Imagine the following scenario: you are sitting in front of your computer, managing your finances through online banking when you suddenly receive an email from the bank explaining that someone else is trying to log in under your name and that they need to authenticate your identity. The sender’s email address and story checks out, and so you provide your credentials and carry on. However, the next day you discover that all your savings are gone because you’ve been spoofed by a fake address.
The moral of this story is that after someone gets hold of your login data, there is nothing to stop them from exploiting your account; they even know how to circumvent a second authentication step as cyber criminals are more than capable of intercepting messages and emails, only to use them to empty your wallet or send malware. And even though this particular scenario seems a bit farfetched, many Bitcoin owners have lost their cryptocurrency due to similar scams. Read More…