Cryptocurrency Scams, Hacktivism Will Rise in 2022: Norton

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Norton claims that cyber activism will gain momentum next year, and crypto scams are likely to increase as more users buy in. Furthermore, the cybersecurity firm predicts that scammers will target people suffering through natural disasters. Norton warns that 2022 will see more hacking, more scammers, and a bigger need for online security. The next year is likely to see more casual investors in the cryptocurrency market, hinting at more scams in the segment. Phishing campaigns to steal users' login credentials or tech support scams to separate people from their money will likely see a rise.

Cybersecurity predictions for the next year have been listed out by Norton. At the top, the firm predicts a rise in cryptocurrency scams as several countries look to regulate it. The rise in casual investors who do not fully understand the nuances of how cryptocurrencies work will enable scammers to take advantage of it. “Scammers have been using those misunderstandings to separate people from their coins, and with this new set of new users, we expect a big increase in the number of scams out there. They will likely look like some of the old scams, but also, we expect to see new and creative attempts to target this new, larger set of potential victims,” the company notes.

Norton also says that the need to go online during the pandemic and having all identity documents online may cause theft, stealing of identity, and other scams. The firm also predicts that cybercriminals might carry out phishing campaigns to steal login credentials or tech support scams to separate people from their money. While most attacks are for money, some bend towards using cyber intrusion as a form of protest.

The company adds that hacker activists, or hacktivists, will use their knowledge to achieve political outcomes. They do this by disrupting governments, spreading fear, or bringing some information to light. Hacktivism and cyber terrorism were alive and well in 2021, revealing information governments would have preferred to keep secret. Norton expects to see these attacks continue, if not increase, given their reach and potential influence.

In 2022, Scammers will continue to exploit disaster struck users. Norton says that whenever there is money flowing from insurance companies or the government to the victims of natural disasters, there is someone who will try to exploit that situation, either by committing fraud with stolen identities or scamming people directly. If the trend continues, and there are more and more natural disasters and extreme weather events, Norton expects to see more scammers ready to cash in.

Lastly, Norton predicts that artificial intelligence and machine learning will increase cybercrimes. It will allow users to manipulate some forms of media and extract value from large datasets. It predicts that as deepfake technology gets better and easier to use, it will become a useful tool for criminals, scammers, stalkers, and activists.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article

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Palau Partners With Ripple As It Looks to Create National Digital Currency

The island country of the Republic of Palau has partnered with San Francisco, US-headquartered crypto solutions provider Ripple to explore the creation of its national digital currency. The partnership will first focus on developing avenues for inter-border payments that could be facilitated by this digital currency that will be backed by the US dollar, if all goes according to the plans. As part of the deal, Ripple will provide tech, business, design, and policy support to Palau. The government of Palau wishes to provide people with an alternate to bank currencies with expanded financial access.

According to the announcement, if Palau gets a national digital currency, the authorities there are open to experimenting with its use cases on decentralised public blockchain called XRP Ledger (XPRL).

Palau is a country with approximately 340 islands, forming the western chain of the Caroline Islands located in the Pacific Ocean. The economy of the country is impacted by remittances — the money sent back home by its diaspora, employed abroad.

Such nations, depending on remittances, get more money from its native people working out if transactions were done using the crypto technology. Since cryptocurrencies are not regulated by any bank, no service fee is charged on cross-border financial transfers.

As a service fee, international money transfer platforms chug down a significant percent of the remittances and transfers a lesser amount than intended.

Earlier in October, a Parliamentarian from Tonga, the last Polynesian kingdom of the South Pacific had also addressed the subject.

The official, at the time had said that Western Union was cutting over 50 percent of their remittance, a hurdle another small nation El Salvador tackled by legalising Bitcoin as a legal tender.

For now, Ripple is looking forward to assisting Palau get its own national digital currency.

“We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country,” said James Wallis, vice president of Central Bank Engagements at Ripple.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]
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