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Security outfit ‘Dilation Effect’ has issued a crucial safety advisory to cryptocurrency investors in light of increasing concerns over scams.
Dilation Effect, a blockchain security startup, has issued a crypto scam warning, recommending weekly phone shutdowns to prevent potential scams. They also advise investors to restart their phones weekly, aiming to thwart malicious activities.
Mitigating Scams Through Regular Phone Restarts
The firm acknowledges that mobile attacks typically occur through text messages or browsers, introducing Trojans upon successful infiltration. Restarting devices with a history of such attacks necessitates hackers to re-run their exploit codes.
Although restarting generally removes malware, persistent Trojans indicate deeper vulnerabilities or the need for repeated attack attempts, especially if targeting the secure boot process. Thus, a weekly restart is advisable for crypto investors seeking to safeguard their funds, according to Dilation Effect’s recommendations.
Additionally, the security agency advises iPhone users to permanently disable iMessage, building upon guidance initially provided by the United States National Security Agency regarding the benefits of weekly phone restarts.
Web3 Faces Menace of AI-Driven Crypto Scams
Discussions on security highlight the frequent targeting of crypto investors by scammers and other malicious entities. Compared to 2022, there has been a notable decrease in hacker activities, possibly due to evolving tactics employed by these individuals for illicit purposes.
Recently, bad actors within the crypto ecosystem have increasingly utilized Artificial Intelligence (AI) for their operations. The rise in such scams earlier this year prompted the Commodity Futures Trading Commission (CFTC) to issue a warning through its notice titled “Customer Advisory: AI Won’t Turn Trading Bots into Money Machines.”
This advisory aims to alert the public to fraudulent schemes that exploit AI technology to lure investors with promises of high returns.
Prominent figures such as Ripple CEO Brad Garlinghouse, Ethereum co-founder Vitalik Buterin, and Singapore Prime Minister Lee Hsien Loong have been among the victims of these AI-generated crypto scams.
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