There is a new kind of crypto fraud investors should be on the lookout for — scammers are using Google Ads to steal crypto wallets. Just this past weekend, Check Point Research says that more than $500,000 worth of cryptocurrency was stolen in a matter of days.
CPR warns of scammers placing ads at the top of Google Search that imitate popular wallet brands, such as Phantom, MetaMask and Pancake Swap, to trick users into giving up their wallet passphrase and private key.
Oded Vanunu, head of products vulnerability research at Check Point Software Technologies, told GOBankingRates that the amount stolen is not at all surprising and that Check Point believes that the amount of money increased since a few more hacking groups joined in.
Vanunu adds that this is the advent of a new cybercrime trend with Google search.
“Hacking groups are always looking for open windows to gain quick profits from crypto domains since it’s very hard to get back stolen money. Hacking groups always seek for very “innovative” ways to trick users on the crypto market.”
This is how the scam works: the scammer places a Google Ad to appear first on a search query related to a crypto wallet. Then, the victim clicks on a malicious link in Google Ad and is then navigated to a phishing website that…