Google Ads Phishing Scam Mounted to $500,000 as per New Report

The crypto world is dangerous, with crooks waiting for newcomers. Furthermore, a recent report from Check Point Research outlines a powerful attack method: utilizing Google Ads to lure people to fraudulent crypto wallets. Moreover, in its study, CPR claims it has witnessed half a million dollars taken out in recent days.

Here’s how it works. The attacker buys Google Ads for prominent crypto wallets. Furthermore, CPR has observed frauds targeting the popular Phantom and MetaMask wallets for the Solana and Ethereum ecosystems.

An unwary person searching for “phantom”, sent to a phishing website that seems legitimate. Moreover, the user submits their credentials, which the attacker maintains. Or, even worse, they’re advised to enter a recovery password to establish a new wallet, which logs them into the attacker’s wallet. Furthermore, any funds sent will be promptly received by the attacker, adds CPR.

Incorrect URL’s

Like other phishing schemes, the attackers try to make their bogus log-in sites appear as legitimate as possible. The CPR has seen attackers employ incorrect URLs to fool users, such as phanton.app or phantonn.app instead of phantom.app. Similar phishing attempts were used to send consumers to fraudulent cryptocurrency exchanges like PancakeSwap and UniSwap.

The CPR researchers said they noticed the frauds after hearing from crypto users on Reddit and other sites. “At least half a million dollars”, stolen in recent days, CPR said. Eleven hacked wallet accounts with cryptocurrency valued at $1,000 to $10,000, identified by the company.

When asked for comment on these reports, a spokesperson for Google said:

“This behavior directly violates our policies and we immediately suspended these accounts and removed the ads. This appears to be a malicious actor looking for ways to evade our detection. We are always adjusting our enforcement mechanisms to prevent these abuses.”

To prevent these hazards, CPR advises people to avoid clicking on Google Ads results and instead look at search results and carefully verify the URL of the site they’re visiting.

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