ZachXBT, an on-chain crypto scam investigator, recently raised alarms over scam accounts using Twitter verification to gain credibility. He stated, “The phishing scam spam from fake verified orgs on Twitter has gotten out of control…Their team needs to reevaluate how these accounts get approved I think.”

ZachXBT emphasized that the verification badge, designed initially to make impersonation difficult, has inadvertently given birth to a black market.

The fraud accounts are especially targeting the crypto investors, per the analyst. ZachXBT added, “I think most of X team probably does not realize bc scammers mainly focus on crypto twitter niche.”

He identified around 12 verified fake accounts that erupted in under two days. Therefore, ZachXBT asked the platform’s management to reconsider their verification process.

As per reports, Twitter plans to enhance its identity verification systems. In the past, an impersonation crisis temporarily hampered the company’s paid verification plans.

Now, Twitter might now be relying on introducing another layer of security. Nima Owji, an app researcher, revealed a screenshot detailing a feature that requires users to upload a government-issued ID and a selfie for verification.

Read more: Mastodon: What To Know About the Decentralized Twitter Alternative

Twitter underlines that for verification, “Your account must have no signs of being misleading or deceptive.” It adds, “Your account must have no signs of engaging in platform manipulation and spam.”

However, a report by The Guardian reveals that Twitter’s verification system isn’t bulletproof against scams. It notes that banking clients and airline travelers have been susceptible to phishing fraud. Especially when they express grievances through Twitter. Scammers also reportedly disguise themselves as customer support representatives, using fake verified accounts to dupe individuals into revealing sensitive and personal details.

From April 1, 2023, Twitter began phasing out its legacy verification system. Accounts that were verified under old parameters lost their blue checkmarks unless they subscribed to Twitter Premium. Sometimes, the eligibility criteria are the bare minimum, requiring a complete profile, recent active usage, and a verified phone number.

However, the scam issues extend beyond Twitter. BeInCrypto recently reported that the crypto industry has been contending with fraudulent Google advertisements and websites that mirror legitimate platforms. Similar problems arose on Meta, formerly known as Facebook.

Therefore, while Twitter needs to enhance its verification process, tech giants must also put sufficient safeguards in place and clamp down on a new breed of tech-savvy fraudsters.

The post Crypto Scammers Exploit Verified Twitter Accounts, Fueling Fraud Concerns appeared first on BeInCrypto.

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