Cryptocurrency’s Pandora’s Box is being opened. Are We Prepared?

<p>The global value of the cryptocurrency market has reached $2.37 trillion, surpassing Apple's market capitalisation of $2.33 trillion. With numerous exploratory talks and efforts underway, major banks and governments are beginning to dip their toes in the crypto water. Many people still see crypto currencies as a tool used by criminals as the primary currency of the dark web for ransomware payments and the buying and selling of illicit goods and services. While some of this is correct, crypto currency is not solely used for criminal purposes. In fact, 2021 will be the first year that Bitcoin will be recognised as a national currency. If history has taught us anything, it is that criminal activity and fraud always follow the money. The purpose of this press is not to argue for or against the use of crypto currency; however, given the current state of the crypto industry, both organisations and consumers should be aware of the risks.</p> <p>How frequently have you forgotten your password? When it comes to crypto currencies, forgetting one's password takes on a whole new meaning. This risk isn't just about forgetting one's password, even if you think it won't happen to you because you use a password vault. While there are no known security flaws in your password vault, malware is increasingly targeting exchanges and stealing credentials – your password can be stolen simply by being infected. Of course, this type of attack is not limited to crypto currencies, but many crypto exchanges do not provide the same level of anti-fraud protection that traditional banks do.</p> <p>A crypto currency can be created by anyone with a little programming knowledge. As a result, many scammers are taking advantage of the overall increase in popularity and people's genuine "fear of missing out" (especially those that were not early investors in Bitcoin). The Squid Game Token in 2021 was a prime example of this. Unfortunately, these types of scams are all too easy to set up and exploit as people rush to get in on the next big thing