Man-in-the-Middle Attack (MITM)
A Man-in-the-Middle attack, also known as an MITM attack or a “session hijack” is a type of cyberattack where the attacker secretly relays and possibly alters the communication between two parties. The MITM can be used to intercept traffic from one user to another in order to gain access to sensitive information such as passwords, credit card information, and private data. It is important for cryptocurrency users to be aware of this potential vulnerability when engaging in digital transactions.
How it works
In an MITM attack, the malicious actor impersonates both ends of the connection in order to intercept communications without either party being aware that they are communicating with someone other than who they think they are. To do this, attackers will use various techniques including IP spoofing and ARP poisoning which allow them to redirect network traffic through their own computer while appearing as though they originated from either end of the conversation. This allows attackers not only see any data sent across but potentially alter it if needed.
Prevention & Mitigation Strategies
In order protect against MITM attacks there are several precautions that cryptocurrency users should take:
• Use strong encryption protocols such as SSL/TLS whenever possible
• Avoid using public WiFis for financial transactions
• Ensure software on devices is up-to date with all patches installed
• Confirm accuracy of URLs by double checking links before clicking on them
• Install anti malware protection onto all devices
