Crypto.com have announced plans to release its new anti-phishing email feature to protect users from phishing attempts by hackers.
Lately, scammers have targeted large exchanges through phishing and getting away with millions of traders’ cash. As of June this year, the CryptoCore hacker group got away with approximately $200 million from five crypto exchanges over two years. Some users complain that the exchanges have not come up with essential steps to ensure that the platforms are secure.
What is Email Phishing?
Email phishing is a cyber-attack that targets users by contacting them through emails posing as the official website. They ask for sensitive information from their targets, including details on their wallet addresses and keys. Others appear as requests to victims to download something that infects their devices with malware.
Phishing emails always contain a sense of urgency, often encouraging users to take steps as soon as possible. They will give you a reason to believe your account is under threat or suspended and you need to update your information immediately. Otherwise, they will give you too-good-to-be-true offers that have a limited period to act upon.
Furthermore, they send a hyperlink looking like one from the official website. Fraudsters may also include attachments in the email, which you are advised not to open. The emails have notable mistakes that go unnoticed by users as they skim through them. Lastly, the scammers send emails in unusual circumstances and refer to the victim differently from how the company does.
Crypto.com Steps up
Even though users should watch out for red flags that accompany phishing activities, Crypto.com moves a step further to ensure the protection of users’ assets. The feature will reinforce their Defense in Depth approach, whose mission is to build trust and ensure security always. Moreover, they hope to spread awareness of cybercrimes and mitigation measures for the same to its staff and users.
The new anti-phishing feature is personalized and easy to use. To set up the feature, you need to log in to Crypto.com and select the security option. Enable 2-factor authentication. Proceed to the anti-phishing section and select the Setup Anti-Phishing Code. You need to fill in a unique code and confirm it to activate the code. This code will appear in every email from Crypto.com; hence, it will help you recognize phishing emails from scammers posing as the exchange. Crytpo.com emphasizes on the need to update the code every 30 days.
The platform maintains good customer service, which is most evident in the recent reactivation of their debit cards after the Wirecard scandal. As per Crypto.com CEO’s tweet, they ensured that all user funds stored in the cards were no longer under Wirecard’s jurisdiction.
Despite governments’ steps to eradicate phishing attempts on online platforms, it takes a step from such sites to protect their users. Crypto.com is one such exchange, keeping in mind the vitality of a secure network and customers’ peace of mind.