The Twitter Hack and The Role of Social Engineering in Crypto Scams

Twitter Scams

Twitter users throught that former President Barack Obama, Bill Gates and Elon Musk were offering them an opportunity to double their bitcoin in just a few hours. If they checked the authenticity of the account, they would have discovered that these posts were from the actual celebrity accounts. However, anyone who were involved in this deal lost their bitcoin to the tune of $116,000. 

This Twitter hack occurred in the midst of the pandemic when people were spending more time online and were desperate for ways to make money. The crime was an example of a crypto scam that used social engineering–a sophisticated method of disguising identity and building a false sense of security among potential victims. 

Scammers are finding increasingly sophisticated ways of creating fake identities and stealing money through crypto scams and forex trading scams. Social media platforms such as Twitter are becoming the venues for these frauds. If you have lost money to one of these scams, it is important to report it to authorities and seek the assistance of fund recovery experts. 

Broker Complaint Registry is the right place to turn when you have lost money as a result of hacking and identity theft. We consult with clients and refer them to experts who can pursue their cases in detail and work to investigate the hackers or the broker, and in many cases, succeed in fund recovery. Talk to us today, and we can provide guidance on how to deal with the claim. 

What Are Social Engineering Scams?

Social engineering is a method scammers use to gain access to victims and their accounts. They do this by building a false sense of trust by pretending to be someone the victim already knows, or impersonate someone they admire or claim to represent a government organization.

Social engineering can be more effective than regular hacking. According to traditional hacking, the cybercriminal tries to gain access to a network or a device through indirect methods or by breaking into it through malware or getting a hold of codes and passwords. 

Tech-savvy cybercriminals may manage to hack systems, but software protecting devices and people from malware have become increasingly sophisticated. It is much easier to simply ask the victim for access by pretending they are a technician or from within the company. This is what occurred with the Twitter hack when the hackers claimed they were from the IT department. 

In addition to masquerading as the IT department of a company, hackers use social engineering scams in the following ways: 

  • They may call someone, pretend to be from the IRS or another government agency, and claim that they need verification or access a computer directly for security reasons. 
  • They could be fake brokers who tell clients they need to control their computers so they can help them trade
  • A fraudster could contact someone claiming to be a technician and say they need to log in to their device so they can fix the problem. 

It should be noted that technicians almost never need to access a computer directly. What usually happens is they will ask the person to log in for them and then they will make the repairs without asking for any passwords or login in data. 

The request for this kind of access should always require multiple verifications of the authenticity of the request and the identity of the person. 

How did the Twitter Crypto Scam happen? 

The Twitter crypto scam occurred in two phases. The first was the actual hack or social engineering scam that gave the hackers access to the network and the second was the social media imposter crypto scam that robbed users of over a hundred thousand dollars. 

The cybercriminals pretended to be from Twitter’s IT department and asked Twitter employees to directly access their VPNs. There were many Twitter employees working remotely because of the pandemic and many had unsecured VPNs. When they granted the fake IT people this access, the hackers then stole data about high-profile Twitter accounts. 

With this data, they logged into the Twitter accounts of Barack Obama, Bill Gates, Elon Musk, and other celebrities. They offered users the chance to double their bitcoin in just a few hours. When people gave over their bitcoin for trades, they didn’t receive any money back. Twitter management cracked down on the scam after a few hours. 

Ways to Avoid Social Engineering Scams? 

There are several features in this social media crypto scam that are often seen in other types of fraud. The following are ways you can stay safe from social engineering scams.

  • Be skeptical of requests to access a computer or device directly
  • Verify the person and the authenticity of the request for private information
  • Don’t let them rush you–scammers will try to pressure you to act quickly to keep you from doing research
  • Do not participate on money-making schemes on social media
  • Do not send money through cryptocurrency and only through a secured website
  • Ask for various means of contact. Call the phone number they give you and ask for video calls

Even with these tips, you still may be the target of social engineering frauds, crypto scams, and forex trading scams. If you have been affected by fraud, report the incident to authorities and work with a fund recovery company to help you track down the scammers. Working with experts in the fund recovery process will increase your odds for success. 

Have You Been the Target of Fraud? Broker Complaint Registry Will Help

Contact Broker Complaint Registry experts if you need assistance with a complaint relating to scams.  We deal with a variety of issues, including data theft, forex scams, and crypto scams. Our team will refer you to experts who have vast experience dealing with regulators, banks, and law enforcement. We will provide advice and give you valuable guidance to help you resolve the issue.