Whenever criticism of cryptocurrency comes up, there is the inevitable topic of crypto being used for scam purposes. This is also on top of the fact that there is a significant number of people who go out of their way to scam individuals out of their cryptocurrency and this takes advantage of the fact that there is not widespread information about crypto scams just as with any emerging industry, there are a number of vulnerable people to be exploited. Thankfully, more information is being circulated about how do identify and avoid crypto scams even as the menace rages on.
According to a new report, however, scammers might be abandoning cryptocurrency to focus their attention on extorting money from individuals via prepaid debit cards.
This report was published on December 16, 2019, by Kaspersky Labs, a cybersecurity firm, and it touched on a growing trend in Brazil of scammers targeting prepaid debit cards. One of the most popular ways that this is executed is through sextorsion scams in which individuals are told to give up a certain amount of money or else, intimate details of their personal life will be made public.
“The debit cards in this particular sextortion scheme — Acesso cards — are sold in Brazil and work with the Mastercard system,” the report says,“One of the features of these cards is that they are usable not only in Brazil, but internationally as well. Perhaps that’s the feature that the cybercriminals in question are particularly interested in.”
This scam operates with the scammers sending out mass emails instructing people to buy one of the cards and load them with funds and then send a photograph of both sides through which the scammers are able to spend the money that has been loaded. However, the consequences of this new trend of crypto scams cannot be determined as of now.
“It is still too early to say if prepaid debit cards will supplant bitcoin as the new ransom currency of choice, or whether such messages are the exception rather than the rule,” the report adds.