Robocallers Might Come After Crypto: Report

According to Norton(dot)com, a robocall is an automated telephone call that delivers a pre-recorded message. Organizations, telemarketers and scammers use robocalls to easily target millions of phones every 24 hours.

Robocalls are developed using auto-dialing software authorizing robocallers to place calls using the internet. In several cases, robocallers use caller ID spoofing technology to make it seem like the phone call is coming from someone else.

Robocalling techniques can be used for malicious purposes, including vishing (phishing via voice), identity theft and several other scams. However, it is important to note that not all robocalls are used for scamming and theft.

Renowned companies also use robocalls, not for scamming users. Companies use this process to deliver informational messages; public service announcements that are required to be conveyed to a larger audience are often conveyed by this technique.

Why should crypto users worry about Robocalls?

On February 15, 2022, CNBC reported a similar scam with Dr.Anders Apgar, in which he lost around $100,000 in crypto.

When Apgar picked up the phone, a female voice said, “Hello, welcome to Coinbase security prevention line. We have detected unauthorized activity due to a failed log-in attempt on your account. This was requested from a Canada IP address. If this (is) not you, please press 1, to complete precautions for recovering your account.” The call lasted just 19 seconds.

This is only one example of a crypto scam among a large list of similar frauds and scams that can wipe out live savings from a user’s crypto wallets.

Some (good) use-cases of Robocalls

Informational messages like cancellations and upgrades of flight tickets or reschedule-alerts are often circulated using this technique. Automated robocalls are also used to announce charity and donations. Companies may also use robocalls to promote their products.

Robocalls in several countries are used by political parties to reach out to the public to convey their vision. Obviously, the positive use-cases of robocalls outweigh the negative impacts. However, there’s no denying that it is being misused by “specific groups.”

How to avoid these Robocalls scams/frauds?

As per anti-virus solutions company Kaspersky, If a person/user receives a robocall, Hang up as soon as you realize it is a robocall, one should avoid saying the word “yes” if you possible, avoid following the instruction of calls, and lastly one should report the call under spam or fraud category.