Cybercriminals are deceiving people with deepfakes and crypto scams to access financial or personal information, according to a report by Norton.

NortonLifeLock’s global research team, Norton Labs has published its quarterly Consumer Cyber Safety Pulse report sharing the top consumer cybersecurity insights and takeaways from January through March 2022.

As per the report, bad actors are increasingly leveraging deepfakes to scam consumers and spread disinformation. 

“The Norton Labs team has spotted deepfakes used to create fake social media profiles, fuel charity scams and other fraudulent ploys, and spread propaganda relating to the ongoing war in Ukraine, in addition to deepfakes used simply to make funny videos,” it said.

Crypto scams are also on the rise as cryptocurrency becomes more widely adopted. Norton Labs tracked over $29 million in bitcoin stolen in 2021 and expects this trend to continue in 2022. This comes as the crypto market’s value grows and scammers “capitalise on world events, including the humanitarian crisis in Ukraine to steal donations from philanthropic crypto investors,” it said.

Further, as cybercriminals combine tactics, new threats have emerged. 

“By presenting realistic disinformation via deepfakes in a phishing scam that collects payment in cryptocurrency, a consumer would have little to no recourse,” it said.

In India, between January and March 2022, Norton thwarted over 1.8 crore threats, the equivalent of around 195,794 threats per day. It also thwarted 59,907 phishing attempts and 31,062 tech support scams.

“Scammers are always evolving their tactics to make their attacks look more believable,” said Darren Shou, head of technology, NortonLifeLock. 

“Cybercriminals are masters at profiting from deception, so it’s crucial for consumers to be aware of the latest scams and to critically analyse anything suspicious they encounter on the internet, whether on social media or in their inbox,” Shou added.

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