In a broad sense of the word, any manipulation linked to behavioral psychology can be considered social engineering. However, this concept is not always associated with criminal or fraudulent activities. In fact, social engineering is being widely used and studied in many contexts, in fields such as social sciences, psychology, and marketing.
In the field of cybersecurity, social engineering (also known as social engineering) is carried out with ulterior motives and is used to refer to harmful activities that manipulate real people. perform improper actions, such as revealing personal or confidential information. This information is then used to attack these people or their companies. Identity fraud is a common consequence of these attacks, and in many cases leads to serious financial losses.
People often describe social engineering as a cyber security threat, but the concept has been around for a long time, and the term can be used in connection with fraud schemes in the real world. real world, often including impersonating authorities or IT experts. However, the emergence of the internet has made it easier for hackers to carry out manipulation attacks on a wider scale, and unfortunately, these harmful acts are also happening in the real world. cryptocurrency world.
How it works?
All social engineering attacks rely on the weaknesses of human psychology. Scammers take advantage of users' emotions to manipulate and trick victims. People's fear, greed, curiosity, and even their willingness to help others have been used against them through a variety of methods. Among the many types of harmful social engineering attack techniques, phishing (faking to steal user information) is certainly one of the most common and well-known examples.
Phishing attacks
Phishing emails often masquerade as being sent from a legitimate company, such as from a national bank chain, from a reputable online store, or from an email service provider. In some cases, these fake emails will warn users that their account needs updating or is experiencing unusual activity, and ask them to provide personal information as a way to confirm their identity. and restore their account. Out of fear, some people quickly click on the link and navigate to a fake website to provide the requested information. At this point, the information will be in the hands of hackers.
Scareware software
Social engineering attacks are also used to spread malware called Scareware. As its name indicates, scareware is a type of malware designed to frighten and surprise users. They often include creating false alerts to try to trick victims into installing software that looks legitimate but is actually phishing software, or tricking them into visiting a website that will fake the system. Theirs is poisoned. This technique is often based on the user's fear of their system being harmed. The attacker will convince the victim to click on a banner or pop-up message on the website. That message usually says something like: “Your system is infected, click here to clean it.”
Baiting (bait)
Baiting is another social engineering attack method that causes problems for many unsuspecting users. This method uses bait to lure victims, relying on their greed or curiosity. For example, a scammer might set up a website offering something for free, such as music files, videos, or books. But to access these files, users must create an account and provide their personal information. In some cases, an account is not required as files infected with malware directly enter the victim's computer system and harvest their sensitive data.
Baiting schemes can also occur in the real world through the use of USB devices and external hard drives. Fraudsters may intentionally leave infected devices in a public place, so any curious person viewing the device's contents will expose their personal computer to infection.
Social engineering and cryptocurrency attacks
A greedy mindset can be quite dangerous in the context of financial markets, making traders and investors especially susceptible to falling victim to phishing attacks, Ponzi or multi-level marketing, and other types of fraud. other. In the blockchain industry, the excitement that cryptocurrencies have generated has attracted a lot of first-time participants to the space in a fairly short period of time (especially during periods of bullish market volatility). go up ).
Although many people do not fully understand how cryptocurrencies work, they often hear about the lucrative potential of these markets and so they often invest without proper research. Social engineering is especially worrisome for these new entrants as they are often trapped by their own greed or fear.
On the one hand, the eagerness for quick profits and easy money eventually leads these newcomers to pursue promises of free token giving and airdrop opportunities. On the other hand, the fear of losing personal files drives users to pay the ransom. In some cases, their files are not actually infected with ransomware, and users are fooled by a fake message or warning created by hackers.
How to prevent social engineering attacks
As mentioned, social engineering scams are effective because they rely on human nature. They often use fear as a motivator, motivating people to take immediate action to protect themselves (or their systems) from an unrealistic threat. The attacks also rely on human greed, luring victims into a variety of investment scams. So one important thing to remember is that if an offer is too good to be true, it's probably a trap.
There are some very sophisticated scammers, but there are also attackers who make notable mistakes. Some phishing emails, and even scareware banners, often contain syntax errors or misspelled words, and they are only effective on those who don't pay attention to grammar and spelling - so pay attention check carefully.
To avoid becoming a victim of social engineering attacks, you should consider the following security measures:
Train yourself, your family and friends. Train them on common malicious social engineering attacks and inform them about key security principles.
Be cautious with email attachments and links. Avoid clicking on ads and websites of unknown origin;
Install a reliable antivirus and update your software applications and operating system;
Use multi-factor authentication solutions whenever you can to protect your email logins and other personal data. Set up two-factor authentication (2FA) for your Binance account.
For businesses: consider equipping your employees with the knowledge to identify and prevent phishing attacks and social engineering schemes.
Conclude
Cybercriminals are always looking for new methods to trick users into stealing their money and sensitive information, so it's important to educate yourself and those around you. Friend. The internet is a safe haven for these types of scams, and they are especially prevalent in the cryptocurrency space. Be cautious and alert to avoid falling into the trap of social engineering attacks.
Additionally, anyone deciding to trade or invest in cryptocurrencies should do their research first and ensure they have a clear understanding of both the market and how blockchain technology works.
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