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Cryptocurrency as a new target for keyloggers attacks

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Keylogger attacks can result in huge financial losses for cryptocurrency owners, but what are the ways to escape similar consequences?

Now hackers have numerous techniques to take root in your crypto, not to mention cryptojacking, social engineering and keylogger attacks. As Ledger CEO Eric Larcheveque emphasizes, all over the world cryptocurrency is the easiest source to hit.

Keyloggers. What do they represent?

A keylogger is a special software with ability to record any text typed by somebody with the help of the keyboard. Then it sends all the data to an attacker. Keyloggers are rather dangerous in the sphere of cryptocurrency, since they record keystrokes made by computers.

The chief engineer and blockchain developer at Rate3 Wai Hon stresses that attackers can steal confidential information of any user once it is entered onto a device. This includes the web wallets like MetaMask or MyEtherWallet as well.

Keylogger attacks could prove to be a complete failure for cryptocurrency owners. If a person loses his private keys, from then he’ll possess no cryptocurrency at all.

The Security Team at Cindicator specializing in predictive analytics points out that one should keep in mind that keyloggers attacks are mainly aimed at numerous devices simultaneously.

Hackers perform similar complex attacks by using the following functions of keyloggers: recording everything that is typed on the screen as well as anything one copies to the clipboard, providing access to the user’s file system being infected, recording all history of one’s browser, etc.

What is the likelihood of keylogger attacks happening?

Nowadays new and new viruses appear, inventive attackers have numerous tricks in their arsenal to steal your money. Do criminals often perform keylogger attacks? Security Magazine reports that cryptojacking is still considered as one of the most dangerous techniques that is most likely to take place in 2019.

Embedded AI scientist at the University of Essex Somdip Dey says that a user must enter his confidential information in majority of cryptocurrency platforms, so, the keylogger can easily steal all the data and send them to a certain hacker without being noticed.

Besides, it’s practically impossible for free antivirus software to detect such a threat, because keyloggers attacks become more cunning and feature-packed than earlier.

What are the steps to be taken to being crypto safe?

Antivirus software

The first thing to need to do is to take the general preventive measures, that is, install antivirus software and keep it always up-to-date.

The Cindicator Security Team adds that this will help in the case if hackers aim at numerous machines simultaneously, but if you are the main target to attack, then antivirus software may fall short of your expectations.

Adhere to the main security measures

Except antivirus software, you must be aware of the basic computer literacy and security measures. Be careful when surfing the Internet, avoid opening suspicious links and various unknown attachments.

One more thing is double check of the website to be sure that you are sharing your private information without any risks.

Special care during transactions

Wai Hon stresses that you need to be rather attentive during transactions. Check twice the receiver address, because malware can change it for another one, and this is the first sign that your account has been compromised.

Use a hardware wallet

A cold wallet is the best way to prevent possible awful consequences. Unfortunately, it doesn’t ensure your security once your wallet is connected to the Internet.

Head of technology and co-founder of Zilliqa Yaoqi Jia informs that keyloggers’ functions also involved stealing private keys of users as well as transferring tokens from cold wallets, recording confidential information of users to perform some machinations in the near future, etc.

A human-readable address

The most wallet addresses are machine-readable. Nevertheless, now there are some strategies to make them human-readable that means a user will immediately notice any changes in the address. So, more chances not to be hacked.

FIO Protocol is the great solution when it comes to protection against keyloggers attacks. This project was financially supported by ShapeShift’s Erik Voorhees as well as other major supporters such as KeepKey, Coinomi, and Mycelium.

The creator of the mentioned above protocol David Gold explains that if attackers try to change a human-readable FIO address, a user will instantly see the notice that this address is incorrect one.

The takeaway

You should always be extra careful to avoid keylogger attacks. You have all chances not to be hacked if following all the basic preventive measures. So, keep it in mind and be proactive in similar cases.

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