Vishing: When Dreams of Sudden Wealth Lead Into a Trap

A Fictional Story Based on Real Life

Michal, a hardworking family man, was always looking for ways to improve his financial situation. One day, he received a call from an unknown number. The caller introduced himself as a representative of a reputable crypto investment company. He explained that during a routine security check, they discovered an inactive crypto wallet linked to Michal’s email address, containing a surprisingly large amount of digital assets.

Michal was confused. He had never dealt with crypto-assets, but the caller reassured him that the wallet was legitimate and offered to guide him through the process of transferring the funds to his own wallet or bank account. All Michal had to do was provide some personal information for verification and pay a small processing fee to initiate the transfer.

Vishing Scam in 5 Steps

1. Vishing (voice phishing) attacks can take various forms, but the goal is always the same: to obtain sensitive information from the victim—either by promising a quick gain or by using fear and pressure.
2. The scammer often pretends to be a representative of a crypto service provider, such as an exchange, a trading platform, or a hardware wallet company.
3. The scammer calls the potential victim and tries to convince them to provide personal information or verify their account. They may also attempt to gain access to the victim’s computer via remote access software.
4. Through these phone calls, the scammer collects sensitive information, which is then used to access the victim’s accounts or obtain private keys to their crypto wallets. The scammer then transfers the crypto-assets to their own wallets.
5. If the scammer succeeds in gaining access or obtaining private keys, and transfers the assets, the chances of recovering the funds are very low.

Explanation of the Scam

Although vishing (a blend of “voice” and “phishing”) is not exclusive to the crypto world, this illegal activity is becoming increasingly common in the sector. In a vishing scam, the attacker impersonates a trusted crypto company—often an exchange or wallet provider—and tries to obtain sensitive information by phone. The tactic relies heavily on social engineering, using manipulation and deceit to trick the victim into handing over confidential data.

The first type of information scammers seek are login credentials for crypto platforms. This kind of attack is also common in traditional banking scams, where fraudsters try to access internet banking or mobile banking apps. Once they gain access, they can transfer funds out of the victim’s accounts.

The second type of information are private keys or seed phrases (usually 12 or 24 words), which function as the password to a person’s crypto-assets. In these cases, the scammer may pose as a wallet provider or technician and ask for the seed phrase under the pretense of performing an update or improving service quality. Once the scammer obtains the seed phrase, they can easily move the funds to their own wallets.

Playing on Greed – Vishing in Disguise

It’s important to note that not all vishing scams rely on fear. Some scammers appeal to greed instead. In these cases, the victim is told they have a large sum of crypto-assets sitting on a platform supposedly associated with the scammer.

To access these “funds,” the victim must first pay a withdrawal fee or unfreeze fee. After paying, however, no assets are transferred. Instead, the scammer may claim another fee is required. This tactic is designed to extract as much money as possible from the victim. The promised crypto-assets, of course, do not exist.

Scammers use many techniques to obtain the desired information or funds. If the victim falls for the scheme, it is highly likely they will lose their money permanently.

NBS Advice

Because of the rise in vishing attacks, it’s essential to be cautious with suspicious phone calls and never provide sensitive information over the phone. Some warning signs that can help you identify vishing scams include:

• The caller pretends to be from a well-known crypto company, exchange, or wallet provider.
• The call comes from an unknown number.
• The caller asks for login credentials to crypto exchanges or wallets.
• They try to gain remote access to your computer.
• They promise to “unlock” or “unfreeze” a crypto wallet after receiving a fee.
• They use urgency or threats of negative consequences if you don’t act immediately.
• The offer sounds too good to be true.

If you suspect you’ve been targeted by a vishing scam, contact the Slovak Police (Polícia SR).

Last updated on 25 Mar 2025