Info@NationalCyberSecurity
Info@NationalCyberSecurity

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SMARTPHONE owners have been warned about cryptocurrency recovery phrase scams that can steal all of their money.

Cybercriminals have been exploiting malicious websites and software to scam people.

Smartphone owners have been warned about cryptocurrency recovery phrase scamsCredit: Getty

One such way is via cryptocurrency recovery phrase scams.

WHAT IS THIS SCAM?

This is a type of attack where scammers try to trick you into giving them your cryptocurrency recovery phrase.

Your recovery phrase consists of a string of words that can be used to recover your cryptocurrency wallet if you lose it or forget your password.

However, if you give your recovery phrase to a scammer, they will be able to access and steal your cryptocurrency.

HOW DO THESE WORK?

The scam can be carried out in a variety of ways, but the most common include creating fake websites or apps.

These platforms are modeled to look like legitimate cryptocurrency exchanges or wallets.

As such, if you create an account on one of these fake platforms, you will be asked to enter your recovery phrase.

Another common way that scammers conduct this scam is via phishing emails or text messages.

Phishing emails or text messages pretend to be from a legitimate cryptocurrency exchange or wallet.

However, their main goal is to get the victim to click on a malicious link and enter their recovery phrase or other sensitive information.

HOW TO STAY SAFE

There are a few things you can do to mitigate your risk of falling victim to cryptocurrency recovery phrase scams.

First and foremost, never share your recovery phrase with anyone.

Also, be wary of the websites you visit and what software you download.

If you receive an email or text message from a cryptocurrency exchange or wallet asking you to enter your recovery phrase, do not click on any links or offer your recovery phrase.

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