While phishing and fraud detection are common with traditional currencies, the ethereum ecosystem is a newer technology and poses new challenges. While cryptocurrency is a relatively new technology, phishing and fraud detection are emerging as a legitimate threat. These scams often entail impersonating support representatives, searching public channels for support questions, and then sending private messages offering assistance and attempting to win trust. Fortunately, there are a number of steps users can take to protect themselves from phishing.

One way to detect phishing and fraudulent transactions on the Ethereum network is to monitor the bytecode of transactions. The bytecodes of a transaction can be converted to RGB to facilitate efficient anomaly extraction. A metric is created that can analyze the amount of a single transaction and flag its potential fraudulent activity. Once identified, the phishing addresses are blocked from further use. This feature is particularly helpful for detecting the use of unauthorized wallets.

A further technique for detecting phishing and fraud on Ethereum is to analyze its transaction records. The bytecodes are converted to RGB and used for anomaly extraction. The system then compares the number of transactions per second to see which are fraudulent. Using this information, a fraudster can detect phishing addresses and other fraudulent activities. These methods are also effective for detecting ICOs that are releasing fraudulent tokens.