Scams on the Rise on Twitter as Fraudsters Use Compromised Accounts

• The impostor’s Twitter accounts generally push their followers to click on certain links.
• These applications often use mobile cryptocurrency wallets to trick users.

According to emerging information obtained by Bloomberg News, online criminals are promoting questionable cryptocurrency platforms via Twitter Inc. accounts that have been compromised.

According to Tenable Inc. staff research engineer Satnam Narang, scammers have been posing as journalists, crypto applications, and a variety of non-fungible token (NFT) projects on Twitter since March to steal users’ virtual money, usernames, and password credentials. Investigators have confirmed many of the scammed accounts, indicating that the fraudsters are either particular hacking sites or paying for unauthorized access; both are possible scenarios.

Setup Fake Accounts Looking Genuine

An investigation by Narang has shown that as part of apparent fraud, criminals have posed as members of several well-known collections, including Azuki, Azuki MoonBirds, and Okay Bears.

According to the study, fraudsters used an Australian-based news site called the Age to claim a tiny sum of the virtual currency Ethereum by posing as an Age legal affairs reporter and requesting viewers to open a suspicious link. Investigators believe that intruders have briefly taken over the Twitter account of a freelance writer covering the game sector and have set up fake accounts that seem just like the genuine thing.

According to Narang, the impostor’s Twitter accounts generally push their followers to click on certain links or download new applications. These applications often use mobile cryptocurrency wallets to trick users into granting attackers access, allowing them to withdraw cash swiftly. According to the research, fraudsters make a great effort to make their apps and phishing links seem authentic and trustworthy.