Biggest Crypto Scams and How to Avoid Them
As you set your feet into the new digital monetary mechanisms referred to as a cryptocurrency, before long, you will notice that there is much risk associated with these transactions. Here we are not referring to the market’s volatility, scams are all over the internet, and cryptocurrency exchanges are not different.
When checking for cryptocurrency companies’ experts advise confirming that they are blockchain-powered, meaning they can track detailed transaction data. In addition, check whether they have solid business plans to solve problems.
All organizations should have described their ICO rules and liquidity of their digital currency. The company should comprise of real people. When you realize that the company you are investigating doesn’t have some of these qualities, you should be more careful with your decision.
Read through for the biggest crypto scams and how to avoid them;
1. THE STRATEGY THAT GIVES ME $100 000 EVERY MONTH, TRY IT AND NO REGRETS
There are various forums, such as Reddit, where people share information and discuss crypto in the digital space. Although it’s a great idea to share information about cryptocurrency and experiences, if you do so, you are likely to get advice in your DM about trading software, strategy, or exchange that made a lot of cash.
Some scammers will even give honest advice before introducing you to a platform. Mostly, what happens is that you are required to possess a credit card to sign up. This card will ostensibly be used to buy cryptocurrencies. Mainly the outcome is that the scammers will steal the information on your credit card, or the coins you buy won’t be withdrawable.
The fact is that secret platforms can never guarantee you profits on crypto. Even though it might feel like a mysterious place where individuals make more money than others, those earning huge returns take higher risks. Never click link to any secret platform.
2. FAKE WEBSITES
Whether you are following expertise guidelines or not, you can still end up being a victim of visiting imposter websites. Surprisingly, there are a lot of websites that have been set up resembling actual, legit startup companies. If you notice no “HTTPS” in the site address and no tiny lock icon for security close to the URL bar, you need to be cautious.
Although the site may appear similar to the one you think you are visiting, you might realize that you are directed to a different platform when it comes to making payments. For instance, you might click on a link appearing like a good site, but attackers have created a fake URL containing the letter ‘O’ instead of a zero.
Such an URL won’t direct you to the cryptocurrency investment you have checked. Consider typing the exact URL carefully into your browser and double-check it to avoid such instances.
3. ADVICE ON SEARCHING GOOGLE FOR WEBSITE OR WALLET VIA GOOGLE ADS
Attackers will always offer assistance that sounds legit, but they will lead you towards fake websites. They purchase ads to ensure that their fake websites appear on top of Google results. Most imposter websites with similar URLs have been put into place and are promoted through Google Ads to lure individuals into thinking that they are using a legit wallet or exchange.
When it comes to NFTs, the same is happening; a popular fake version of market place such as OpenSea can lure individuals into purchasing fake NFTs. The best idea is to avoid Google ads no matter what. The pages are never on top of the search results organically, and Google ads have become the easiest way of getting scam sites in front of new users.
4. FACEBOOK/YOUTUBE RECORDINGS OR LIVE STREAMS
Suppose you have ever joined a Youtube live stream for an organization like Apple or an interview with a famous expert in cryptocurrencies such as Vitalik Buterin or Elon Musk. In that case, you might have realized that there is more than a single stream available. Scammers usually run a concurrent stream that shows the actual interview or event but has graphics or texts requesting for Bitcoin.
Typically, these ‘fake’ interviews and events are uploaded immediately after the live ends to catch anyone looking for a replay. The live chats of such events are rife with scammers who take advantage of the event to create traffic to their scam links.
To avoid these fake streams, consider sticking to legitimate YouTube channels. Also, avoid linking to live streams from unfamiliar Facebook pages. Generally, it’s advisable to avoid discussing any information about cryptocurrency on Facebook with strangers.
5. SCAMMING EMAILS
Even though an email appears precisely like the one you received from a legit cryptocurrency company, you should be cautious before investing in your digital currency. Confirm the email is the same; also ensure the branding and logo are identical. Are you capable of verifying that the email address is legitimately connected to the said company?
You can avoid this by selecting an organization with real persons working for it. If you are not sure about an email, consult someone who works there. Never click on any link in a message to get to a particular site. Always take your time to check for all details to avoid falling for fake website and email offers.
6. ‘OFFICIAL’ CRYPTO/BINANCE.COM HELPDESK GET HELP FROM REPS
Most are times. Crypto enthusiasts join forums to enquire about simple ideas such as what wallets to use or where to buy. The newcomers might get a DM from an ‘official customer representative’ originating from one of the leading exchanges offering a helping hand.
These official representatives will always direct you to fake websites to create accounts to purchase crypto or make wallets. In return, the same will be used to steal money from you.
If you want to remain safe, never follow links from strangers, always go directly to the legit URL. If you are not familiar with the URL, consider using Google and ensure you don’t click on any result that is an ad.
For individuals already familiar with the digital crypto market, this advice makes a lot of sense. Unfortunately, if you are just getting started in the cryptocurrency space, you can easily be scammed in various ways.
The best idea is to ignore all direct messages involving cryptocurrency on any platform. Being aware of various scams will go a long way in assisting veterans, and newbies avoid them while keeping the crypto space safe for every person.