The never-ending battle against smishing and phishing.

The never-ending battle against smishing and phishing.

In the ongoing fight against scams, it's essential to discuss smishing and phishing, shed light on their unique characteristics, and provide you with defensive strategies to protect yourself against these persistent dangers.

Understanding the differences between smishing and phishing.

Smishing and phishing are both methods employed by cybercriminals to trick individuals into revealing personal information or financial data. Let's differentiate between the two:

Smishing: smishing is a combination of "SMS" and "phishing." It is a form of cyberattack conducted through text messages. Scammers send fraudulent texts with malicious links or prompts to compromise sensitive information, such as passwords or personal details.

Phishing: phishing is a broader term that encompasses various tactics, not limited to text messages. It involves the use of fraudulent emails, websites, or messages to trick individuals into sharing sensitive data, like login credentials, credit card information, or personal identification.

Comparing smishing and phishing.

Now, let's compare these two cyber threats to better understand their similarities and differences:

Medium of attack:

Smishing targets victims through SMS or text messages.

Phishing encompasses a broader range, including emails, websites, and messages through various platforms.

Attack context:

Smishing typically aims at stealing personal information or cryptocurrency-related data.

Phishing can have various objectives, from financial information theft to stealing login credentials for various accounts.

Delivery method:

Smishing uses text messages with malicious links, often luring victims with fake crypto investment opportunities or prize claims.

Phishing employs fake emails or websites that appear legitimate, tricking individuals into providing confidential information.

Protecting yourself against smishing and phishing

Both smishing and phishing are dangerous threats that require vigilance. Here's how you can safeguard yourself against these scams:

Scepticism: approach unsolicited messages, whether via SMS or email, with scepticism. Verify the sender's legitimacy before taking any action.

Confidentiality: never share personal information, sensitive data, or login credentials through messages or emails.

URL verification: before clicking on any links, double-check the URL's authenticity. Ensure it matches the official website's domain and watch out for misspelled words or suspicious variations.

Trusted sources: only download cryptocurrency-related apps and wallets from trusted sources like official app stores. Avoid sideloading apps or using third-party platforms.

Two-factor authentication (2FA): enable 2FA on your crypto wallet and exchange accounts to add an extra layer of security.

Software updates: keep your operating system, antivirus, and related software up to date to benefit from security patches.

Awareness: stay informed about the latest scams and phishing tactics to enhance your online safety.

Reporting: if you receive any suspicious messages, promptly report them to your mobile carrier or email service provider and relevant authorities.

Smishing and phishing are prevalent online threats that target individuals in the cryptocurrency space and beyond. By understanding the differences between these scams and following the protective measures outlined in this blog, you can navigate the crypto world with greater confidence and protect your valuable assets.

The ASIC provides a checklist of common scams and ways to avoid them. To learn more, visit ASIC’s website.