How to recognize scam emails like "Bitcoin Compensation Program"

What kind of email is "Bitcoin Compensation Program"?

After examining this "Bitcoin Compensation Program" email, we determined that it is fake. This spam message claims that a large amount of Bitcoin cryptocurrency has been sent to the email recipient's cryptocurrency wallet.

The goal of this spam campaign is to trick users into revealing their wallet log-in credentials to a phishing website. It must be emphasized that this fake message is not associated with any legitimate entities.

"Bitcoin Compensation Program" email scam overview

This spam email informs the recipient that they have been sent 1.3426 BTC (Bitcoin cryptocurrency). The letter states that the amount is worth $105,115.90 – this conversion is no longer accurate. At the time of writing, this sum is worth approximately 127 thousand USD. The nonexistent sum received is supposedly part of the "Bitcoin Compensation Program" intended to encourage mass adoption of cryptocurrency. Once the recipient accepts the transaction, they will be able to convert the amount to any cryptocurrency.

It must be reiterated that all the claims made by this email are false, and this mail is not associated with Blockchain.com or any other legitimate companies and entities.

When the "CLICK TO ACCEPT AND ACTIVATE" button is pressed, it results in a redirect to a phishing website targeting cryptocurrency wallet log-in credentials. Phishing sites operate by recording provided information and sending it to scammers. Thus, victims of this scam email can have their wallets and the funds stored therein stolen.

It must be mentioned that due to the practically untraceable nature of cryptocurrency transactions – they cannot be reversed, meaning that it is not possible to recover lost digital assets.

Phishing spam campaign examples

We have written about countless spam campaigns; "Mailbox Failed To Sync", "Shared-File Attachments", "Quote For Delivery Price And Time", "HSBC Fraud Victim Compensation", and "SharePoint Meeting Document" are merely some of our newest articles on phishing emails.

In addition to log-in credentials, commonly targeted information includes personally identifiable details and finance-related data. However, various scams are promoted through spam mail, and it is used to distribute all kinds of malware.

While the widely held belief that spam emails are poorly put together and full of grammatical/spelling mistakes is not untrue, it is not always the case. This mail can be competently made and even believably disguised as messages from legitimate entities (e.g., companies, service providers, organizations, institutions, authorities, etc.).

How do spam campaigns infect computers?

Spam campaigns spread malware through malicious files, which can be attached or linked inside the emails/messages. Infectious files can be documents (Microsoft Office, Microsoft OneNote, PDF, etc.), archives (ZIP, RAR, etc.), executables (.exe, .run, etc.), JavaScript, and so on.

Merely opening a virulent file can be enough to trigger malware download/installation. However, some formats need additional actions to initiate infection processes. For example, Microsoft Office files require users to enable macro commands (i.e., editing/content), while OneNote documents need them to click embedded links or files.

How to avoid installation of malware?

It is important to always approach incoming emails and other messages with caution. Attachments or links found in suspect/irrelevant mail must not be opened, as they can be harmful or infectious.

However, malware is not proliferated exclusively via spam campaigns. Therefore, we recommend vigilance when browsing since the Internet is full of deceptive and malicious content.

Additionally, all downloads must be performed from official and trustworthy channels. We advise activating and updating software using functions/tools provided by legitimate developers, as illegal activation ("cracking") tools and third-party updates may contain malware.

It is paramount for device integrity and user safety to have a reputable antivirus installed and kept up-to-date. Security programs must be used to run regular system scans and to remove detected threats and issues. If you've already opened malicious attachments, we recommend running a scan with Combo Cleaner Antivirus for Windows to automatically eliminate infiltrated malware.

Text presented in the "Bitcoin Compensation Program" spam email:

Subject: You have received 1.3426 BTC ($105,115.90)

You have received 1.3426 BTC
($105,115.90)

Hi there,

We are pleased to inform you that 1.3426 BTC, equivalent to $105,115.90, has been successfully sent to your wallet. This is part of our ongoing Bitcoin Compensation Program, designed by our trading platform and investors to accelerate the mass adoption of cryptocurrency.

The transaction is pending activation. Once activated, you can accept and convert it to any cryptocurrency of your choice.

CLICK TO ACCEPT AND ACTIVATE

Best Regards,
The Blockchain,com Team

Screenshot of the phishing website promoted by the "Bitcoin Compensation Program" spam campaign:

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Quick menu:

• What is "Bitcoin Compensation Program" phishing email?
• Types of malicious emails.
• How to spot a malicious email?
• What to do if you fell for an email scam?

Types of malicious emails:

Phishing Emails

Most commonly, cybercriminals use deceptive emails to trick Internet users into giving away their sensitive private information, for example, login information for various online services, email accounts, or online banking information.

Such attacks are called phishing. In a phishing attack, cybercriminals usually send an email message with some popular service logo (for example, Microsoft, DHL, Amazon, Netflix), create urgency (wrong shipping address, expired password, etc.), and place a link which they hope their potential victims will click on.

