Just 25% Users Aware Of Crypto-related Risks: Report

A recent report revealed that only 25 per cent of people feel well informed about the potential risks of using it cryptocurrency.

According to the survey report, a significant proportion of individuals are unaware of the potential threats faced by cryptocurrency owners. Despite the increasing popularity of cryptocurrency, 23 per cent had no information at all. Moreover, awareness of these threats decreases with age, with younger consumers under 35 years of age being more informed.

Cyber threats, such as virtual theft and scams, were among the most commonly cited negative aspects of using cryptocurrency, with 27 per cent and 26 per cent of respondents respectively highlighting them as their top concerns. While 38 percent of respondents were unaware they could become a target of crypto threats - even if they do not own cryptocurrency. It is worth noting that anyone can become a target for cryptominers – programs that secretly generate cryptocurrency for their owners using the resources of other computers, whether they own cryptocurrency or not.

The Kaspersky report mentioned that crypto-investment fraud (23 per cent and 15 per cent, respectively) and fake apps (16 per cent and 15 per cent, respectively) are major concerns in South Africa and APAC countries. Whereas in Europe, extortion attacks in which scammers threaten to reveal victims browsing history on adult websites unless they provide private keys or send cryptocurrency (13 per cent) are the problem.

“Despite the recent cryptocurrency market downturn, the level of malicious activity in the field has not decreased. The crypto industry, still in its infancy, remains a prime target for fraudsters. This survey emphasizes the need for increased awareness and education about the potential risks faced by cryptocurrency owners. As the adoption of digital assets continues to grow, it is essential for individuals to take appropriate measures to protect themselves from cyber threats,” said Vitaly Kamluk, Head of APAC unit, Kaspersky’s Global Research & Analysis Team.