By Michael B. Cohen
Vice President of Global Operations
Ransomware is a type of malicious software that encrypts the victim’s files and demands a ransom to restore them. It is one of the most prevalent and damaging cyber threats today, affecting individuals, businesses, and governments alike.
According to a recent report by Chainalysis, a leading blockchain analysis company, ransomware attacks increased by 311% in 2020, reaching a total of $350 million in cryptocurrency payments. The report also found that ransomware accounted for 7% of all funds received by criminal addresses in 2020, up from less than 1% in 2019.
While ransomware is on the rise, other types of crypto’ scams are declining. Chainalysis reported that the total value of funds sent to scam addresses dropped by 72% in 2020, from $4.4 billion in 2019 to $1.2 billion in 2020. The report attributed this decline to the crackdown on large-scale Ponzi schemes, such as PlusToken and OneCoin, which accounted for most of the scam activity in 2019.
But what are some examples of crypto scams? There are many ways that scammers can trick you into sending them your money or your personal information. Some of the most common crypto scams are:
Phishing: Scammers may send you fake emails or messages that look like they are from legitimate sources, such as your bank, your wallet provider, or a cryptocurrency exchange. They may ask you to click on a link, download an attachment, or enter your login details. If you do so, you may end up giving them access to your account or installing malware on your device.
Fake giveaways: Scammers often promise you free or discounted cryptocurrencies if you send them a small amount first or if you share their post on social media. They may use fake accounts or websites that impersonate celebrities, influencers, or reputable organizations. However, once you send them your money, you will never receive anything in return.
Rogue mobile apps: Scammers are known to create malicious apps that look like they are related to cryptocurrencies or blockchain technology. They may offer you services such as wallets, exchanges, mining software, or games. However, these apps may steal your data, drain your battery, or access your camera or microphone without your permission.
Investment scams: Scammers offer an opportunity to invest in a new or promising cryptocurrency project or scheme. They may claim that they have a secret strategy, a revolutionary technology, or a guaranteed return. However, these projects or schemes are either non-existent, fraudulent, or illegal. You may end up losing all your money or getting involved in criminal activity.
If you have been a victim of a crypto scam or a ransomware attack, you may feel helpless and hopeless. But you don’t have to give up on your money. There is a way to fight back and recover your funds: MyChargeBack.
MyChargeBack is a global leader in fund recovery consulting services, specializing in complex and international cases. MyChargeBack has helped thousands of clients from over 150 countries to recover millions of dollars from online scams and frauds.
MyChargeBack works with over 800 banks and payment processors worldwide, using its expertise and experience to dispute unauthorized or misrepresented transactions. MyChargeBack can assist you with filing chargebacks, tracing funds, negotiating settlements, and pursuing legal action if that becomes necessary.