Bitcoin rise fuels social media scams

The price of a single Bitcoin passed that of an ounce of gold for the first time this month, and scammers were quick to get in on the action with Ponzi schemes and phishing sites spread via social media.Victims are lured in with fake Bitcoin wallets, fake Bitcoin search services, fake surveys about Bitcoin, too-good-to-be-true money making offers, and classic pyramid scams now dressed up with Bitcoins, according to a report released this week.

“The same characteristics that make Bitcoin attractive to people who want to make money distributing ransomware make it attractive to scammers,” said Philip Tully, senior data scientist at security vendor ZeroFox, which published the report.

Read full article at CSO magazine.

This article was also reprinted in NetworkWorld.