X Money, a core part of Elon Musk’s mission to turn X into an “everything app” has just launched.
Scammers are likely already preparing social engineering campaigns to trap users.
Under the X Money rules of engagement, only Premium Plus subscribers are eligible for up to a 6% APY (annual percentage yield), while standard Premium subscribers have to deposit $1 000 to get a “boosted” 6% APY.
Tomas Stamulis, chief security officer at Surfshark, warns about fake emails and impersonation scams, especially for those who want “boosted’’ APY.
“The biggest security issue isn’t the payment system by itself and the security of transactions, but the social engineering. I am confident that scammers are already preparing fake messages to target US citizens and exploit the news immediately,” warns Stamulis.
“Phishing and impersonation scams will likely increase. Scammers can mimic well-known companies and even X itself. Due to data breaches and leaked account information, real X users may start receiving fake emails or DMs with links and messages to activate X money, verify their account, or even claim a reward, as the platform has just launched.
“Such fraud can lead to account takeover if credentials are submitted to a fake form or even lost financials,” Stamulis adds.
“Skepticism is essential, considering X’s data breaches history and its system for paid blue check mark verification. Although paid verification was launched in 2022 for businesses or professionals who rely on the platform for visibility, networking, or trust, it ultimately provided bad actors with a comfortable way to exploit the verified-account system while being a fake one.
“With payments now integrated into the X ecosystem, users should exercise extra caution,” he warns. “If your account credentials were previously compromised and you haven’t updated your password, you face a risk of losing access not only to your X social media account but also to your linked payment account, potentially losing promised APY and what was invested.”
Stamulis offers these tips for staying safe:
- Never trust someone just because they have a Premium badge.
- Verify the username and the account carefully. Do not just trust the display name or profile picture.
- Don’t send money based on a DM or an email.
- Never enter your credentials in links received via email or message. Use the X official app or the official website directly.
- Turn on strong authentication on X platform to protect your personal account.
- Regularly check whether your username and password have been exposed.
- Don’t approve 2FA authentication if you personally do not initiate login action.