Phishing-based cryptocurrency theft rates dropped for the third straight month in February with lowered figures.

Based on Scam Sniffer data 7,442 people experienced $5.32 million in losses through phishing scams which represented a 48% decrease from January and a dramatic drop from December totals of $10.25 million and $23.58 million.

Security experts expect these numbers to keep decreasing since crypto users know better ways to protect their digital assets. Scam Sniffer finds industry security improvements and user awareness as main reasons behind fewer phishing attacks.

Biggest Crypto Scam in February: $771K Stolen via Phishing

Scammers keep adapting their techniques as criminal activity shrinks overall. An address poisoning attack against Ethereum users in February stood as the biggest phishing incident of the month.

Fraudsters used this technique to identify fraudulent destinations and trick ETH users into sending $771,000 they did not mean to. The spread of phishing methods produced major harm. Hackers took $611,000 from Ethereum users when they failed to revoke their permit access and BNB Chain users lost $610,000 because they left their approvals active.

The scammers gained $326,000 from Ethereum addresses through the “Increase Approval” scheme. The worst outcome happened when a victim lost $607,000 through a phishing approval that had been valid for over a year showing that authorizing wallet permissions brings extended security risks.

Hackers Exploit Telegram to Hijack Crypto Accounts

Scam Sniffer tells crypto users to cancel authorizations they created on their wallets at times when the Ethereum network charges low fees. People who act on this practice shield themselves better against attacks that target old access settings.

Though hackers make fewer phish-related profits they remain skilled in developing new deception approaches. Scam Sniffer warns users about new phishing methods on Telegram that trick victims into giving away their login verification codes which attackers use to control the hacked accounts.

Scammers start their attack with a fake message that makes the target think they have to confirm an issue. Stupidly the target types their login code into the system which lets criminals get into their session information.

When this process happens the victim permanently loses access to their Telegram account. After breaking into the account the attackers use stolen data to pretend as the owner and attack friends with additional scams.

Security professionals track that scammers now use fake security warnings to trick account owners into giving up their personal data. Although phishing-related financial losses decreased recently users should stay alert since cyber scams continue to develop.

Security professionals remind users to verify transactions twice and set up two-step authentication while regularly taking away old wallet access controls to avoid increasingly advanced digital asset threats.