Elon Musk Impersonators Earn Millions From Crypto-scams – Expert Advise

By   ISBuzz Team
Writer , Information Security Buzz | May 19, 2021 05:17 am PST


Following recent news on Elon Musk impersonators earning millions through crypto-scams, please find comments from industry leader on how organisations need to fight misinformation without playing the blame game on consumers, and how initiatives like the UK’s Online Safety Bill is a welcome step forward. 

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Stephen Ritter
May 19, 2021 1:28 pm

<p>This latest instance of crypto scamming by fraudsters impersonating Elon Musk is no exception – it’s yet another example of a growing trend. All too often, industry experts are quick to blame consumers for “falling” for scams, or advise how they could have avoided being caught out. This blame game needs to stop. Fraudsters are using more sophisticated methods than ever before, and the onus is now on technology and finance organisations to step up to the challenge. </p> <p> </p> <p>To fight misinformation, Twitter and Facebook started flagging posts that weren’t backed up by fact, and the problem has improved significantly. Why can’t we do the same for fraudulent activities online? With the right technologies in place, digital service providers – messaging apps, mobile manufacturers, email providers, or mobile networks – could warn us when a suspicious link or message is shared. </p> <p> </p> <p>Imagine you receive a text asking you to confirm a delivery, and you are expecting a package that day. You might not notice the dubious link, or the unknown number it’s sent from – but your phone, messaging service, or network could. A simple flag (‘This link could be fraudulent’) would go a long way to protecting consumers. And all it takes is AI and machine learning algorithms that are trained to spot scams before they reach the consumer.</p> <p> </p> <p>In the future, technologies like behavioural biometrics could be used to track fraudsters’ behaviour and movements around the web, to build a digital footprint of their activity and figure out if they’re really who they say they are. Legislation also plays a role, and initiatives like the UK’s Online Safety Bill are a welcome step forward. For now, however, we have to rely on the tools we already have at our disposal – and use them to stamp out scams before they hit our inboxes.</p>

Last edited 2 years ago by Stephen Ritter

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