Bit Of Background
It’s been another big year for Cryptocurrencies this year with many more groundbreaking moments taking place. This is all set to continue too.
Sadly, a lot of the news has however focused on one of the major negatives of this new digital economy – fraud / scams. There have been almost daily articles highlighting another massive loss of money or fraudulent attempt to Crypto mine navigating around the national grid power supply meters or stealing power from computers. In fact in this latter case, there is a reported increase of 629% of criminal acts in the first quarter of this year alone. As we all know, the mining of Cryptocurrencies takes an awful lot of power to operate the large machines needed to complete this process. And because of the excessive power needed, the costs for the electricity are huge. This is where the problem lies and where the scams are coming into play – to keep costs as low as possible so that miners can keep their profit margins high.
Scamming And Hacking
Scammers and hackers are quickly becoming extremely clever in how they gain access to computers without individuals knowing about it. The way machines are hacked now means that the only way a person will know whether he/she has been hacked will be at the end of the month when they receive their power bill – which will be massively hiked compared to normal.
If your device is running slower than normal this could very well be a prime sign that you have been targeted. You will also notice that the device is simply not running as well as it used to. If this is the case then make sure you change passwords and install protection software onto your computer/devices to ensure this doesn’t happen in the furture. Cryptojacking can seriously damage your devices and can reduce the lifespan of said products quite dramatically so spotting Cryptojacking as early as possible is highly important. Make sure you change your password on the router in your house too. This is very important because it is where hackers can pretty much access all of your devices and once they are in, it is easy for them to stay in.
All About Protection
The scamming process is eased by the fact that the majority of the code for Cryptocurrencies is exposed simply because developers are unable to keep up with the necessary day to day changes of their Cryptocurrency or token let alone keep the code secure. But having said that, hackers have become extremely resourceful and have now found ways to hack websites and take power from them. There have been several cases of this happening recently.
Governments are becoming more and more aware of the dastardly ways that criminals are attacking firms and individuals alike in order to gain more profit from Crypto mining. In many cases now, the Police and the Government are working together to stop as many of the criminal acts as possible. However, individuals especially do need to be aware of how best to protect themselves – education is vitally important.