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  /  Latest News   /  Rise of Cryptocurrency Scams: Useful Tips on How to Avoid for Better Safety
Cryptocurrency scams

Rise of Cryptocurrency Scams: Useful Tips on How to Avoid for Better Safety

Global Tech Outlook provides a list of useful tips to avoid several cryptocurrency scams.

The cryptocurrency market is attracting lucrative investments of millions of US dollars worldwide from eminent investors and reputed companies. The seamless transactions of valuable assets can be completed with the help of a smart device and a smooth internet connection. But it is well-known that the internet world consists of malicious hackers who seek to pawn on vulnerable and weak links. These malicious hackers always try to use cryptocurrency scams and other hacks to lure some investors to potential risks. Let’s dig dip into the rise of cryptocurrency scams and useful tips to avoid those for better safety.

 

What are the common types of cryptocurrency scams from malicious hackers?

Fake Websites: Malicious hackers create fake websites with a URL bar consisting of zero instead of the letter ‘o’

Fake Apps: Fraudsters create fake apps that can be downloaded from Google Play Store as well as Apple App Store just like the original ones

Fake Social Media Accounts: Malicious hackers create fake social media accounts of eminent celebrities who act as influencers in the cryptocurrency market

Fake Emails: Malicious hackers send fake emails to the stakeholders with announcements for coin offerings and payments by impersonating any reputed company.

Fake cryptocurrency: Due to the decentralised finance system, the frauds can openly create a fake cryptocurrency with full freedom to attract investors with valuable assets

Fake DeFi platforms: Unethical hackers create fake decentralised financial platforms to lend money with higher ROI but ultimately it incurs a massive loss to investors

Duplicate NFTs: Hackers run duplicate Non-Fungible Tokens with specific hashtag codes that are very difficult to crack

Malware/ Ransomware: Malicious hackers use malware and ransomware to get into the digital wallet and computer system to blackmail for data leakage with millions of US dollars.

Ponzi schemes: These cryptocurrency frauds attract hi-profile investors to an illusion of ethical business where the frauds pay an investor the higher ROI by utilising the money that came from the other investor.

 

Useful tips on how to avoid these above-mentioned cryptocurrency scams

  • Cryptocurrency is a volatile market without any promise of higher ROI. Thus, always avoid messages that promise higher ROI in investing in a specific cryptocurrency.
  • Always check the URL twice before clicking on any website content— small lock icon, no https and ‘o’ instead of zero.
  • Always double-check the brand logo, spellings and colours before downloading the app.
  • Avoid money offerings from the Facebook or Twitter account of celebrities or cryptocurrency influencers.
  • Avoid email spams that contain a red alert from Google as well as do not click on any link on the email before double-checking the specified company.
  • Avoid the disclosure of 2FA security code or password to anyone.
  • Avoid accepting scam calls asking about the details of a digital wallet or confirming any current transaction.
  • Avoid pump and dump schemes that call for heavy sales pitches to invest immediately.
  • Always have extensive research about the interesting cryptocurrency from verified sources.
  • Always use Google image reverse search to find out about the fake and true images of the eminent CEOs and celebrities.
  • Avoid any lucrative money offerings with higher ROI in a short period of time because mostly it is a trap of Ponzi scheme.
  • Create very strong and unique passwords to secure digital devices.

We hope that these useful tips will come in handy for utmost protection from these cryptocurrency scams.