Russian cybersecurity agency Kaspersky found greater than 1,500 fraudulent organizations concentrating on potential crypto buyers and miners in the first half of 2021 alone.

Research by Kaspersky reveals that 0.60% of customers from South African international locations have been focused on malicious cryptocurrency miners. The report also means that the most typical strategies used to rip off unsuspecting customers embody ads promoting mining gear and websites posing as cryptocurrency exchanges. Bethwel Opel, Africa Enterprise Sales Manager at Kaspersky, mentioned:

Kaspersky information based chiefly on anonymized statistics reveals that 0.85% of crypto buyers from Kenya and 0.71% of Nigerians are the goals of crypto mining malware, whereas crypto buyers from Ethiopia (3.68%) and Consider Rwanda (3.22%) the most significant threats. Bethwel Opel, Africa Business Sales Manager at Kaspersky, warns {that a} low share doesn’t imply the menace is insignificant:

“Cryptocurrency mining malware has been recognized as one in every of the top 3 malware households at the moment prevalent in South Africa, Kenya, and Nigeria.

The report also means that the most typical strategies used to trick unwary crypto buyers embody pretend ads promoting mining gear and websites posing as exchanges.

These fraudulent platforms ask customers to pay with superior verification or billing causes first, after which the scammers cease responding. Cybercriminals additionally use phishing platforms to realize entry to customers’ private keys in their crypto wallets. Alexey Marchenko, Head of Development for Kaspersky Content Filtering Methods, mentioned:

“Both those who want to invest or mine cryptocurrencies and simply the owners of such funds can be targeted by fraudsters.”

Related: South Africa is revising its nationwide political stance on cryptocurrencies

As early as June 2021, South Africa’s intergovernmental fintech working group (IFWG) created a roadmap to outline the continent’s regulatory framework for coping with crypto belongings.

The IFWG additionally highlights the inherent dangers and volatility of investing in cryptocurrencies and shares 25 regulatory suggestions on combating cash laundering, terrorist financing, and market manipulation.