Singapore police warn of unauthorized access to crypto accounts through email

Singapore police have reported an increase since mid-August in cases of unauthorized access to cryptocurrency accounts through compromised email inboxes. As Channel NewsAsia reports, law enforcement officers found that some of the victims’ email accounts had previously appeared in data breaches on other platforms. This may indicate that users’ credentials were compromised.

How perpetrators may act

According to police, perpetrators may have used compromised data to log into users’ cryptocurrency accounts if they used the same passwords across different online services. They may also have reviewed victims’ email to determine which cryptocurrency platforms or exchanges they use.

Fraudsters may create rules to automatically archive, forward, or delete emails from crypto exchanges to avoid detection. They may then send password reset requests for a cryptocurrency account and intercept password-change links, one-time codes, or confirmation emails.

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Police recommendations

Police urged users to use strong and unique passwords for each account and enable multi-factor or two-factor authentication. Where possible, users are advised to choose an authenticator app instead of SMS verification, as SMS messages are more vulnerable to interception.