Crypto-related scams in Russia skyrocketed exponentially during the first half of 2020

Cybersecurity companies have concluded that crypto-related scams in Russia have seen a rapid rise over the first half of 2020. Moreover, researchers have highlighted about 23,000 active websites involved in cryptocurrency scams in Russia, still actively looking for more victims to defraud.

According to a new report by Kommersant, citing a new study conducted by Kaspersky Labs, cryptocurrency fraud in Russia has more than tripled compared to the same period in 2019. The study by Kaspersky Labs discovered a range of crypto-related scams that are on the internet. Notably, cryptocurrency scams worldwide have increased as the world battles the spread of COVID-19 pandemic.

Crypto-related scams in Russia draw victims by making false promises

Moving forward, the study concluded that crypto-related scams in Russia entice victims by offering them surveys to fill with the promise of a commission. However, participants need to pay an “entrance fee” first to access the survey. Subsequently, Qrator Labs unearthed a different scam that offers victims over $275 per hour to mine crypto using their idle computing power. Regardless of the promise to pay, they never compensated their victims.

Additionally, the fraudsters also asked their members to pay a certain fixed subscription fee to ascend their ranking system in the crypto mining scam. The more the subscription fee, the more the member is supposed to rake in. Researchers were particularly concerned by the tendency by scammers providing credit card payment methods, where they could also steal the victim’s banking information.

Crypto scams rise worldwide amid coronavirus pandemic

Cybersecurity experts proposed that credit card solution providers take decisive actions to pull down bogus transactions. Additionally, they recommended that credit card firms team up with the authorities to identify the perpetrators and charge them in a court of law.

Fraudulent operations involving cryptocurrencies have surged worldwide amid the spread of COVID-19. Notably, the FBI warned earlier in 2020 that fraudsters might be planning to unleash their crypto-related scams to take advantage of the pandemic. Furthermore, several countries have confirmed an increase in crypto-related scams, including ransomware attacks, investment frauds, and other crypto-related scams.

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