Phishing Scams on the Rise: $12 Million Lost in August
Phishing attacks, disguised as legitimate communication or websites, have resulted in significant financial losses for users. According to the Web3 Anti-Scam service, phishing scams cost users over $12 million in August, a 72% increase from July. This alarming trend highlights the need for crypto users to remain vigilant and practice good anti-phishing and anti-scam security measures.
Crypto phishing attacks affected 15,230 victims in August, representing a 67% increase compared to July. The biggest loss reported by Scam Sniffer was over $3 million, emphasizing the severity of these attacks. The fraud sniffer team also detected a “sharp escalation” in EIP-7702 signature fraud, a proposal aimed at improving Ethereum’s functionality.
August 2025 Phishing figures. Source: Scam Sniffer
Fraudsters and hackers utilizing EIP-7702’s functionality triggered three separate attacks, resulting in losses of over $5.6 million in August. These incidents demonstrate the ongoing threat of phishing and cyber security breaches in the crypto space, with over $163 million stolen in August alone.
Good Practices to Remain Safe Against Phishing Fraud
To avoid falling prey to phishing scams, it is essential to practice good security measures. Fraudsters often target users by pretending to be legitimate cryptocurrency exchanges, setting up fake websites with similar URL addresses or sending fake messages. These messages can include emails, text messages, and even physical letters, aiming to steal sensitive user information, such as seed phrases and passwords.
Users should be cautious when receiving messages that claim to be from customer service staff, as these may be phishing attempts. Good practices include checking URLs for tiny mistakes, bookmarking legitimate pages, and avoiding the use of search engines or search bars to access websites. Additionally, users should never download attachments or click on links from unknown sources, as these can contain malware or phishing scams.
Phishing fraud often contains missed words or grammatical mistakes, which can serve as red flags. Users should carefully read through messages to recognize such errors. Furthermore, crypto and web3 users should utilize virtual private networks (VPNs) to mask their IP addresses and physical locations, never share seed phrases or passwords, and enable two-factor authentication for sensitive online accounts.
For more information on staying safe against phishing scams, users can refer to reputable sources, such as the original article. By practicing good security measures and remaining vigilant, users can minimize their risk of falling victim to phishing scams and protect their sensitive information.
