Cryptocurrency Fraud Solutions

Cryptocurrency accounts represent lucrative targets for cybercriminals, putting crypto exchange customers at high risk of account takeover and online fraud. When a third-party data breach or botnet infection exposes a user’s favorite password to cybercriminals, criminals are highly motivated to test those logins against cryptocurrency exchange accounts to see if they can access and drain customers’ wallets.

Award-winning solutions from SpyCloud help leading cryptocurrency exchanges secure their users’ accounts by proactively checking user credentials for data breach exposures that can lead to ATO. In addition, SpyCloud solutions empower exchanges to investigate online fraud and identify cybercriminals attempting to take advantage of their customers.

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Cryptocurrency Exchanges Can Combat Online Fraud and Account Takeover with SpyCloud

10% of ATO Attacks Account for 80% of Losses

Most account takeover attempts are high-volume credential stuffing attacks, using account checking software to rapidly test stolen credential pairs against different online logins. While these attacks can be successful, they represent a sliver of the total danger that account takeover attacks pose for cryptocurrency exchanges.

Instead, the ten percent of ATO attempts that are targeted, sophisticated, and difficult to detect account for 80 percent of losses, according to SpyCloud customers. A single successful cryptocurrency account takeover can represent a substantial profit for cybercriminals, motivating them to engage in manual, difficult-to-detect tactics such as SIM swapping, phone porting, and even searching through account backups for TOTP seed backups or photos to bypass security measures. These attacks often occur soon after a breach occurs when few people have access to the stolen data, making it challenging for security teams to prepare for them.

SpyCloud helps cryptocurrency exchange security teams stay ahead of targeted account takeover attacks by checking customers’ logins against the largest database of recovered breach assets in the industry. SpyCloud researchers use human intelligence to infiltrate criminal communities and recover breach data early in the breach lifecycle, before most account takeover accounts begin, enabling crypto exchanges can lock out potential attackers before they have a chance to defraud customers.

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Add an Extra Layer of Security for Infected Users

Recovered Botnet Data Reveals At-Risk Cryptocurrency Accounts

A common way that cybercriminals collect login information from users is by convincing them to download malware with keylogging capabilities, collecting logs that contain users’ complete login history, cookies, and crypto wallet information.

Attackers often attempt to drain funds from cryptocurrency wallets immediately, before distributing an infected user’s remaining data to other cybercriminals. However, if the user has turned on multi-factor authentication or their crypto account login isn’t captured immediately by the malicious software, it may take more time and effort for criminals to be able to access their accounts.

SpyCloud helps cryptocurrency exchanges identify infected customers who are at high risk of account takeover and fraud attempts. SpyCloud recovers fresh botnet logs, making it possible for crypto exchanges to identify and investigate at-risk accounts.

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Investigate Cryptocurrency Fraud and Identify Criminals

Unmask Criminals Attempting to Defraud Your Customers

Given the high potential value cryptocurrency accounts, fraud attempts are inevitable. Often, very little information is available to help cryptocurrency exchange security and fraud teams identify the criminals responsible for cryptocurrency fraud and other malicious activity. Teams may begin an investigation with only one piece of data, such as an IP address, a phone number, or an email address.

SpyCloud arms crypto exchanges with the investigative power of over 100 billion breach assets, enabling cryptocurrency security and fraud teams to tie disparate data sources together to identify cybercriminal personas, unmask their true identities, and bring them to justice.

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