The UAE Government Cyber Security Council warned of the dangers of fraud in cryptocurrencies, as they constitute a cross-border threat that requires vigilance from dealers.
The head of the Cybersecurity Council, Dr. Muhammad Hamad Al-Kuwaiti, said, “Fraud in cryptocurrencies requires vigilance from dealers, as they pose a cross-border threat from hackers.”
He added, “The risks of these fraudulent activities extend beyond financial loss, putting personal privacy at risk and threatening the fundamental trust on which the cryptocurrency market depends.” He pointed out that “the recently released data and studies highlight these risks and the regulatory measures that are being taken in light of the growing concerns about fraud in digital currencies and its consequences.” He stressed the continuation of efforts to strengthen the pillars of cybersecurity, which contributes to mitigating these risks and protecting the financial system from modern-day digital threats.
Dr. Muhammad Al-Kuwaiti called on investors in cryptocurrencies to be careful of exaggerated fake offers, especially those that seem so good that they raise doubts. He explained that “common fraudulent methods in cryptocurrencies include phishing via fake emails or text messages aimed at deceiving users into entering sensitive personal or financial information, in addition to stealing cryptocurrency wallets, through hacking applications or websites or social engineering.” ». He added, “One of the methods of fraud is also to make promises of guaranteed profits, by operating cryptocurrencies, but in reality they steal their money.” Al-Kuwaiti stressed the importance of adopting safe practices, explaining a number of measures that individuals and companies can take to protect against fraud in cryptocurrencies, the most prominent of which are caution against offers that seem so good that they raise suspicion, use strong passwords for each account, enable two-factor authentication, and identify… Common fraudulent methods, in addition to verifying the legitimacy of any platform or company before investing in it. It is noteworthy that data from the CoinPedia and PYMNTS networks indicate that approximately $2.38 billion was stolen over the 11 months until November 2023, which poses a major threat to the security of digital assets. Ethereum is the most targeted network in the field of cryptocurrencies, as it was exposed to approximately 38% of all cyber attacks.
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