![]() ![]() If you receive a call from someone claiming to be from a financial institution (whether Coinbase or your bank), do not disclose any of your account details or security codes. In a statement to CNBC, a Coinbase spokesperson said, "Coinbase will never make unsolicited calls to its customers, and we encourage everyone to be cautious when providing information over the phone. She said criminals could "potentially steal everything, because with these transactions, they can do them one after the other until the amount is basically drained." The bot "then automatically sends it to the cybercriminal, who then has access to the victim's account." "Once the victim inputs that 2FA code, or any other information that they requested the victim put in their phone, that information gets sent to the bot," Kelley said. And now, with these bots, that whole system is just automated and the scalability is that much larger." "They would have to call the victim and try to get them to divulge their personal identifiable information or bank account PIN or their 2FA passcode. "Before these OTP bots, a cybercriminal would have to make that call himself," Kelley said. ![]() The cost of the bots ranges from $100 a month to $4,000 for a lifetime subscription. While there is no official estimate on the amount of crypto stolen, Kelley said fraudsters routinely brag on Telegram about how well the bots have worked, netting for each user thousands or hundreds of thousands of dollars in crypto. Kelley identified at least six Telegram channels with more than 10,000 subscribers each selling the bots. The bots began showing up for sale on messaging platform Telegram last summer. "If you receive a call that tells you someone's trying to sign in to your account, you're not thinking, 'Well, I wasn't trying to.'" "It's human nature," said Jessica Kelley, a Q6 Cyber analyst who authored the report. At first listen, the robocalls can sound legitimate - especially if the victim is harried or distracted by other things at the moment the call comes in. ![]() #ROBO DEFENSE HACK CODE#The scam works in part because victims are used to providing a code for authentication to verify account information. The calls rely on fear, convincing the victims to act to 'avoid' fraud in their account," the report said. "The bot calls are crafted in a very skillful manner, creating a sense of urgency and trust over the phone. The damage is hard to quantify now because the bot attacks are relatively new. The fraud tool is called a one-time password, or OTP, bot.Ī report produced by Florida-based cybersecurity firm and CNBC contributor Q6 Cyber said the OTP bots are driving substantial losses for financial and other institutions. In taking action they think will protect them, they actually expose themselves to thieves. If this (is) not you, please press 1, to complete precautions recovering your account." The call lasted just 19 seconds.īut this new type of fraud goes right at that 2FA code, and it uses people's fear of their accounts being hacked against them. This was requested from a Canada IP address. We have detected unauthorized activity due to failed log-in attempt on your account. When Apgar picked up the phone, a female voice said, "Hello, welcome to Coinbase security prevention line. Like millions of investors across the country, their account is with Coinbase, the country's largest cryptocurrency platform. By December, their account had grown to about $106,000, mainly held in bitcoin. The Apgars, who are both Maryland-based obstetricians, began investing in cryptocurrency several years ago. It's the kind of nightmare many crypto account holders around the country are facing as hackers target a boom in the industry, cybersecurity experts said. That was when the couple's nightmare started. The warning, which he said was a text message, prompted him to pick up his phone. "When she picks it up, a banner came across, a notification that says, 'Your account's in jeopardy,'" he said. ![]()
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