Why Are Crypto Scammers Feeling Insecure In The U.K.? The Ravishing Success Story Of NCSC On Cryptocurrency Scams Unraveled

The adversaries are trying hard to con people into cryptocurrency investment scams in the U.K. Still, the NCSC’s Suspicious Email Reporting Service and the proactive citizens have helped reduce cryptocurrency scams significantly.

The Incident

Cryptocurrency phishing scams account for more than 50% of all online scams reported. These cryptocurrency scams are the gateway to a hundred different types of cyber-attacks, and hence removing such scams from the internet is the need of the hour.

The National Cyber Security Centre realized the gravity of the situation and launched its Suspicious Email Reporting Service two months back. Crypto scams 2020 has dropped in the U.K. because of NCSC’s Suspicious Email Reporting Service, which facilitates a smooth and hassle-free reporting service. People can easily report suspicious emails or ads using the Suspicious Email Reporting Service and be sure to get positive feedback from the NCSC.

How Do Cryptocurrency Scams Work

The known cryptocurrency scams come as investment schemes or other luring opportunities. These scams guide people into embedded links, which seemingly take them to another page or website containing more information on the investment scheme but, in reality, are phishing pages.

What Does The Suspicious Email Reporting Service Do?

Understanding that scams on cryptocurrency are rampant, the NCSC launched its one-of-its-kind tool called Suspicious Email Reporting Service, which forwards suspicious emails with links to fraudulent websites.

Since its launch in April, this tool of the U.K.’s Cyber Aware Campaign has successfully reported over 1 million suspect emails. Over 10,000 of the fraudulent links blocked by NCSC were links to sites that promised high returns in exchanges like Bitcoin.

The Impact

Some of the biggest cryptocurrency scams could be evaded because of the Suspicious Email Reporting Service. As many as 16,500 emails were reported each day by the masses. The tool has been a catalyst in curbing cyber threats; it has also been a useful tool that the citizens use willingly.

Scams in cryptocurrency are a lucrative source of easy money for the adversaries, enabling them to loot millions of pounds from the public annually. But with Cyber Aware Campaign’s Suspicious Email Reporting Service, 10% of the reported scams are removed within an hour of reporting the email. Another 40% of the reported scam emails are brought down within a day of being notified.

Over 10,200 malicious URLs linked to 3,485 individual sites from cryptocurrency scams lists have been removed because of the 1 million reports received from people in the past two months. Such massive progress in the battle against cyber attackers is unusual and highly desirable.

What Are The Plans Ahead?

The CEO OF NCSC, Ciaran Martin says, concerning Cryptocurrency scams U.K. has reported recently, that reaching the milestone of 1 million suspicious emails reported is a noteworthy achievement and testament to the vigilance of the British public. He also stresses on the importance of continuing with this proactive spirit of antagonism against cryptocurrency scams.

The NCSC is determined to wipe out the crypto scams list from the U.K., and hence it repeatedly insists that people report the unusual and dubious emails on their inbox to report@phishing.gov.uk.

Final Words

The top cryptocurrency scams cannot be erased overnight, but with the collective effort of all citizens, U.K. hopes to create a new wave in cybersecurity. The Suspicious Email Reporting Service is the U.K.’s step towards eliminating cryptocurrency scams.

The people are urged to send suspicious emails to report@phishing.gov.uk, which shall provide them an automated service to flag dangerous emails online, thereby saving a thousand other people from falling into the trap of the malicious scammers.


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