Cryptocurrency boom fuels rise in cybercrime: What you need to know

The new age digital investments especially investments in cryptocurrencies are rapidly growing among youngsters But with huge profit returns also comes higher risks With the evolving investment patterns the change in cyber crimes have also become a challenge for the market as Mumbaibased cyber experts say that in the everevolving landscape of cybercrimes a troubling trend has emerged targeting unsuspecting users with enticing offers that lead to financial deceptionEarlier this month Anju Maskeri a Mumbaibased media professionals Instagram was hacked and she got an alert from a friend who received a direct message from her Instagram account asking her to share a code or a link she receives In no time she realised her Instagram account was hackedSpeaking to middaycom Anju said My Instagram and Facebook accounts were recently hacked and I was locked out of both My friends kept me updated that the hacker was posting wildly about how I had earned Rs 6 lakh or so using bitcoins within a week It was pretty obvious to most of my followers that it wasnt me The scary part was that the hacker had activated the twofactor verification and my reset codes were being sent to them Thankfully with help from Meta I was able to retrieve it within two daysAlso read How Mumbairsquos different communities are bringing in festivities this yearCyber experts say that with the changing trends of investments the crimes have also evolvedCyber crime investigator Ritesh Bhatia said These taskbased scams often begin innocently promising users a quick reward of Rs 150 in exchange for simply liking or subscribing to online videos or reels However the bait quickly transforms into a trap as victims are coerced into joining Telegram groups where they are convinced to invest in cryptocurrency trading for supposedly greater and faster returns Unscrupulous actors further propagate their deceit by creating fraudulent websites and apps that showcase phantom crypto gains duping individuals into parting with their hardearned money As the digital realm continues to evolve vigilance and awareness need to be our strongest defences against these sophisticated cybercriminal tacticsHe further suggested I firmly advocate that the most effective measures for protecting oneself against cybercrimes involve pausing before any action embracing a strict policy of zero trust in the digital realm and lastly ensuring diligent verificationYoung investors bet on Cryptorsquos promise of high returnsAlso read Ganeshotsav Mumbai Police issues traffic advisory check list of arrangementsAs many youngsters aim for quick and higher returns for their investments experts suggest that security too is paramount for safe trading in the digital markets and to trade safely education is paramountmdashunderstanding of the cryptocurrency marketNirali Bhatia a Mumbaibased Cyber Psychologist and a professional Psychotherapist says Youngsters are lured to cryptocurrencies by the allure of high profits technological innovation and the appeal of decentralised finance Peer influence and social media also play a role in their adoption Some see cryptocurrencies as a means of financial inclusion and autonomyShe adds To trade safely education is paramountmdashunderstanding of the cryptocurrency market blockchain technology and the specific digital assets they intend to invest in reduces impulsive decisions and helps make informed choices The cryptocurrency market is susceptible to hype and speculation causing stress and FOMOAlso read How women of Mumbairsquos dhol tasha groups are playing dhols in styleFurther Nirali said Safe trading involves using reputable exchanges implementing security measures and safeguarding assets with hardware wallets for longterm storage Additionally itrsquos crucial to decide between shortterm and longterm investment strategies In summary while crypto offers opportunities it comes with risks and young investors should approach it cautiously diversify their portfolios and seek professional adviceSafe Cryptocurrency tradingCryptocurrencies are digital or virtual forms of currency that use cryptography for security Unlike traditional currencies issued by governments cryptocurrencies are decentralised and typically operate on a technology called blockchain which is a distributed ledger that records all transactions across a network of computers Safe cryptocurrency trading involves taking precautions to protect your investments and personal information from potential risks and scams associated with the cryptocurrency market the experts suggestHow Maharashtra government plans to tackle cyber crimesIn a significant move the Maharashtra cabinet last week has given the green light to a Rs 837 crore cyber safety project aimed at addressing cybercrimes in the state effectivelyThe primary objective of this project is to consolidate all modern technologies under one comprehensive framework This initiative will include the establishment of a control and command centre technologyassisted investigations a centre of excellence a Computer Emergency Response Team a cloudbased data centre and a security operations centre as stated by the governmentAs part of this project the citizens will have the option to register their complaints via a 24x7 call centre simplifying the reporting processCyber crimes will be investigated using cuttingedge technologies and a highly skilled workforce ensuring a thorough examination of each case and an increased likelihood of successful convictions according to the statementAdditionally the cabinet has approved the provision of loans from state cooperative banks to financially distressed sugar cooperative factories backed by the state governments assurance This decision aims to alleviate financial stress within the sugar cooperative sector