quote currency on crypto exchange HitBTC.

As CryptoGlobe covered Thai authorities expected cryptocurrency-related crimes to grow this year. In the first half of this year, crypto mining attacks more than doubled.