Cryptocurrency has become the latest trend. Along with this comes cryptocurrency scams in various forms. The entire crypto ecosystem is riddled with fraud that most people cannot detect until they lose their cryptocurrencies. Crypto scams vary in type and size. While some are quite simple and obvious, others are much more complex and difficult to avoid.
The last few years have seen an increase in cryptocurrency scams both in terms of numbers and variations. Crypto scammers invent different new techniques that innocent people cannot follow and fall prey to.
This article will discuss the most popular crypto scams that you should avoid at all costs.
There are a large number of cryptocurrency scams that you can find often. Most of these scams are meant to mine your cryptocurrencies in one way or another. Below are some of the most common variants of cryptocurrency scams:
Telegram scams: a Often times, various channels and Telegram accounts advertise cryptocurrency giveaways, airdrops. Some even support scams using the tech support hack where users trust that their accounts need to be fixed as it has some issues. Scammers can request cryptocurrencies to fix user accounts.
Phishing scams: Using the technique, the scammer offers users help in opening a new account. They get the KYC documents from the users by tricking them and complete the account verification. With this, they have full access to the user’s account. Through this, they also clear the funds from the victim’s account. They do this by exchanging the funds with Bitcoin to withdraw them to their accounts.
Apart from these, several other new techniques have been developed to help scammers continue their purposes, such as investment scams, giveaways, phishing scams, and employment scams. Most of these are carried out through social media.
This is how you can avoid falling prey to efficient cryptocurrency scammers who find various tricks to catch you. We believe that by following these tips, you can be insured at the highest level.
You should avoid sending your cryptocurrency to unknown external addresses. No cryptocurrency exchange asks you to send funds to any external address for the purpose of verifying or fixing your account with them. Never send your cryptocurrencies under the false pretense of address verification for a “so-called” promised gift. Never fall for the fake screenshots that come with fake gifts and offers on social media platforms. Some of them may pose as legitimate account managers. But, you have to check if they come from the original exchange profiles. Various websites promise unrealistic earnings and / or high returns. To prevent scammers from causing fraud with these tips, you need to be vigilant. Consult the service or product provider. Using the independent sources, you should check for a website or project that claims to be affiliated with or even endorsed by a trusted party. You should be aware of spelling or grammatical errors in website domain addresses or communications. If you find it, you can guarantee that it is a fraudulent case. You should never share your crypto account security credentials or logins with anyone. This even includes the employees of the crypto platform. You can find various job listings or giveaways in the Telegram app. Don’t trust them. Instead, go to the official website and check if they have the same vacancies and offers. You need to check further if the Telegram offer or job posting is legitimate. You should always report fraudulent account activity or suspicious activity to the support of your encryption platform. Do not invest directly in new tokens through ICOs or lesser-known cryptocurrencies. It is best if you do your own thorough research. To protect your crypto accounts, you must use 2FA or two-factor authentication.
These are all the basic steps to staying safe. If users follow all these steps and never make any opsec mistakes, they can be safe and completely avoid harmful incidents.