Kaspersky Study Reveals Alarming Crypto Threats in US

Kaspersky’s study reveals inadequate security practices, with a significant number of respondents falling victim to theft and fraud.

Kaspersky, a supplier of cybersecurity services, has published research on the hazards connected with bitcoin use. The “Crypto Threats 2023” analysis focuses on the United States and reveals very inadequate user security practices.

In October 2022, Kaspersky questioned 2,000 US adults and discovered that 24 percent of respondents possessed cryptocurrencies or digital assets.

36% of individuals aged 25–44 were homeowners, compared to 10% of those aged 55 and older.

One-third of the cryptocurrency owners polled reported having their cryptocurrency stolen, and the same proportion reported falling victim to fraud.

Identity theft, the theft of payment information, and the loss of account access topped the list of repercussions of a scam.

The median value of the stolen property was $97,583. 39% of thefts were priced at $1,000 or less, while 29% were valued at $10,000 or more.

Therefore, the median amount would be substantially lower. 47% of individuals between the ages of 18 and 24 reported crypto theft, compared to 8% of those over the age of 55.

Kaspersky’s study made no mention of the average value of cryptocurrency holdings.

Kaspersky’s Warning: Urgent Need for Improved Cryptocurrency Security

Many of the losses incurred by responders may be attributable to lax security. The last time cryptocurrency owners checked on their cryptocurrency was six weeks ago, and their accounts had inadequate protection:

“27% of users keep their crypto stored in an exchange account with no added protection, while only 34% use multi-factor authentication to protect their account.”

10% of respondents reported not attempting to safeguard their cryptocurrency, while 14% reported not storing seed phrases or private keys. The report ended with:

“Without any regulation or established common knowledge, people need to take care to protect themselves.”

In a previous analysis, Kaspersky said that consumers were becoming more adept at recognizing frauds and that the usage of Bitcoin in ransomware attacks would decrease as regulation and monitoring mechanisms improved.

It was cautioned in a prior study that metaverse exploitation threats are escalating.