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Gen Z Is The “Most Vulnerable” To Crypto Scammers – Kaspersky Report

Lawmakers, regulators, and industry participants are increasingly concerned about the rise in cryptocurrency scams. The latest survey by Kaspersky, an expert cybersecurity firm, found that one-third of Americans have fallen victim to such scams.

Cybercriminals Use Sophisticated Techniques To Target Users’ Assets

The survey, which covered over 2,000 respondents, revealed that cryptocurrency thefts had cost victims an average of nearly $100,000. Investors from generation Z were the most targeted and vulnerable group, despite being tech-savvy.

Shockingly, 47% of respondents aged between 18 to 24 admitted to being lured by cryptocurrency scammers. In contrast, only 8% of respondents above 55 (the baby boomer generation) were victims of such scams.

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Although the average amount of stolen cryptocurrency was almost $100,000, some respondents reported losses of up to $1 million. The increasing rise of malicious actors has severely affected cryptocurrency investors as these cybercriminals use sophisticated techniques to target users’ assets.

According to Marc Rivero, an expert security researcher, individuals can take small measures to be vigilant and protect their resources from various online threats, such as malware, scams, and crypto-jacking. Rivero said that individuals should always be on the lookout for fake websites and phishing scams.

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Additional security measures like multiple-factor authentication and strong and unique passwords for every account can also be helpful.

Gen Z Are The Most Vulnerable, Boomers Are The Most Cautious

The report suggested that those who use decentralized finance (DeFi) platforms should exercise extra caution while connecting their wallets. Many phishing websites steal customers’ asset holdings immediately after connecting their wallets.

Bad actors have used spam campaigns on social media to deceive many, claiming to offer free mints, airdrops, whitelist access, giveaways, and other offers. Therefore, users should always verify if the link is from a verified and approved account and check its authenticity before clicking on social media links.

Also, scammers use various tactics, such as creating multiple fake accounts with slight changes in the username of projects and influencers or hacking official accounts to spread counterfeit giveaways. Hence, it is advisable to store private keys on paper and securely store them rather than keeping them on internet-connected devices.

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While generation Z was identified in Kaspersky’s survey as the most exposed group to crypto-related scams, boomers were the most careful investors. This survey revealed that boomers spent most of their time conducting analysis, with 34% researching for a few days before investing. 


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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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