In the heat of World Cup season, scammers are exploiting the hype.
From authentic-looking FIFA or World Cup-themed ticketing sites offering exclusive tickets, these websites may advertise official tickets and merchandise for purchase using cryptocurrency.
In a recent press release on Wednesday (1 July), the Singapore Police Force (SPF) warned victims paying using their cryptocurrency wallets such as Bitcoin or USDT.
After payment, scammers delete the website, making it difficult for victims to recover the funds.
According to the police, scammers first infiltrate messaging platforms such as Telegram.
Posing as a business associate, they may propose a video call, sharing a link to join via a web browser.
After clicking the link, users receive a pop-up message falsely stating that software on their device has expired.
Under the pop-up’s instructions, victims then download a file, not knowing it is malware.
Now the perpetrator can monitor cryptocurrency activities and intercept wallet credentials.
Victims may be lured into approving a “permit signature”, a feature that allows users to pre-authorise transactions by signing a message off-chain. Even with a hardware wallet, scammers can carry out transactions.
Since funds are not transferred immediately, the stolen assets can be moved to various platforms.
This makes it harder to trace and recover, the police said.
Scammers can also market fake “Official World Cup Tokens” or fan coins as official or team-affiliated digital assets.
Authorities added: “Victims may be misled into investing in these tokens, whose value is artificially inflated before scammers sell off their holdings, causing prices to collapse.”
Free World Cup services may redirect victims to phishing sites.
They may link their cryptocurrency wallets or install malware when trying to watch.
This can result in a compromise of credentials, financial information or cryptocurrency assets.
In addition, these online platforms utilise AI deepfakes of athletes and celebrities to promote their sites.
As scammers increasingly leverage digital tools, the police advise the public to take precautions such as storing cryptocurrencies in a hardware wallet, and enabling Two-Factor Authentication (2FA) for cryptocurrency-related accounts.
Users should use licensed and trusted cryptocurrency service providers that are licensed or regulated by the Monetary Authority of Singapore (MAS).
The police also warn members of the public not to click or run unknown commands on their computer even if they seem familiar.
If one suspects themselves as a victim of a cryptocurrency-related crime, they are advised to freeze their accounts and report the incident to the police.
Also read: SPF warns of LTA phishing scams resurfacing, victims lose at least S$74K in total
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Featured images adapted from the Singapore Police Force and Pexels.