Computer Users Must Beware of the Risky IRS Crypto Scam
The IRS Crypto Scam operates by mimicking the Internal Revenue Service (IRS) and targets individuals handling cryptocurrency taxes. Users unwittingly connect their digital wallets to a fraudulent website, believing it to be an official IRS portal. However, this action triggers a process where their digital assets are drained by cybercriminals.
According to the Federal Trade Commission (FTC), over $1 billion in cryptocurrency has been lost to scams since the beginning of 2021. This staggering sum represents approximately one-fourth of reported losses, making it the most significant loss via scams compared to other payment methods.
The scam presents itself as a platform for managing cryptocurrency taxes, leveraging the fact that cryptocurrency is treated as a capital asset by the IRS. However, it's crucial to clarify that the "IRS Crypto" scam has no affiliation with the legitimate Internal Revenue Service or any other credible entity.
This fraudulent scheme was uncovered on irscrypto[.]info, although it could manifest on various domains. Once a digital wallet is linked, the scam executes scripts to drain cryptocurrency into wallets controlled by the perpetrators. These transactions often go unnoticed initially, as they can appear ambiguous and are irreversible due to the nature of cryptocurrency.
Examples of similar cryptocurrency drainer scams include "Hedgies Giveaway", "Claim $ROCKY", "Artrade #RWA", and "Claim Your AVAIL Rewards". These scams typically operate by draining compromised wallets, phishing for login credentials, or deceiving victims into transferring funds manually.
Victims are enticed by false promises related to taxes, gas fees, airdrops, new coin promotions, and more. Given the prevalence and sophistication of online scams, exercising caution while browsing and investing is paramount.
Scams like these are disseminated through various means, including spam, rogue advertising networks, malvertising, and social media. Users are advised to scrutinize URLs, avoid clicking suspicious adverts, and refrain from opening attachments or links in unsolicited emails.
To mitigate risks, it's essential to download from official sources, carefully review installation processes, and utilize updated anti-malware software to detect and remove threats. By remaining vigilant and adopting best practices for online safety, individuals can protect themselves from falling victim to such scams.
