Russian fraudsters start exploiting digital ruble well ahead of full launch
The post Russian fraudsters start exploiting digital ruble well ahead of full launch appeared on BitcoinEthereumNews.com. Fraudsters are already using multiple schemes to exploit Russia’s new digital ruble, well in advance of its full-scale implementation, scheduled to begin next September. According to stakeholders quoted by the Russian press, it will take another year or two to develop a working mechanism for banks to return stolen digital cash to their owners, which they are obliged to do. Criminals steal money using the digital ruble as bait Fraudsters are usually very quick to take advantage of new financial systems and technologies, and Russia’s central bank digital currency (CBDC) is no exception. As soon as its wider adoption begins, crooks will adapt, employing social engineering, interface forgery and user manipulation, according to Vladimir Chernov, analyst at the Freedom Finance Global brokerage. Speaking to the Russian daily Izvestia, he elaborated: “The main focus will not be on hacking the technology, but on psychological pressure, for example, calls allegedly made by bank employees, fake applications or links, suggested transfers to a ‘safe account’.” While the digital ruble is still being tested, bad actors are already employing several schemes with the new form of national fiat, Meri Valishvili, associate professor at the Department of Public and Municipal Finance of the Plekhanov Russian University of Economics told the newspaper. Fraudsters are now offering potential victims to convert their regular money into digital currency at a favorable exchange rate, for example, while the digital ruble hasn’t yet entered mass circulation. They are also trying to convince citizens that transferring their savings from their bank account to a digital ruble wallet is mandatory. Others try to make them believe they need the fake digital tokens to make payments. Another scheme involves a phone call from a criminal who presents themselves as an employee of the Federal Tax Service (FNS), informing the victim of a tax…
The post Russian fraudsters start exploiting digital ruble well ahead of full launch appeared on BitcoinEthereumNews.com.
Fraudsters are already using multiple schemes to exploit Russia’s new digital ruble, well in advance of its full-scale implementation, scheduled to begin next September. According to stakeholders quoted by the Russian press, it will take another year or two to develop a working mechanism for banks to return stolen digital cash to their owners, which they are obliged to do. Criminals steal money using the digital ruble as bait Fraudsters are usually very quick to take advantage of new financial systems and technologies, and Russia’s central bank digital currency (CBDC) is no exception. As soon as its wider adoption begins, crooks will adapt, employing social engineering, interface forgery and user manipulation, according to Vladimir Chernov, analyst at the Freedom Finance Global brokerage. Speaking to the Russian daily Izvestia, he elaborated: “The main focus will not be on hacking the technology, but on psychological pressure, for example, calls allegedly made by bank employees, fake applications or links, suggested transfers to a ‘safe account’.” While the digital ruble is still being tested, bad actors are already employing several schemes with the new form of national fiat, Meri Valishvili, associate professor at the Department of Public and Municipal Finance of the Plekhanov Russian University of Economics told the newspaper. Fraudsters are now offering potential victims to convert their regular money into digital currency at a favorable exchange rate, for example, while the digital ruble hasn’t yet entered mass circulation. They are also trying to convince citizens that transferring their savings from their bank account to a digital ruble wallet is mandatory. Others try to make them believe they need the fake digital tokens to make payments. Another scheme involves a phone call from a criminal who presents themselves as an employee of the Federal Tax Service (FNS), informing the victim of a tax…
What's Your Reaction?
