The lifespan of online fraud activities is getting shorter and shorter - cryptocurrency scammers tur
As cybercriminals continue to adjust their strategies and turn their targets to individuals on social media, the lifespan of scams is becoming shorter and shorter. Chainalysis pointed out in its latest report that cryptocurrency-savvy scammers are abandoning "elaborate" Ponzi schemes and turning to shorter-term, more destructive "pig-killing" scams.
The report shows that the average lifespan of scams that started in 2020 is 271 days, and it is expected to be shortened to 42 days by 2024. This shows that law enforcement's ability to combat scams is constantly improving, forcing scammers to withdraw their infrastructure faster, and making it more difficult to track and shut down scams.
In addition, scammers are turning from previous Ponzi schemes to more targeted "pig-killing" scams. This scam involves scammers establishing online relationships with victims and then luring them to invest in fraudulent crypto projects, ultimately leading to financial losses. The report pointed out that this shift is partly due to increased law enforcement and the blacklisting of scam addresses by stablecoin issuers.
Chainalysis's head of research also emphasized that these interpersonal scams are most likely to target the elderly, people in transitional stages of life, and those seeking friendship or romance online. This shows that we need to strengthen protection and warnings for these groups.
Overall, as law enforcement continues to strengthen, cyber criminals are constantly adjusting their fraudulent methods, but we still need to remain vigilant and work together to combat all forms of online fraud.
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