Google: Bitcoin Bragging On Online Sites Is Not Safe

Google: Bitcoin Bragging On Online Sites Is Not Safe

September 17, 2018 0 By Austin Patel

Mark Risher, the Google Director of account security, spam and abuse, Google identity and product management is urging Bitcoin investors to avoid discussing and revealing their BTC portfolios in online sites. He was speaking at a CNBC interview when he gave this advice.

Online Discussions Are Hunting Grounds For BTC Hackers

When Bitcoin users reveal their Bitcoin portfolios on online social media sites, scammers may trace them. This may eventually direct them to the individual’s Crypto wallet where hackers may attempt to access Bitcoin keys sometimes with success trials.

Mr. Risher points out that many of the cyber attack cases have bene traced back to online posts where the victim had been discussing their own portfolio in public discussions. With an online profile of the victim available on the online website, the perpetrators can hack into the social media account and eventually gain access to the Crypto wallet.

Not all Scamming Cases Originate From Public Debates

Mark Risher points out that although most of Bitcoin Crypto wallet hacks are traced back to online posts, this is not the only scenario that poses risks to investors. Other cases are guilty by association or mistaken identity. In these crimes, the target is not just high net investors, but anyone with BTC that can be stolen with ease.

The Email Is The Main Tool Used by Scammers

Apart from social media profiles such as Twitter and YouTube, the email addresses are becoming a tool to target Bitcoin investors. The cyber attackers use approaches such as breaking into an email account and requesting for a password reset. They ensure that they select long forgotten account identifiers that are crucial to access the account.

The target of emails is particularly gaining prominence in the dark web as most Bitcoin wallets are set up with the use of email accounts. Entry to the email, therefore, gives the cyber-criminal undue access to the wallet. Where they can change the password of the wallet, lock out the investor from the wallet and use the keys in the Crypto wallet to take over the account. The access to the wallets is fairly easy as providers have features where wallets passwords can be reset through the email. In this regard, hot wallets become more prone to attacks than cold wallets.

There Are Tips To Avoid Being Scammed

Bitcoin investors can start by avoiding disclosing their Bitcoin portfolios in public. This can make them potential targets. The matter can be exacerbated if the email address of the targeted individual is also known.

Secondly, there is an option of keeping the email addresses associated with Bitcoin wallets very private. This can significantly reduce the likelihood of hackers ever knowing which email to target in their scam endeavors.

Google Has Elaborate Security Features

Mr. Risher assures investors that Google has put in place an Advanced Protection Program for Gmail users. This feature requires the use of third-party physical security keys to change email passwords. Additionally, plans are underway to launch a USB-secure key dubbed as the Titan.