Technology: A boon, or A curse. It is often seen
that your biggest strength can become your biggest weakness. This proverb goes
hand in hand with our daily life as well as in the crypto
world, other than the
traditional banking systems. The Cryptocurrency companies are making constant
efforts to make the trading and transactions fast, safe as well as secure for all the
traders.
However, just like the traditional banking
world, the cryptocurrency
market is no new to scammers and
fishing attacks. Thus, it becomes an absolute priority to ensure one’s safety.
Cryptocurrencies are often kept safe in wallets, which indeed stores public as well as private “keys” or
“addresses” which can be used to send or receive the cryptocurrency. Although,
Cryptocurrency is globally known to people it is still not understood by most
people. Even there is so much information available about this in media still, people fail to understand the basic concepts which make
them volatile to crypto scams and frauds.
As the companies are taking enough measures to
ensure more safety to their investors, so are the scammer’s improving their
tactics to loot more money. In the recent past, there have been measures have
been taken to avoid such scams and frauds but there is no particular to tell
any trustworthy platform. Even social platforms like Facebook and Google have
been banned to allow running any ads for cryptocurrencies as it is really
difficult to trust the sources.
Let us take you to some of the commonly
occurring cryptocurrency scams:
Exchange scam:
There is numerous exchanges available to trade
on their platform and it also allows you to make payments in USD or other
currencies. You must research before putting your money on any exchange pretty
well, (provided take advice from a known source) and understand its withdrawal
policy. These exchanges have very strict withdrawal policies and often restrict you to
make any withdrawals. Make sure that the contact numbers and email ids are
active and they have active customer
support to address your
queries.
Fake free Promotion:
There are numerous messages occurring in your
inbox or DM’s telling you about free promotions and giveaways. These are
supported by a group of people who will immediately reply in their comments on
how they deposited on transferred the money and got back huge returns
instantly. They will leave various addresses for you to deposit money, make a
transaction, or deposit some sort of account activation fee through various
addresses. The amount transferred or deposited will be gone before even you
will know it. Beware of such links or messages and always check with the official websites and handles.
Impersonation Fraud
As cryptocurrency industry is digital based, many scammers have started impersonating
other high-profile investors. They try to contact your through various social
media channels and promise to help you in investing and getting your stakes up.
They will ask you to create an account on their given platforms or will ask you
to share your address and user details. Such people may contact you on
Facebook, Twitter, LinkedIn, WhatsApp, etc. always remember, you don’t have to
respond back to them. Big or real investors will not have to approach you like
this.
You can always search and check for their
profiles or their website URLs. If you will inquire, you will understand that
these are fake profiles. These people will in no time steal your money and run
away with it without leaving a trace of their transactions. Hence, beware and
don’t trust such fishing direct messages.
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