INKY Protects Users from "New" Cryptocurrency Scam

Posted by Bukar Alibe

We recently observed a new variation of the creepy Bitcoin Sextortion Email Scam. Like those scams, the attacker sends emails claiming to have access to the recipient's computer files and webcam, and threatens to send embarrassing video to all the recipient's contacts unless a ransom is paid. However, there is one thing different: the scammer demands to be paid through Monero instead of Bitcoin.

For years Bitcoin has been the preferred cryptocurrency for dark market participants and cyber criminals. Now criminals are adopting Monero in order to remain completely anonymous. Bitcoin does offer privacy, but every transaction is published on the Blockchain making it traceable to a user. Anyone can see how much money was paid and the Bitcoin addresses that sent and received funds.

With Monero, everything is completely hidden. Transaction amounts, Monero addresses, and wallet account balances are all obfuscated, leaving no clues about the identity of users. 

No matter how the scammers ask for ransom to be paid, INKY can immediately detect these fraudulent email messages and either quarantine the email or send it with a prominent red "Danger" banner at the top of the email. Recipients learn that this email is a scam, that they are not in danger, and that they should not pay any ransom. Here's an example of a banner and an extortion email:

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Cyber criminals can change their methods and targets, but INKY's artificial intelligence, machine learning, and computer vision help users stay one step ahead of them. See for yourself, schedule a demo today. 

Topics: phishing, email scam, email fraud