After clicking the link presented in such email message, victims are redirected to a fake website that looks identical or extremely similar to the original one. Victims are then asked to enter their password, credit card details, or some other information that gets stolen by cybercriminals.

Emails with Malicious Attachments

Another popular attack vector is email spam with malicious attachments that infect users' computers with malware. Malicious attachments usually carry trojans that are capable of stealing passwords, banking information, and other sensitive information.

In such attacks, cybercriminals' main goal is to trick their potential victims into opening an infected email attachment. To achieve this goal, email messages usually talk about recently received invoices, faxes, or voice messages.

If a potential victim falls for the lure and opens the attachment, their computers get infected, and cybercriminals can collect a lot of sensitive information.

While it's a more complicated method to steal personal information (spam filters and antivirus programs usually detect such attempts), if successful, cybercriminals can get a much wider array of data and can collect information for a long period of time.

Sextortion Emails

This is a type of phishing. In this case, users receive an email claiming that a cybercriminal could access the webcam of the potential victim and has a video recording of one's masturbation.

To get rid of the video, victims are asked to pay a ransom (usually using Bitcoin or another cryptocurrency). Nevertheless, all of these claims are false - users who receive such emails should ignore and delete them.

How to spot a malicious email?

While cyber criminals try to make their lure emails look trustworthy, here are some things that you should look for when trying to spot a phishing email:

• Check the sender's ("from") email address: Hover your mouse over the "from" address and check if it's legitimate. For example, if you received an email from Microsoft, be sure to check if the email address is @microsoft.com and not something suspicious like @m1crosoft.com, @microsfot.com, @account-security-noreply.com, etc.
• Check for generic greetings: If the greeting in the email is "Dear user", "Dear @youremail.com", "Dear valued customer", this should raise suspiciousness. Most commonly, companies call you by your name. Lack of this information could signal a phishing attempt.
• Check the links in the email: Hover your mouse over the link presented in the email, if the link that appears seems suspicious, don't click it. For example, if you received an email from Microsoft and the link in the email shows that it will go to firebasestorage.googleapis.com/v0... you shouldn't trust it. It's best not to click any links in the emails but to visit the company website that sent you the email in the first place.
• Don't blindly trust email attachments: Most commonly, legitimate companies will ask you to log in to their website and to view any documents there; if you received an email with an attachment, it's a good idea to scan it with an antivirus application. Infected email attachments are a common attack vector used by cybercriminals.

To minimise the risk of opening phishing and malicious emails we recommend using Combo Cleaner Antivirus for Windows. 

Example of a spam email:

What to do if you fell for an email scam?

• If you clicked on a link in a phishing email and entered your password - be sure to change your password as soon as possible. Usually, cybercriminals collect stolen credentials and then sell them to other groups that use them for malicious purposes. If you change your password in a timely manner, there's a chance that criminals won't have enough time to do any damage.
• If you entered your credit card information - contact your bank as soon as possible and explain the situation. There's a good chance that you will need to cancel your compromised credit card and get a new one.
• If you see any signs of identity theft - you should immediately contact the Federal Trade Commission. This institution will collect information about your situation and create a personal recovery plan.
• If you opened a malicious attachment - your computer is probably infected, you should scan it with a reputable antivirus application. For this purpose, we recommend using  Combo Cleaner Antivirus for Windows.
• Help other Internet users - report phishing emails to Anti-Phishing Working Group, FBI’s Internet Crime Complaint Center, National Fraud Information Center and U.S. Department of Justice.

Frequently Asked Questions (FAQ)

Why did I receive this email?

Spam emails are not personal even if they include details relevant to the recipients. These messages are sent out in mass-scale campaigns – therefore, thousands of users receive identical or incredibly similar emails.

I have provided my personal information when tricked by this spam email, what should I do?

If you have provided your log-in credentials – change the passwords/passphrases of all possibly exposed accounts and inform their official support without delay. And if the disclosed information was of a different personal nature (e.g., ID card details, passport photos/scans, credit/debit card numbers, etc.) – immediately contact the appropriate authorities.

I have read a spam email but didn't open the attachment, is my computer infected?

Reading an email does not pose an infection threat; devices are infected when malicious attachments or links are opened/clicked.

I have downloaded and opened a file attached to a spam email, is my computer infected?

Whether the system was infected might depend on the format of the opened file. Executables cause infections almost without fail (once opened). However, some formats – like documents – might need additional user interaction to initiate malware infiltration processes (e.g., enabling macros, clicking embedded content, etc.).

Will Combo Cleaner remove malware infections present in email attachments?

Combo Cleaner is designed to scan systems and remove all kinds of threats. It can detect and eliminate most of the known malware infections. Remember that performing a full system scan is crucial since sophisticated malicious programs tend to hide deep within systems.