July 14, 2023
MANILA -Cybersecurity company Kaspersky warned that cryptocurrency phishing is on the rise with the increased adoption of the digital asset in the country.
Adrian Hia, managing director for Asia Pacific at Kaspersky, said hackers were now crafting more sophisticated attacks given the expanding target surface due to digitalization.
“Hackers are moving their attention to where the money is,” he said, referring to cryptocurrency.
“During the pandemic, crypto was big in the Philippines. Everybody was in crypto. It is slow now but the number of users that are familiar with cryptocurrency is still there,” Hia added.
The popular blockchain-based game Axie Infinity, which rewards players with digital tokens convertible to cash, sparked crypto interest in the Philippines at the height of the pandemic when unemployment was high as it provided an alternative source of income.
At some point, the Philippines made up about 40 percent of the global player base of Axie Infinity.
The Kaspersky official said the phishing attacks were done via links embedded on emails and mobile messages. Individuals are tricked into disclosing their personal information, such as bank account details and addresses.
In Southeast Asia, the Philippines received the second highest number of crypto phishing attacks last year with 24,737, a marked increase from just 9,164 in 2021.
Vietnam dealt with the most digital threats of the same kind in the region at over 64,000.
Meanwhile, mobile malware attacks dropped by 54 percent to 15,372 in the Philippines. In malware, criminals infiltrate a device or computer system.