The Singapore Police Force (SPF) and the Singapore Cybersecurity Agency (CSA) said that due to the growing adoption of cryptocurrencies, an increasing number of citizens of the country are becoming targets of attacks by cybercriminals trying to steal their digital assets using social engineering, fraud and blackmail.
As noted by SPF and CSA, attacks by owners of digital assets begin with phishing campaigns, usually involving hacking of social media accounts known to the victim or sending fraudulent emails to users from hacked databases of large service providers.
After victims click on phishing links, they are redirected to a fake website that offers users to connect their Web3 wallets. Then a malicious smart contract is embedded in the victim's system, allowing hackers to withdraw funds without additional authorization.
To counter hackers and protect against attacks targeting Web3 wallets, Singapore's law enforcement agencies recommended that citizens use cold hardware crypto wallets.