Phishing scams cost users over $12M in August — Here's how to stay safe

Phishing scams continue to impact crypto and Web3 users, prompting the need for vigilance and personal online safety countermeasures.

Phishing scams, attacks disguised as legitimate communication or websites designed to steal funds and sensitive information, cost crypto users over $12 million in August, up 72% from July, Web3 anti-scam service Scam Sniffer reported on Saturday.

Crypto phishing scams impacted 15,230 victims in August, a 67% increase from July, with the single largest loss costing one user over $3 million, according to Scam Sniffer.

The Scam Sniffer team also noted a “sharp escalation” in EIP-7702 signature scams. EIP-7702 is an Ethereum improvement proposal that allows Externally Owned Accounts to act as smart contract wallets that can execute transactions and shift funds.

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