• Over $4 million has been stolen from unwitting crypto users after being exposed to phishing scams promoted on Google Ads.
• ScamSniffer data suggests DeFi projects, websites and brands have been targeted with malicious ads.
• Fraudsters bypass Google’s ad review process by tricking the Click ID, investing $15,000 in advertising with a return rate of 276%.
Phishing Scams Through Google Ads Lead to Crypto User Losses
Recent reports from blockchain analytics firm ScamSniffer reveal that over $4 million was lost by unsuspecting cryptocurrency users due to phishing scams promoted through Google Ads. The data collected shows 3,039 victims falling for these malicious advertisements, which were linked to scammers in Canada and Ukraine.
DeFi Projects Targeted By Malicious Ads
ScamSniffer’s metadata analysis indicates that fraudsters have focused their efforts on major DeFi projects such as Lido, Zapper.fi, Stargate, DefiLlama, Orbiter Finance and Radiant. In an effort to bypass Google’s ad review process, scammers are using methods such as tricking the Google Click ID to display a legitimate website while still remaining undetected.
Investment Into Phishing Websites Proves Profitable For Fraudsters
The average cost per click among related keywords ranged from $1-2 according to ScamSniffer’s investigation into the keywords used by victims. With a conversion rate of 40% out of 7500 consumers clicking on malicious ads, it is estimated that fraudsters invested nearly $15000 into their schemes with a return rate of 276%.
Preventative Measures To Reduce Phishing Attacks
In order to reduce the risk of becoming victim to malicious advertisements and phishing attacks , users should remain vigilant when searching online for cryptocurrency services or products . They should look closely at URLs and double check any suspicious links before clicking on them . Additionally , they should consider using reputable security solutions such as 2FA (two-factor authentication) when logging onto exchanges or wallets .
As seen in this article , fraudulent activity is thriving through use of deceptive search engine ads . It is important for users be aware of this threat and take preventative measures when accessing their digital assets .