The internet has changed the way we live, work, and interact with others. However, it has created more opportunities for fraudsters and scammers to prey on unsuspecting Internet users.
TechRadar reports that the Federal Trade Commission (FTC) recently issued an alert concerning phishing email scams targeting customers of two major online platforms: PayPal and MetaMask.
Phishing email scams are designed to trick users into providing sensitive information, such as passwords, payment details, and personal data, to scammers using phony emails masquerading as reputable companies.
These two scams are particularly convincing, and the FTC advises users to be on high alert and to delete emails containing them immediately.
A Look at the Paypal, Metamask Email Scam
The PayPal scam involves an email that informs customers that BNC Billings has canceled their payment to Binance.
The email looks legitimate, using PayPal’s colors, logos, and fonts, and includes a fake invoice and a phone number that links directly to the scammer. Even savvy PayPal users might fall for this trick, as the invoice appears to use the legitimate PayPal domain.
The MetaMask scam takes a different approach, using a sense of urgency to convince customers to act quickly. The email claims customers’ cryptocurrency wallets have been blocked and must upgrade before a specific date to secure their assets. However, this is a scam, and users should not interact with the email.
How to Avoid These Scams
To prevent these attacks, the Federal Trade Commission (FTC) recommends taking a step back and assessing the email and its circumstances carefully.
Instead of clicking on links, customers should visit the company’s website or account directly to verify the message’s authenticity. Even contact details provided in the email may not belong to the legitimate company. The FTC requests that such emails be forwarded to reportphishing@apwg.org.
Read Also: USPS Fighting Robberies, Mail Thefts With New Efforts; Physical, Digital Targets Now Being Hardened
To strengthen your online safety, the FTC also advises downloading and updating malware removal tools and endpoint protection software. These measures can prevent future phishing attempts and keep your sensitive information secure.
Phishing Scams on the Rise
According to online security firm Astra, phishing email data show that roughly 1.2% of emails are malicious, translating to 3.4 billion phishing emails per day.
Over 33 million records are predicted to be stolen by 2023, with a ransomware or phishing attack happening every 11 seconds.
In related news, Internet safety experts are raising the alarm bells as the FBI reports an 84% increase in losses due to elder fraud in the past year.
According to the 2022 Elder Fraud Report from the Internet Crime Complaint Center (IC3), cryptocurrency investment scams primarily fuel this disturbing trend.
The report found that more than 88,000 individuals aged 60 and above reported losses totaling a whopping $3.1 billion. This is a staggering increase from the previous year’s figures, indicating a concerning rise in online fraud targeting elderly individuals.
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Related Article: FBI Raises Alarm on Rising Elder Fraud Rates, Reports 84% Surge in Losses
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