Approval Phishing
This tactic is often used in long cons, along with social manipulation and financial grooming, to lure victims into handing over ever-increasing amounts to scammers.
What is Approval Phishing?
Approval phishing tricks individuals into granting control over their cryptocurrency wallets to scammers.
How Does Approval Phishing Work?
Users are sent a fake request to “approve” access to their wallet that appears to come from a trusted source, via fake websites, apps, or pop-ups delivered through compromised links or emails. By clicking the approval, the user unknowingly hands over control of their crypto wallets to the attacker. The fraudster can then empty the victim’s digital wallet by moving their crypto to a separate wallet in an attempt to hinder tracing of the assets.
Watch out for these characteristics of approval phishing:
- Unsolicited investment opportunities: Fraudsters often pose as legitimate financial advisors or companies, or as a potential friend or romantic partner.
- Compromised URLs: Approval phishing scams trick users into granting scammers control over their wallets. Always double-check the website and transaction details.