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Crypto phishing scams tripled compared to last year to 6.6% of all phishing attacks

 


Phishing Attacks 2021

In 2021, cryptocurrency was responsible for only 2% of phishing attacks, as shown in the chart below. The dominant verticals were financial services, social media, and SaaS/webmail, which together contributed to over 68% of attacks.


However, the first quarter of 2021 was a long time ago in the cryptocurrency world. The market cap of the industry was just under $800 billion at the start of this quarter (it reached nearly $2 trillion after explosive growth).


So how do these numbers compare to the first quarter of 2022? Crypto market cap was $2.2 trillion. $ at the start of the quarter (and exiting the quarter at $2.1 trillion, ie it was relatively stable - the bloodbath started in the second quarter). As the crypto market is much larger and more established - the market cap was 2.8x larger in 2022 than it was at the start of 2021 - this ties it to the fact that the percentage of phishing attacks has increased by more than that in the last year Tripled from 2% to 6.6%.


The full chart showing all industries can be seen below. It shows the current position of how cryptocurrencies are performing compared to other industries.

Development compared to other sectors

Another finding of the figures is the fact that phishing attacks on the payments sector increased by 6.1%, although the industry has not moved much in terms of its overall size.


This provides further context to the growth of crypto numbers as the sector is not dissimilar to payments, suggesting it may become more of a target for phishing attacks. Nonetheless, the fact that the number of attacks targeting payments has soared is far more troubling than developments in cryptocurrencies, which have good reason to point to the growing size of the industry and the fact that regulation has yet to catch up.

 


Industry context size

However, given the size of the cryptocurrency, which now ranks above several industries in the study, this has to be taken into account - the size of the market obviously affects how common phishing attacks are.


In fact, the SaaS/Webmail industry has a significantly bigger problem than the crypto industry, accounting for 20% of attacks and an estimated industry value of under $200B. The spread of attacks on social media also surpasses the crypto industry with a value of $200 billion and a share of 12.5% ​​(in the previous year this figure was still over 20%). The payments industry also compares poorly to cryptocurrencies, as the chart shows.

 


Conclusion

First, to assess what it all means, the move from 2% to 6.6% over the last year is roughly commensurate with the industry's growth and is to be expected. Additionally, crypto doesn't appear to be an outlier compared to other industries, as the number of attacks compared to industry size lags significantly behind others like SaaS, social media, and payments.


So the data suggests that while cryptocurrencies remain a problem, they are unfairly given the reputation of the Wild West.


There is no denying that the crypto industry definitely has a dark side, albeit a tiny fraction of the innovations and advances being made elsewhere. And it's that dark side that will hopefully be curbed and regulators will keep a close eye on. However, when you look at the numbers and compare it to other industries, crypto is not alone, and the good far outweighs the bad.

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