What is SMS phishing?
Phishing is a type of online attack in which a cybercriminal impersonates a legitimate entity or authority and attempts to deceive their target into clicking on a malicious link or attachment. This can enable hackers to steal their victim’s sensitive information or infect their device with malicious software.
You may already privy to email-based phishing attacks, in which the attacker delivers a phishing message via email. However, in recent years, attackers have adopted a new type of delivery method — SMS, otherwise known as text messages.
SMS phishing, also known as “smishing”, is a type of phishing attack in which an attacker will spam malicious messages and links to hundreds or even thousands of cell phone numbers to deceive the recipients into taking some action that is against their best interest.
For crypto holders, the intent is to gain access to the recipient’s crypto wallet or account so that they can steal their funds. SMS phishing is largely problematic in crypto for two reasons:
Cybercriminals have an ever-growing incentive to steal crypto assets due to their unprecedented growth in monetary value, and
Crypto asset transactions are irreversible once the transaction has been confirmed and written onto the blockchain ledger.
If you’re invested in crypto, or even considering it, we strongly encourage you to take the time to understand how to identify this common threat and what to do if you receive one of these messages.