By CCN Markets: 19 percent of survey participants have reported that they had experienced hacking attacks on cryptocurrency exchanges while 15 percent of consumers have become victims of crypto fraud, Kaspersky says.
An excerpt from the cybersecurity firm’s report read:
“Cryptocurrency certainly has its benefits but, as we can see, many consumers are still unaware of what they are due to concerns over security and how the technology works. It is an exciting industry to be involved in but it is one that is built upon trust. It is, therefore, imperative that cryptocurrency businesses do all they can to protect their networks and ensure their customers’ finances are safe and secure.”
An Uncharted Territory
The Moscow-based anti-virus and cybersecurity company concluded in its survey that – despite the growing interest among consumers – only one in ten people fully understand how cryptocurrencies work with 29 percent of the participants stating that they have “some knowledge” of digital currencies.
According to Kaspersky, the lack of knowledge on the consumer side is slowing down the adoption rate of cryptocurrencies, even though celebrities like Johnny Depp and PewDiePie are embracing the technology.
While there’s a desire in consumers to use crypto, the knowledge gap makes many of them decide not to carry out with buying coins. To date, 81 percent has never purchased cryptocurrencies, and 18 percent chose not to use them as they deemed digital currencies too technically complicated, the survey concludes.
“Many people who thought they knew with what they are dealing with, later decided against using cryptocurrency,” Kaspersky stated.
No Trust in Crypto
According to Kaspersky, the lack of understanding could result in consumers not trusting cryptocurrencies with their funds.