In its exploration of cryptocurrency user trends, Kaspersky has discovered that just 24% of respondents surveyed in South Africa felt well-informed about potential cryptocurrency cyberthreats, while 18% had no information at all.
Kaspersky also found that more than half (58%) of local respondents had been affected by cryptocurrency crime in some way, and 42% of crypto owners did not believe current protection systems for cryptocurrency were effective.
According to the recent survey, a significant proportion of individuals are unaware of the potential threats faced by cryptocurrency owners. Despite the increasing popularity of cryptocurrency, only 24% of respondents from South Africa felt extremely or very well-informed about the potential risks of using it, while 18% had no information at all. Moreover, awareness of these threats decreases with age, with younger consumers under 35 being more informed.
Cyber threats, such as virtual theft and scams, were among the most commonly cited negative aspects of using cryptocurrency, with 31% and 38% of local respondents respectively highlighting them as their top concerns.
Also, 49% of local respondents were unaware they could become a target of crypto threats – even if they do not own cryptocurrency. It is worth noting that anyone can become a target for cryptominers – programs that secretly generate cryptocurrency for their owners using the resources of other computers, whether they own cryptocurrency or not.
Threats concerns vary by region
In South Africa and APAC countries, crypto-investment fraud (23% and 15%, respectively) and fake apps (16% and 15%, respectively) are major concerns. Whereas in Europe, extortion attacks in which scammers threaten to reveal victims browsing history on adult websites unless they provide private keys or send cryptocurrency (13%) are the problem.
Does cryptocurrency need more protection?
More than half (58%) of local respondents had been affected by cryptocurrency crime in some way, revealing the wide range of criminal activities in the field. Additionally, 44% of surveyed individuals did not believe that current protection systems for cryptocurrency were effective, with 42% of local current crypto owners not believing existing protection systems to be sufficient.
“Despite the recent cryptocurrency market downturn, the level of malicious activity in the field has not decreased. The crypto industry, still in its infancy, remains a prime target for fraudsters. This survey emphasises the need for increased awareness and education about the potential risks faced by cryptocurrency owners. As the adoption of digital assets continues to grow, it is essential for individuals to take appropriate measures to protect themselves from cyber threats,” says Vitaly Kamluk, the head of APAC unit, Kaspersky’s Global Research & Analysis Team.