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Bitcoin rise fuels social media scams

Maria Korolov | March 27, 2017
The price of a single Bitcoin passed that of an ounce of gold for the first time this month.

"If you do it manually, it ends up in a massive queue," he said.

The way ZeroFox addresses the problem is with direct connections to the major social networks, he said.

"We build out strong relationships, they know the quality of content we produce, we have a consistent format," he said. There are also APIs in place for faster remediation of malicious content, he added.

ZeroFox finds the scams through both automated searches on the social networks and with dedicated researchers who go out to the social networks to find new types of scams. Once a new scam is identified new search rules go into effect in less than an hour to help the company find all examples of similar scams.

"It's a fast turnaround, responsive to the fast-changing nature of social media," said Tully.

The data is also available for enterprise customers to funnel to their network security systems, such as Palo Alto firewalls.

"To my knowledge, this is the first time a security vendor can offer protection for Bitcoin scams that happen on social media," he said.

 

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