Wednesday, July 24, 2024

How ‘One Time Password’ bots can steal your entire cryptocurrency portfolio.

It is a fact that scammers find ways to steal money from unsuspecting people. The latest way is to use hacking bots which are very sophisticated on Telegram. These bots trick investors into giving up their two-factor method of authentication. They then clean out investment accounts and lock the owners out.

A report published by Intel471, a cyber security company, OTP or one-time password bots are inexpensive to buy and deploy. They are also easy to use. This is in comparison to what it costs to buy vs. the money that is made from cleaning out accounts. A bot on Telegram, BloodOTPbot lets hackers have access for around $300 a month. Hackers also have the option of buying phishing tools for social media for an extra charge of $20 to $100. This extra payment lets them access platforms like Venmo and Paypal too, along with crypto platforms like Coinbase.

OTP bots are very sneaky as they are part of the last step that people use to access their accounts. Hackers use these to get all of the victim’s essential information and then go to work. The bot makes a call that feels official and prompts users to use put in their information. Users divulge their codes and immediate access is gained by the hackers.

Bot attacks are becoming more frequent and have caused losses in the millions to many investors and institutions. Coinbase’s customer service team has received a lot of criticism over the years for not dealing with hackers at all. Experts say that account holders should be cautious if they get a call from someone requiring sensitive information. People should not give out security codes and other details. The best course of action is to go directly to the website or call the official number listed for the organization.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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