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Expert: bragging about bitcoin profits increases the risk of phishing attacks

Mark Risher, the leading cybersecurity expert from Google, has stated at a press briefing in Munich dedicated to Safer Internet Day, that any instance of blurting out information on bitcoin or other cryptocurrencies by Internet users increases their risks of falling victims to hacking.

“Putting a resume online to say you work at a cryptocurrency company, or sending out a pro-crypto message on a social media network, leads to users getting more targeted attacks. It is very scary,” he said.

According to Mr. Risher, both the newcomers to cryptocurrency trading and the experienced traders who boast of the profits they make are at equally high risk of being robbed of their cryptocurrency savings by hackers.

“With crypto or any type of bragging online, what you’re doing to some degree is saying is ‘I’m worth your effort…’ it’s cheap enough and the rewards are high enough to invest in targeted and personalized attacks rather than simply casting the net out more widely,” the expert noted.

He also said that if somebody falls victim to phishing attack, this does not necessarily ticket him as naïve newbie.

“There really is no shame in falling for a phishing attack. It’s important that people don’t feel that way because the best defence right now is reporting it quickly. If you’re embarrassed and don’t tell your IT department or security team then the damage could be much worse,” – Mr. Risher explained.

The expert believes that such simple security means as using two-factor authentication greatly reduces the risks. However, he noted, only about 10 percent of Gmail users have it activated.

He also advised his audience against using long passwords containing the combinations of digits, noting that Google and other companies have been dropping down on that too.

“A long complicated password does not really save you from phishing attacks or password breaches although it doesn’t mean you should just settle for ‘1,2,3,4,5’ either. In practice, long complicated passwords mean that users will likely just find one and use that everywhere, which is worse. It is better for people to use products like password manager systems instead” – he pointed out.