Predictors of Cryptocurrency-Enabled Cybercrimes

• In Event: Navigating the Nexus of Cryptocurrency Fraud, Cybercrime, and Regulatory Public Sentiment

Abstract

Cryptocurrency-facilitated cybercrimes include hacking, phishing, ransomware and data breaches which exploit vulnerabilities in blockchain technology, digital wallets and exchanges. Cybercriminals leverage these weaknesses to operate with anonymity and low traceability, posing risks to individuals and institutions. This study examines factors that increase susceptibility to these crimes. Preliminary analyses indicate that lower digital literacy and weak cybersecurity practices, such as failing to update software, using weak passwords, and neglecting multi-factor authentication, heighten victimization risk. Vulnerable individuals often engage in risky behaviors, including oversharing personal information, using unverified platforms, and participating in online communities rife with misinformation and fraud. Findings highlight the need to enhance digital literacy and cybersecurity awareness among cryptocurrency users. By promoting proactive security measures, stakeholders can mitigate risks and strengthen digital defenses. This research informs targeted interventions, offering insights for individuals, financial institutions, and policymakers seeking to protect digital assets and maintain trust in the cryptocurrency market.

Authors

• Xichen Wang, University of Massachusetts Lowell

• Thomas Meal, University of Massachusetts Lowell

• Claire Seungeun Lee, University of Massachusetts Lowell