Hi @gbenga, here is my homework post for your week-5 lessons on cryptoacademy. The security problem with cryptocurrency that am discussing is Phishing.
SECURITY PROBLEM WITH CRYPTOCURRENCY; PHISHING
Introduction To Phishing.
This is a very persistent Security challenge in cryptocurrency as it has been widely used by many cyber thieves to gain access into cryptocurrency users' wallet and by so doing, steal the coins contained in that cryptocurrency wallet.
Meaning of Phishing
Phishing is the act whereby some cyber thieves use crafty ways to lure and deceive people into revealing their private/security informations like password or private keys of accounts, and by so doing, the cyber thieves use those informations to gain access to such accounts.
The concept of Phishing in Cryptocurrency Wallets
In cryptocurrency, Phishing is targeted at the online wallets of users. Here the cyber criminals can send emails to asking them to click on a link which will take them to a fake platform or website that will ask them to reveal the private keys of their crypto wallet or the keys used to access the funds in such wallet. If such keys are provided to those false sites, the criminals who created them will pick it up and then use it to steal coins that were available in that wallet.
People who perpetuate this act always deceive their victims with fake promo or giveaway. Sometimes they create a fake website or platform that tends to look almost the same with the original or trusted ones. While some masquerade themselves with cryptocurrency investments.
Simple steps to avoid Phishing
Phishing is one of the most used security scam method, but ways you can avoid falling a victim to this scam are very simple. Some of them are highlighted below;
♦ Link security check: Most browsers always provide information on the security status of websites, before supplying any details to any other website, check the top corner before the Link or after the link, depending on the browser, you will see a locked key if the website is safe and secure, but if it is not, you will rather find a warning sign or any other alerting sign.
♦ Take note of the correct links: Since these fraudsters also operate by cloning some genuine platforms or websites, it is now necessary to take note of the correct to such genuine websites as they will always have some differences from the ones cloned by cyber thieves.
My Personal Experience
A couple of times, many cyber thieves have made attempts to acquire my security keys from me, but I have never fell a victim to their scams as I have always checked whether their site is secure or not. Most of the times, it is my browser that will always warn me not to share any of my details with them.
I hope my explanations are helpful, thanks for your time.