Kaspersky Ranks Cryptojackers Among Africa’s Top Malware Threats
Russian cybersecurity firm Kaspersky has detected more than 1,500 fraudulent entities targeting potential crypto investors and miners just in the first half of 2021.
by Kaspersky research shows that 0.60% of users in South African countries have already been targeted by malicious cryptocurrency miners. The report also suggests that the most common methods of deceiving reckless users involved bogus ads purporting to sell mining hardware and bogus websites masquerading as crypto exchanges.
Kaspersky data based on anonymized statistics revealed that 0.85% of crypto investors in Kenya and 0.71% of Nigerians were the target of crypto-miner malware, while Ethiopian investors (3.68%) and Rwandans (3.22%) faced the greatest number of threats in this regard. . Bethwel Opil, head of corporate sales for Africa at Kaspersky, warned that the low percentages don’t mean the threat is insignificant:
“Crypto-miner malware has been identified as one of the top three malware families currently plaguing South Africa, Kenya and Nigeria, which we believe highlights that as crypto – Currency continues to gain momentum, more users will likely be targeted. “
The report also suggests that the most common methods of deceiving reckless crypto investors involve bogus ads purporting to sell mining material and bogus websites masquerading as crypto exchanges.
These scam platforms force users to make an upfront payment under the guise of prepayment or verification, after which the crooks stop responding. Cyber criminals also use phishing platforms to gain access to the private keys of users of their crypto wallets. Alexey Marchenko, Head of Content Filtering Method Development at Kaspersky, said:
“Those who wish to invest or mine cryptocurrencies and simply the holders of these funds can find themselves on the radar of fraudsters. “
In June 2021, South Africa’s Intergovernmental Financial Technology Working Group (IFWG) established a roadmap to define the continent’s regulatory framework for the management of crypto assets.
The IFWG also highlighted the risk and volatility inherent in investing in cryptocurrency and shared 25 regulatory recommendations against money laundering, terrorist financing and market manipulation.
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