Cybercriminals launch new crypto scam using Google Ads

Cybercriminals deploy new crypto scams using Google ads to redirect users to phishing sites deceptively.

A new type of crypto scam has surfaced recently, where scammers are buying ads for genuine crypto websites on Google, and then using URL injection to automatically redirect users to a malicious site once they click on the ad. 

The founder of DeFiLlama, a popular DeFi data aggregator platform, first reported the scam. According to his tweet, cybercriminals have bought a Google ad placeholder for DeFiLlama, which appears at the top of the search engine when you search from the platform. However, this is not a legitimate ad, as clicking on it leads users to a marketing website, redirecting them to a phishing site. 

What makes the scam more sophisticated is that it won’t always redirect you to a malicious domain. The redirect happens randomly, sometimes on the first click, sometimes after multiple clicks. 

These scams can open doors to a wide range of cyber threats, such as watering hole attacks, drive-by downloads, and phishing. Hackers can easily deliver malicious payloads on a user’s browser when they visit a malicious domain. Today’s threat landscape is so advanced that malware can be sent directly to your browser cache to exfiltrate sensitive information, such as passwords and credentials. 

Proactive vigilance is critical to fighting crypto scams

The crypto community lost over $1 billion last year due to various crypto scams. And scammers are becoming more advanced and intelligent every day. Maintaining proactive vigilance is the only means of defending against these malicious attempts.  

As the founder of DeFiLlama suggested, using adblockers is an excellent way to avoid being targeted by ad-based crypto scams. However, the most effective method is increasing awareness. Always double-check the URL of websites, especially before entering sensitive information or conducting cryptocurrency transactions. Bookmarking legitimate sites can prevent visiting fake versions. Use browser extensions or web services that flag malicious sites, and keep your browser and OS updated to benefit from the latest security patches. 

It’s important to regularly educate yourself about the latest scam tactics in the crypto community. For users who are invested in crypto, multi-factor authentication (MFA) is a must on every crypto account and wallet. Always approach unsolicited offers with skepticism and do thorough research before engaging with any cryptocurrency opportunity.