How To Avoid Social Engineering to Prevent Bitcoin Scams in 2024?

We live in a world woven by the internet. The use of cryptocurrency is also a common practice here.  Also, decentralized technologies like Bitcoin are gaining widespread adoption, Hence, the risk of falling victim to scams is rampant. 

Cyber attackers create a den of deceptive social engineering. It is a treacherous practice to lure individuals and agencies. Hence, these criminals try siphoning sensitive business or personal finance data. The vulnerability becomes twofold when Bitcoin transactions are involved.  

Here we have gathered essential details to help you avoid social engineering scams. We have also discussed the right ways to transact in Bitcoin using Cryptomaniaks.com.  

Follow the precise guidelines to ensure that the Bitcoin trading ecosystem is safer in future. 

About Social Engineering

Social engineering is a host of treacherous and manipulative actions that exploit our psychological weaknesses. Most organized cyber-crimes need such a gateway to launch their siphoning algorithm into your financial network.

Businesses Encountering these Cyber Attacks

You have many private gateway data at your disposal, if you deal in Bitcoins. The same also applies to the businesses that allow Bitcoin payments.  

Scammers can adopt heinous methods to make you spill data about private operating keys, secret passwords and other such data.  

However, businesses fall prey to other unique methods too. Some of those are phishing emails, impersonation, pretexting and fake websites.

So, Which Businesses are Most Vulnerable?

In the US, small companies including ITes are soft targets of social engineering. But the scenario has changed now.  

Now the target list includes restaurants as well. Again, most fast-food chains in the US have started Bitcoin transactions. 

Bitcoin is not only used to accept retail payments. Many QSR chains use Bitcoin to make B2B payments to vendors in their supply chain.  

In a nutshell, they are avidly exposed to vulnerabilities. We have also seen specimens of cyber-attacks in the recent past that confirm the vulnerabilities.

How to Avoid Social Engineering and Prevent Bitcoin Scams?

What can QSRs do to avoid social engineering scams?  

There is still enormous naivety involved in Bitcoin transactions. Above all, many small businesses easily lower their guard while dealing in Bitcoin.  

Even big brands like Yum Brands do so. Therefore, you must be aware of the vulnerabilities that scammers target, to avoid scams.

Let’s discuss some practical steps to avoid social engineering and prevent falling prey to Bitcoin scams.

Educate Yourself

The web of social engineering has become more intricate than Mapzen’s Tron map.  

Recently, Yum Brands was compelled to close 300 business units in the UK, due to cyber-attacks.  

They had to take their systems offline after the siphoning attack. To twerk their approach, social engineering criminals pose as reward account holders.  

It is an easy way to interact with a company database. Earning and using reward points repeatedly opens multiple transaction gateways.  

But social engineering is mostly about psychologically luring you into leaking private data.  

How is this incident such a case? 

Probably Yum Brands lowered their guards to see abundant reward points being earned. As a result, they fathomed a rise in sales. However, such organized attacks can be like mirages, like in this case.  

I found some best practices to remain shield against such attacks.  

To begin with, stay updated about the siphoning techniques. Also, learn about the common scams with QSRs in the past and their sources.  

You may read cyber security journals and blogs as well.  

Most cyrpto-bodies release official newsletters to make people aware of safe usage parameters.  

Experts say that informed users leave less loopholes.

Verify Identities

Social engineers often masquerade as trustworthy entities to gain access to sensitive information. But you must verify the identity of anyone requesting personal or confidential information, especially if the request seems unusual or unexpected.

How do Social Engineers Target Small Restaurant Chains?

It’s a cakewalk for them. They take the garb of reliable middlemen or vendors or active suppliers. What most small businesses do is allotment of orders without ample background checks.  

Fake websites are a potential equipment of such frauds. 

So, what can you do, in such instances: 

• Contact the person or organization through official channels to confirm legitimacy before sharing information.  
• Genuine entities will appreciate your diligence in ensuring the security of your assets. 

Be Skeptical of Unsolicited Communications

The big QSR chains can easily fall prey to this method. That’s because they encounter an unfathomable number of unsolicited communications every day.

You can do very little here. However, the lone way to shield your business is to educate your executives and operators about treacherous communication methods and channels.

I can advise them on a few methods.  

