CRYPTOCURRENCY SCAMS – HOW TO SCAM THE SCAMMERS BEFORE THEY SCAM YOU
Cryptocurrency Scams: Due to the fact that crypto transactions are essentially irreversible, it will do you a great deal of good to know how to spot these scams and scam the scammers before they scam you.
Without further ado, let’s get into the most popular scams to look out for.
Giveaway Scams
First, we have Giveaway Scams. To grab your attention, a scammer may send a message or make a social media post offering to multiply or match whatever amount of cryptocurrency you send to their wallet.
Or they may pretend to be influential business people, cryptocurrency influencers, or popular celebrities who have coins or tokens to give away online. These fraudsters may even go as far as replying to these posts with other fake accounts to give more credibility to the scam.
If you receive such messages or come across such posts on Twitter, Facebook, Instagram, Telegram, or any other social platform, ignore them and report the account. Legitimate companies or merchants will never request your login details or payments to participate in a giveaway.
Fake Website Of The Original
Next up are the Imposter Websites. There are numerous websites on the internet that have been created by malicious parties to resemble legitimate company websites. They steal your confidential information to hack into your crypto wallet and steal your assets. Operators of these fraudulent sites distribute their website links through various channels including social media, search engine ads, emails, and SMS text messages.
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So how do you spot a fake website? A fake website usually will not have a tiny lock icon near the URL bar and no “HTTPS” that indicates the site is safe to visit and use. The scammers also tend to change the letters of the fake site URL to something similar to that of the authentic site; like changing “c” to “k” or “s” to “z”. For instance, a scammer could set up a Pankakeswap.finance or Pancakezwap.finance site knowing the URL is identical to the original Pancakeswap.finance site.
To avoid falling prey to this scam, always double-check whatever URL you type into your browser, and do not tap on links that come from places, people, or accounts you don’t trust.
Cryptocurrency Investment Scam
Another scam is the Investment Scam. A crypto investment scam will encourage you to invest money to gain (unbelievably) higher returns with little to no financial risk. Then you will be asked to recruit more people to invest as well. Essentially, it is run like a Ponzi scheme for cryptocurrency.
To avoid falling for these scams, always do a thorough investigation into any company that offers you any investment opportunities. Be cautious about any services or sites promising unrealistically high returns.
Look for publicly verifiable reviews and authentic articles about the company or third party. Keep an eye out for grammatical mistakes on the company website or in any emails sent out by them as scammers tend to make lots of grammar errors.
Wrapping Up
Finally, we have the Fake Apps. There are quite a high number of fake crypto apps on Google Play and the Apple App Store. Although they are often found and removed immediately, they are still a considerable fraud risk to be aware of.
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Before you download any crypto app, check its name, description, and even logo. If anything looks off, do not download it. You can also check the app name online for any reviews and possible indications of fraud or scam alerts.
To wrap up, when it comes to scams, there are two things to have in mind- There is no such thing as being too careful and If it seems too good to be true, it’s fake.
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