Emails asserting to be from international Bitcoin trading service LocalBitcoins have hit email inboxes all over the world, attempting to trick users into handing over their login credentials and provide hackers access to their Bitcoin wallets.
The email states users the site is currently under maintenance to improve the quality of its service and to “reduce the rate of spam virus” on the service. Users are advised to verify and update their accounts through a provided link.
“Failure to do may result in the cancellation of your local bitcoins wallet account,” the scam claims.
The scam email. Source: MailGuard.
When the link is clicked, users are taken to a fake login page for LocalBitcoins, which asks for the user’s login for the Bitcoin trading site, their email, providing cyber crims with the elusive double whammy of credential pilfering.
The site also contains a fake Google ‘reCaptcha’ verification tool, just to give the fake site further legitimacy.
“Through this phishing email scam, cybercriminals are not only misusing the well-established reputation and vast database of LocalBitcoins users, but also the soaring value of Bitcoin currency,” MailGuard says.
“At present valuation, 1 Bitcoin is worth AUD$5,096 — building the stakes massive for someone who is informed that their entire Bitcoin wallet might just be cancelled. It is this exact fear of losing huge amounts of money that cyber criminals target on to trick receivers to submit their confidential details online.”
For users concerned about falling prey to this, or alike email phishing scams, the best thing to do is to enable two-factor authentication on any accounts which have sensitive information, or thousands of dollars in cryptocurrency.
Two-factor authentication, or 2FA, needs a second level of authentication when logging into accounts, requiring users to input a unique code from their mobile phone in order to access to their account. This means if your credentials are taken, criminals would not be able to access your accounts without your unique code.