Don’t Become a Big Catch

Don’t Become a Big Catch

IFW Global’s Scam Awareness Help Guide

Phishing scams have become a part of everyday life.

Whether they arrive by email, text message, social media, or pop-up advertisements, cybercriminals are constantly looking for new ways to deceive unsuspecting people. These scams can lead to devastating financial losses, identity theft, and compromised online accounts.

Investigators at IFW Global receive numerous enquiries every day from victims of phishing scams and regularly investigate cases involving increasingly sophisticated cybercriminal tactics.

Criminals often rely on social engineering, creating a sense of urgency, fear, or excitement to pressure victims into acting before they have time to think.

In many cases, scammers disguise themselves as trusted organisations or create convincing replicas of legitimate websites. Increasingly, these fake websites closely resemble those of government agencies, financial institutions, and major cryptocurrency platforms.

Airdrops

One of the most common phishing scams IFW Global has investigated recently involves fake cryptocurrency “airdrop” offers.

Legitimate cryptocurrency projects and exchanges sometimes distribute free tokens, known as airdrops, to promote a new coin or to reward members of their community.

• Scammers exploit this by creating fake airdrop campaigns that appear genuine.
• Victims are directed to convincing websites and encouraged to connect their cryptocurrency wallet.
• They enter their recovery (seed) phrase or approve malicious transactions.
• Scammers obtain this information and gain full access to the victim’s wallet and drain the cryptocurrency almost instantly.

Scammers are targeting thousands of people at once using AI automated tools to drain money from bank and crypto accounts.

IFW Global Case Study

In one recent case involving hundreds of thousands of dollars, an IFW Global client was using their cryptocurrency wallet when they saw what appeared to be a legitimate airdrop promotion from a well-known cryptocurrency exchange.

Believing the offer was genuine, the client followed the link and unknowingly entered their wallet’s recovery phrase. Within minutes, the scammers had accessed the wallet and transferred every asset it contained — the cryptocurrency vanished, gone.

The fraudulent website was highly convincing and closely replicated the legitimate exchange’s branding, design, and claims process. It even included a detailed, step-by-step guide explaining how to “claim” the free tokens, making it appear authentic to even the most experienced cryptocurrency investors.

IFW Global’s Key Messages

Never release sensitive personal information to any individual, company or organisation claiming to represent a government department.

• Legitimate organisations, including banks, cryptocurrency exchanges, wallet providers and government agencies, will never ask you to provide this information via email, text message or phone call.
• Always exercise caution when browsing the internet or responding to unexpected emails, text messages or phone calls.
• Take a moment to carefully review the message for warning signs such as urgent language, spelling or grammatical errors, unfamiliar sender details or suspicious links.

If in doubt, contact the organisation directly using its official website or publicly listed phone number, or ask someone you trust for a second opinion before taking any action.

Make an inquiry with IFW Global