Facebook users in Australia are being tricked into handing over money as scammers use the social media site to demand bitcoin or iTunes gift cards as payment.
However, according to Delia Rickard, ACCC deputy chair, this figure doesn’t represent the overall number of scams that target Australians. Not only that, but nowadays, scammers are changing the tactics that they use when targeting their victims.
According to the Australian Competition and Consumer Commission (ACCC), thieves are hiding behind familiar organizations that the general public are likely to trust such as utilities and telecommunication agencies.
In June, an improved version of CryptXXX ransomware raked in 70 bitcoins, worth more than $45,000 in three weeks at the time, after fixing a crypto flaw that allowed victims to recover their data for free.
While bitcoin is making headway as an alternative form of currency for those who want to break away from traditional banking methods, it seems that scammers will also continue to demand payments in the digital currency until better forms of protection can be offered to potential victims.
With its worth now over $1,000 for one bitcoin, the digital currency is proving quite profitable to those who want to get their hands on it in unscrupulous ways.
With the introduction of the digital currency, bitcoin, it seems that thieves are focusing more attention on how to get their victims to hand over the currency.
Featured image from Shutterstock.
In a report from SBS, a regional news site, Australians had lost over AU$70 million to scams by October’s end.
While a Canadian university was ordered to pay a bitcoin ransom totaling around CAD$20,000 to obtain the decryption keys to restore its data.
With the introduction of bitcoin cyber criminals are now demanding this as a form of payment from their victims instead of the traditional wire transfer. Scammers seem to particularly prefer payment in bitcoin when they deploy ransomware as computers need to be unlocked. In many cases this can cost victims hundreds and thousands of dollars to retrieve the keys from the thieves.
Last August, research from Check Point discovered that the sophisticated organization of Cerber, a Ransom-as-a-Service (RaaS), was reported to have had a total estimated profit of $195,000 in July alone from ransom payments from victims.
At the time of reporting researchers stated that the average ransom payment was one bitcoin, which at the time was worth around $590 to decrypt files locked by the Cerber ransomware. If the deadline was not met, then the ransom was doubled to two bitcoins.
Ethereum Price Weekly Analysis – ETH/USD Breaks Imp Resistance
Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD broke a key resistance for further gains above $347. This past week was mostly bullish for ETH price as it moved above
Square Cash App Launches Bitcoin Trading Functions
Some users of the Square Cash app were surprised this morning to discover that they could now buy and sell Bitcoin using the platform. For those unfamiliar with it, the app can be used to send
Golix Exchange: Bitcoin Price Double in Zimbabwe
Cryptocurrency seems to thrive in times of instability. Thatâs certainly the case right now in Zimbabwe. The price of a single Bitcoin surged to an unprecedented $13,500 on the countryâs only
Thomas Peterffy on CME Futures: “A Catastrophe in the Cryptocurrency Market… will destabilize the real economy.”
Chairman of Interactive Brokers, Thomas Peterffy, has voiced concerns about the plan to launch a Bitcoin Futures contract. According to their CEO, Terry Duffy, the CME Group intends to offer the
Bitcoin Price Technical Analysis for 11/16/2017 – Bulls Back on their Feet?
Bitcoin Price Key Highlights Bitcoin price appears to be reviving its uptrend on the 1-hour time frame, but there are still signs that bears could win out. Technical Indicators Signals The
Bitcoin Cash Price Technical Analysis – BCH/USD Grinding Lower
Bitcoin cash price is slowly moving down toward $1100 against the US Dollar. BCH/USD is facing two important resistances near $1200 and $1300. There is a slow and steady decline forming from the $1
Ethereum Price Technical Analysis – ETH/USD Testing Key Support
Ethereum price is correcting lower against the US Dollar and Bitcoin. ETH/USD has to maintain bid tone above $326 to gain upside momentum. There was a new minor high formed at $337.29 in ETH price
ALT COIN IOTA RALLY. GAINS $0.18
IOTA rally was perhaps November 15 highlight. Price action gained $0.18 by the end of the day. NEM, Monero, NEO and DASH were whipsawing with bull and bear pressure cancelling each other out. Letâ