Cryptocurrency A New Cyber Threat In BFSI Sector: Report

The Digital Threat Report 2024 which was jointly released by CERT-In, CSIRT-FIN, and cybersecurity firm SISA recently, highlights the rising cyber risks facing India’s banking and financial services sector. The report highlights the growing targeting of cyber threats, which are mostly driven by technology and financial gain. Also, it identifies cryptocurrencies as one of the most important predicted cyber threats for 2025 marking a significant shift in the digital threat landscape.

Cryptocurrency has been identified as a developing frontier for cybercrime, with the report stating that digital assets have altered how scammers work. Although the popularity of Bitcoin led to its initial usage for illegal transactions, hackers are now using privacy-focused cryptocurrencies like Monero (XMR) which provide further anonymity and make it much harder for law enforcement to trace transactions.

The report further outlines how attacker tactics have evolved. Scammers increasingly targeting cryptocurrency exchanges directly to exploit platform vulnerabilities and steal large amounts of digital currency rather than utilizing hacked systems for crypto mining.

The development of more powerful malware versions aimed at locating and recovering Bitcoin wallets and private keys from compromised systems. Attackers who obtain these keys can take complete control of a victim's cryptocurrency holdings which can frequently lead to significant financial losses.

The increasing use of cryptocurrency in ransomware and extortion schemes has also drawn attention. The report warns of a growing underground infrastructure that enables threat actors to launder, convert, and hide stolen crypto assets, making it harder to trace and recover funds.

The growing usage of deepfakes and AI-generated content as an advanced cyber infiltration technique is also highlighted in the research. Cybercriminals can use these tools to mimic CEOs, staff members or reliable contacts in social engineering assaults. For instance, deepfake voice and video clips can be used to trick people into revealing private information like one-time passwords (OTPs) or allowing fraudulent transactions or they can be used to deceive teams during virtual meetings.

Alankar Saxena, Co-founder and CTO of Mudrex said cyber threats in the crypto space have become increasingly sophisticated, but exchanges and investors are evolving to stay ahead. Many platforms spread user cash across several wallets, use sophisticated tools to identify suspect activity early and collaborate with international insurance companies to safeguard user assets.

He added, that investors may greatly improve wallet security and can lower the chances of cyber threats by practising strict digital hygiene and avoiding get-rich-quick schemes.

Vedang Vatsa, founder of Hashtag Web3, advises that the cryptocurrency's growing role in the financial ecosystem brings both innovation and concern. As India considers regulatory reform, a balanced, forward-thinking approach is important, one that encourages growth while enhancing monitoring to protect digital assets.