Cryptocurrency Exchanges Targeted by Fake Photo Scam

The latest reported scam being used to defraud people out of their cryptocurrency holdings involves attempting to trick an exchange’s staff using altered photographs. The idea is to convince the exchange that a request to reset the often-mandatory two-factor authentication security process required to gain access to accounts is a legitimate one and is coming from the owner of the account.
Research by Hold Security and reported by Bank Info Security, states that there is a wealth of information relating to data fraud techniques on dark web hacking forums. Amongst these covert pages is around 10,000 doctored photographs, used for various verification techniques.

According to Alex Holden, the Chief Information Security Officer at Hold Security, an altered photograph will cost scammers around $50. Bank Info Security published an example of such a picture. It featured an anonymous individual holding up a passport and a note with the date and the words: “Reset 2FA”. Please Continue Reading Here