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June 5, 2020

A new report by the Coin Journal states that the scam count is increasing on a larger scale amidst the coronavirus pandemic. Some of the phishing and scams are recorded that states the circulation of fake COVID-19 cryptocurrencies. As per the recent reports, some websites are claiming that the value of this crypto coin will increase gradually with every death caused due to the virus.

The report states that many hackers are involved in this scam, and the investigation is under process to stop these scams from the core. The false information circulated by cybercriminals is creating chaos amongst the vulnerable public.

Statistics on Fake COVID-19 Crypto coins and wallets

The Coin Journal is spreading awareness by revealing the true statistics of the scams currently going on around the world. Out of all the website scams in these few months, around 1/3rd of all are related to COVID-19. It indicates that people are using this pandemic as an opportunity to scam the citizens and drive money illegally.

Back in the month of March, there were around 102,676 websites that caused scams related to medical industries. Hackers went to an extent to take up fake orders for providing Hydroxychloroquine medication to treat COVID-19. All this was on a trail, and people who were quarantined were the prime targets for such scams.

Commencement of the COVID-19 crypto scam

Going ahead, hackers took a different pace to execute their ideas and started creating Cryptocurrencies on the name of COVID-19. After a certain in-depth investigation, the conclusion came that these fake cryptocurrencies and wallets are meant for future scamming and are targeted malware that will use the saved data for stealing the credentials of the users.

One of the fake COVID-19 cryptocurrencies has got the title of the “Fastest spreading cryptocurrency”. Not only that but these websites are also redirecting visitors to different suspicious websites that might have malware to hack into the credentials of the users. Some of the websites are also pleading users to register in order to know the value hike of the cryptocurrency with every death caused due to the virus.

The wrath of cybercriminals

Cybercriminals are making use of this pandemic news to elaborate their fraudulent schemes and target the vulnerable audience. Some types of scams other than this fake cryptocurrency launch are phishing, charity scams, medical scams, robocalls and many others. Therefore, it is your duty to act smartly and keep the presence of mind always in order to never invest your time, money and efforts on such suspicious activities.

Some cybercriminals are also uploading misleading information on fake websites that look similar to that of official ones. In the sites, they mention the reports and the information are coming from medical experts, but it is entirely fake. It is just an attempt to spread chaos amongst the public.

Some of the websites are also putting up schemes for investing in certain stock market opportunities by claiming that the value will rise gradually, even on this crisis period. These schemes are false, and you need to invest your mind in it to judge what is possible and what is not. Similarly, COVID-19 cryptocurrencies are also fake and do not exist at all. The news about value increase depending upon the death tolls is truly insensitive of the criminals and is totally fake.

How to stay away from such fake news and activities?

To get adequate news about COVID-19, the first place you should visit is the official website of WHO. They will update you with the current scenario of COVID-19 along with the present statistics. For fraudulent activities, you need to be really aware of wherever you invest or enter your credentials. For every new website that you discover, you need a background check before you can actually invest in it.

If you spend some time doing research, then you will eventually find whether the site is trustable or not. If the sources are not trusted, then never invest on the cryptocurrencies. Though digital currencies brought great fortune, they also opened the window for cybercriminals to make their attacks. Doing your research is the only way you can prevent yourself from such scams.

The Coin Journal brings in this news to spread awareness amongst the public to be free from such fraudulent activities going on around the Internet. Do not invest in any cryptocurrency or wallet that is associated with COVID-19. There is no such official cryptocurrency launched to date. In case you spot any of the websites with such misleading information or claiming to sell cryptocurrency with suspicious guidelines; you can always contact the cybercrime officials to help you with legit actions on an immediate basis.

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