‍

The ongoing crisis in the Strait of Hormuz has opened the door to new opportunities for cyber-enabled fraudsters targeting the maritime sector.  With escalated tensions, vessel traffic restrictions, and increased uncertainty, scammers are exploiting vulnerable shipowners by posing as authorities and demanding cryptocurrency in exchange for safe passage.

‍

According to recent reports, fraudsters impersonating Iranian officials have been contacting shipping companies with urgent messages requesting payment in cryptocurrencies such as Bitcoin or Tether in order to secure safe transit.  This method secures the anonymity of the offenders but offers no actual guarantee for safe passage.  Complicating matters further, Iran’s controversial exploration and implementation of formal transit fees, often via cryptocurrencies, adds an increased level of perceived legitimacy to the scammers' tactics.

‍

With thousands of vessels delayed or stranded in the surrounding area, the chaotic conditions, and sense of urgency create the perfect conditions for vulnerable shipowners to take the bait.  Reports of vessels being targeted or fired upon during transit, regardless of compliance with the fraudulent payment demands, further underscores the risks associated with the ongoing situation.

‍

It is clear that cryptocurrency-based scams are here to stay, a reminder that operational maritime risk extends well beyond physical threats.

‍

Read More at Forbes.com