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Phone phishing Meaning

Phone phishing, technically known as vishing, is a social engineering attack where a scammer uses a telephone call to trick a victim into revealing sensitive information, such as bank login credentials, 2FA codes, or wallet seed phrases. Unlike an email phish, which can be caught by a spam filter, a vishing call relies on the human element and the scammer’s ability to sound urgent or authoritative to bypass the victim's natural defenses.Scammers often use caller ID spoofing to make the call appear as if it’s coming from a trusted source, such as tech support or the victim’s own bank.

They might claim there is suspicious activity on the account and that the user must verify their identity by reading back a code sent to their phone. In reality, the scammer is trying to log into the victim's account, and the code they need is the one-time password the victim provides.In the crypto world, vishing has become a high-value tactic.

Scammers may pose as exchange support and tell the victim that their account has been compromised. They guide the victim through a process of securing their funds, which actually involves the victim sending their crypto to a wallet controlled by the scammer.

Because crypto transactions are irreversible, once the victim sends the funds during the phone call, the money is gone with no way to get it back.To defend against vishing, the gold standard rule is to never trust an incoming call. If a bank calls about a problem, you should hang up and call them back using the official number on their website.

Legitimate companies will never ask you for your password or your seed phrase over the phone. As AI technology advances, we are also seeing the rise of AI voice deepfakes, where a scammer can mimic the voice of a trusted person, making phone phishing even more dangerous.

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Finery Markets BVI Limited (“Finery Markets”) provides software, technology infrastructure, and related Information and Communication Technology (ICT) services on a Software-as-a-Service (“SaaS”) basis. Finery Markets acts solely as a software vendor and does not operate a trading platform, does not intermediate, match, execute, clear, or settle transactions, and does not engage in any activities that would require regulatory authorisation under applicable laws.

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