Exploiting The Human Factor: Social Engineering Attacks On Cryptocurrency Users

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Social engineering is one of the preferred procedures used by criminals to gain unauthorized access to data and information systems. One reason for the attackers’ success is a lack of expertise about dangers and security amongst cryptocurrency users. Social engineering targets especially the users of a method. With the exploitation of principles such as "Distraction", "Authority", and "Commitment, Reciprocation & Consistency" the attackers gained access to users’ monetary values, stored in cryptocurrencies, without having undermining the security functions of the blockchain itself. The paper looks at 5 circumstances of cryptocurrency frauds that left a lasting impression in the cryptocurrency neighborhood. Efforts to improve the data safety awareness of cryptocurrency and blockchain customers is encouraged to guard them. The paper analyses which psychological tricks or compliance principles have been employed by the social engineers in these circumstances. It is increasingly getting applied to cryptocurrency users. The instances are systematically investigated employing an ontological model for social engineering attacks.

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