Beware of Phishing and Fake Customer Support on Crypto Platforms, Indodax Reveals the Methods
The growing interest in crypto assets is directly proportional to the development of various cybercrime methods, which are known to target crypto users. According to a Web3 security report from Hacken, a blockchain security firm, more than 63% of total losses from security incidents in the first quarter of 2026 originated from phishing and social engineering, surpassing wallet scams, smart contract exploits, and other technical attacks. Total losses from Web3 security incidents from January to March 2026 reached approximately US$482 million, with around US$306 million coming from phishing and social engineering. This indicates that cybercriminals are now exploiting the user side more than attempting to breach technological systems.
Indodax Chief Marketing Officer Aloysia Dian stated that this shift in attack patterns is reflected in the increasing prevalence of fraudulent schemes impersonating Indodax Customer Support. According to her, perpetrators exploit user trust to obtain passwords, PINs, OTP codes, and other sensitive information. “Currently, cybercriminals are no longer just looking for gaps in the system, but also gaps in humans. The fake CS modus is a form of social engineering that exploits the victim’s panic and trust so that they voluntarily give access to their account,” Aloysia said in a statement on Friday.
Aloysia added that the development of Artificial Intelligence (AI) makes phishing and fake CS scams increasingly difficult to recognise. Perpetrators can now generate emails, instant messages, and communications that appear professional using generative AI technology, making it harder for victims to distinguish between official correspondence and fraud. “If in the past fraudulent messages were relatively easy to recognise because of many writing errors, now perpetrators can create communications that closely resemble official company messages. Therefore, we always remind users to verify before providing any information related to their accounts,” she continued.
In addition to leveraging AI, Microsoft Threat Intelligence also noted that QR phishing is one of the fastest-growing cyberattack methods in the first quarter of 2026. The volume of attacks increased by approximately 146%, from 7.6 million in January to 18.7 million in March. This method directs victims to fake login pages via QR codes embedded in seemingly legitimate emails or documents.