This Scam Gets You On Its Hook Before You Even Notice It
Hello, and welcome back to the Scam Logs. An article series where we look at various scams in the crypto world so you can protect yourself. This time, we’ll look at a scam with a pun for a name and devastating results.
It’s called “Ice Phishing” and is one of many ways of approaching the same usual scheme. For context, the major ways scammers scam in crypto is by getting access to someone’s wallet or getting someone to give things out of their wallet. They’ll convince you they’re a potential lover, a rich benefactor, or a legit company and then ask for payment. Or they’ll use various methods to steal your wallet key—like fake websites or direct message tricks—so they can siphon money out of your crypto account.
Ice Phishing scams use transactions to trick someone. The exact nature of it varies and is sometimes quite technically complicated, but they get someone to sign permissions by whatever means and then steal from them. Various places in the metaverse have agreement prompts, but Ice Phishing utilizes fake versions. Once they get approval, the hidden aspects of the transaction snap into place. In one particularly brutal example, someone was convinced they were signing a film contract, only for it to secretly be a scamming transaction request.
And, as usual with scams, the best way to fight them is knowledge and awareness. If you’re expecting a transaction request, i.e., it’s a normal thing to happen with what you’re doing, check the addresses involved on a blockchain explorer or other similar tool to ensure it’s going where it should go. In an attack, they can enter some other address into the transaction, sending tokens where you don’t intend.
The other, more broad-scale thing to look out for is the website itself. Scrutinize and be skeptical of the URL—faking them is easier than you’d think—and just don’t go to a site if it’s not reputable or well-known. Scammers are good at UX and UI, and just because it “looks” sleek doesn’t mean it’s a legitimate website made by honest people. Scammers are often extremely clever at masking what they are. They love it when people just click on stuff without investigating.
So, instead, be ready and willing to navigate this brand-new crypto world with awareness and healthy caution. Bring that mindset into 2023 as the technology expands even further.
And, as that new year arrives, The Scam Logs will be on the lookout for the next scams, the next tricks, and will give you more knowledge about how to avoid them.