Litecoin is one of the first open-source altcoins based on the original Bitcoin code. It was initially a strong competitor to the first cryptocurrency. However, as the cryptocurrency market expanded, Litecoin’s popularity gradually declined.
How QR codes with cryptocurrency addresses are used by scammers
Bitcoin owners must read!
When you see a QR code, can you find out what is encrypted in it? Of course not. And this fact is actively used by scammers who want to rob you.
The developers of one of the cryptocurrency wallets planned to equip it with QR code support and firstly conducted security testing. The result was unpleasant, but predictable. A graphic image with an encrypted code is considered the easiest and most convenient way to tell the phone which device to send coins to. It is used in trading to quickly complete a transaction, because manually typing a wallet address or copying and sending it will take some time and cause unnecessary inconvenience.
Want to fake a QR code? No problem
During testing, programmers used the address of a crypto wallet from a random site to create a QR code for it. As a result, instead of the desired address, the money ended up in a completely different, fraudulent wallet.
Fraudsters can be creative too
It is noticed that thieves have adapted to additional methods of protection and when checking the address at first glance looks like the correct one. And on other web-sites, if you request a wallet address to copy it, they will show you the correct address.
How not to fall for scammers
Don't rely on Google search placement when looking for a web-site to generate QR codes. Use reliable services recommended to you by familiar or reputable publications.
Before installing a QR code on your site, test it by sending a small amount to the address.
Browser extensions can also detect and warn you about a threat, but, unfortunately, they will not protect against all fraudulent schemes.
In the future, the crypto community will seriously have to face the problem of fraud through QR codes and come up with an effective solution.
Recorded cases of fraud
In the Netherlands, at one of the car parks, people were offered $5 if they paid for parking using a mobile banking QR code.
In Canada, stickers are glued to cryptomats indicating a malfunction of the device and offering to send funds using a fake QR code.
In public places, it is recommended to check whether a fraudulent QR code is pasted on top of the real one.
Recall How to Secure Cryptocurrency
