According to global payment service provider Visa, 2022 turned into a record-breaking year for cryptocurrency theft, with more than $3 billion in online attacks. The quality of cryptocurrency bridge is the overall goal sought after by the threat participants.
Visa released the twice-yearly threat report on March 20th. The report includes information on a variety of violations that occurred in digital payment systems around the world last year-from plastic card fraud schemes to malicious programs. There is another professional section that details cryptocurrency and digital platforms.
It is particularly concerned about the vulnerability of token bridge. In general, fraudsters use smart contracts for roads and bridges to provide services to imitate new deals or to allow unauthorized transactions. From January to early October 2022, the total amount of stolen funds under token Bridge totaled US $2 billion.
The report also mentions a phishing attack theme activity focusing on data encryption, in which participants simulate a login password exchange in emails to obtain the victim's account login data. Once the real exchange reminds the individual actor to carry out two-factor authentication (2FA), they will use the deception website to remind the victim to type his 2FA information, and use the real 2FA from the deception site to complete the whole login process.
In February, it was reported that Visa would delay the re-establishment of strategic partnerships with login password companies rather than competitor MasterCard because of the high-profile collapse of the sector. But Cuy Shefffield, Visa's head of merchandise, called the report wrong and assured them that Visa would "continue to work with data encryption companies to improve access to Fiat cars" and "develop new products that facilitate smooth payment."
On Feb. 20, the market capitalization of bitcoin changed the total market capitalization of Visa for the third time in ancient history. By March 14th, the difference between the two had reached more than $20 billion good for BTC.
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Visa: Token bridges were a favored target for thieves in 2022
The fraudsters would usually exploit the smart contracts to allow for the approval of unauthorized transactions.
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