First don’t give into social media ads of exceptional offers. Also, take time, stalk and screen the metrics of a vendor if you get a surprising quote from it.  

Many communication points urge prompt action and claim to give very limited time offers. It is wise to avoid them.  

Such threats are nowadays common in B2B businesses also. So be wary of prompt actions.  

Authentic requests will withstand scrutiny, so take the time to validate them.

Verify The Authenticity of Requests

If you receive a message or request related to your Bitcoin holdings, take the time to verify its authenticity. Contact the supposed sender through official channels like their website or customer support. Avoid using the contact information in the suspicious message, as scammers often manipulate details to appear legitimate. Trust but verify, especially when it comes to your financial assets.

Use Hardware Wallets

Now, it’s time to secure unit transactions by customers. Most QSR brands including KFC, Burger King, Subway, Starbucks, Pizza Hut and others offer Bitcoin payment gateways nowadays.  

It is even better to accept payment from those who use hardware wallets predominantly.

But How do These Wallets Ensure Security?

They keep the private Bitcoin transaction keys offline. As an outcome, scammers cannot penetrate your safety ecosystems.

Here are the best hardware wallets in 2024:

• Coinbase Wallet 
• MetaMask 
• Trust Wallet 
• Electrum 
• Blue Wallet 
• Exodus 
• Crypto.com 

Enable Two-Factor Authentication (2FA)

Adding an extra layer of security to your accounts through two-factor authentication (2FA) is crucial. Enable 2FA on your cryptocurrency exchange accounts and wallet applications to enhance the security of your holdings. This additional step can prevent unauthorized access, even if your password is compromised.

Double-Check URLs

Big companies like Yum Brands have ample employees to track phishing. But smaller companies don’t have the leverage. So, they can remember some threshold steps to safeguard their business.  

Always click on the vendors or distributor’s URL and see if it’s their official page. Imposters create fake URLs that look like real ones.  

So, the golden rule is double checking your client’s URL.  Also, pay attention to subtle misspellings or variations that scammers may use to create convincing but fake websites.

Keep Software Updated

Regularly update your operating system, antivirus software, and cryptocurrency wallet applications through the App Store or Play Store. Software updates often include security patches that address vulnerabilities. Keeping your software up to date reduces the risk of falling victim to malware or other exploits that could compromise your Bitcoin holdings.

Diversify Your Investments

Avoid putting all your eggs in one basket. If you want to invest your Bitcoins to grow your business, take my advice. Diversify your cryptocurrency investments across multiple wallets and exchanges to mitigate the impact of potential scams. Your entire portfolio won’t be at risk if one account is compromised.

Limit Information Shared On Social Media

Social media platforms are treasure troves for social engineers seeking personal information. Be mindful of the information shared online and adjust privacy settings to limit the visibility of personal details.

Practice Cold Storage for Long-Term Holdings

Consider using cold storage solutions for long-term cryptocurrency holdings. Cold storage involves keeping private keys entirely offline, disconnected from the internet. This method provides an added layer of security against online threats and hacking attempts.

Even big companies like Starbucks can follow this program. They can create an intranet for sharing such data. Thus, they can avoid connecting with the world-wide-web.

Stay Informed About Emerging Threats

The cryptocurrency landscape is dynamic, with new threats emerging regularly. Stay vigilant and informed about the latest security risks and protective measures. Engage with the community, participate in forums, and learn from the experiences of others to enhance your knowledge and security posture.

Implement Security Protocols

Establishing and adhering to security protocols is essential for both individuals and organizations. This includes encrypting sensitive data, restricting access based on roles and responsibilities, and regularly reviewing and updating security measures to adapt to evolving threats.

Conclusion

The risk of falling victim to social engineering and scams accompanies the popularity of Bitcoin and other cryptocurrencies. By staying informed, practicing caution, and implementing security best practices, you can significantly reduce the likelihood of becoming a target. Not only single users, but big corporations might also be equally vulnerable to their attacks.

Research shows that QSRs are quite vulnerable to cyber-attacks. Recently, brands like KFC and Pizza Hut endured repetitive cyber-attacks. There were potential traces of social engineering in those attacks.

Safeguarding your Bitcoin wallet requires a proactive approach, and the steps outlined in this guide can serve as a solid foundation for protecting your digital assets in an increasingly interconnected world.

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