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Visa: Token bridges were a favored target for thieves in 2022

The fraudsters would normally exploit the smart contracts to allow for the approval of unauthorized transactions.

According to Visa, a global payment service provider, 2022 turned into a record-breaking year for cryptocurrency theft, with more than $3 billion chain theft. The quality of cryptocurrency bridge is the overall goal sought after by the threat participants.

Visa released the twice-yearly threat report on March 20th. The nearly 24-page document contains information about a variety of violations that occurred in digital payment systems around the world last year-from plastic card fraud schemes to malicious programs. There is another professional section that details cryptocurrency and digital platforms.

It is particularly concerned about token bridge and vulnerability. In general, fraudsters use smart contracts for roads and bridges to provide services to imitate a new deal or to allow unauthorized transactions. From January to early October 2022, the total amount of stolen funds under token Bridge was $2 billion.

The report also mentioned a phishing attack with encryption as its main theme, in which participants pretended to be an encryption swap company in their emails to obtain login data from the victim's account. Once a true swap reminder threatens a participant to perform two-factor authentication (2FA), a fraudulent website will be used to remind the victim to type in his 2FA information. Then use the real 2FA from the deceiving site to complete the whole landing process.

In February, it was reported that Visa would delay the re-establishment of strategic partnerships with login password companies rather than competitor MasterCard because of the high-profile collapse of the sector. However, Cuy Shefffield, head of Visa merchandise, felt the report was wrong and ensured that Visa would "continue to work with encryption companies to improve the access ramps of Fiat cars" and "develop new products designed to promote relatively stable Coin payments."

On Feb. 20, the market capitalization of bitcoin changed the total market capitalization of Visa for the third time in ancient history. By March 14, the difference between the two had reached more than $20 billion, which was good for BTC.

by David Attlee
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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