Phishing scams targeting crypto and Web3 users resulted in over $12 million in losses in August, marking a 72% increase from July, according to Scam Sniffer. The incidents affected more than 15,230 victims, with the largest reported loss exceeding $3 million. Scam Sniffer highlighted a notable rise in EIP-7702 signature scams, which leverage an Ethereum improvement proposal allowing standard accounts to perform smart contract functions. August's attacks drained over $5.6 million through various scams, showcasing an escalating trend in online threats. Scammers often impersonate reputable cryptocurrency exchanges through fake websites and deceptive communications to steal sensitive information. Users are advised to check URLs for discrepancies, verify links, and avoid engaging with unknown sources. Additional safety measures include using virtual private networks (VPNs), not sharing seed phrases or passwords, and enabling two-factor authentication for important accounts. The significant slant towards phishing attacks underlines the importance of vigilance as crypto and Web3 environments evolve.

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