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How to Protect Yourself From Common Crypto Scams

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common crypto scams

As the online world becomes involved with new digital monetary mechanisms known as cryptocurrency, its risks are also starting to show with every transaction. Unlike the forex market, this one is not just about how volatile and unpredictable the market can be.

There is a very real risk attached to crypto scams, and it is important that you are on the lookout for what they are if you do not want to throw away your cryptocurrency investments.

A quick tip for this is that, if you are already looking into digital cryptocurrencies and startups, we recommend that you confirm if they are blockchain-powered. Having this means that the startup you are looking at tracks detailed information about every transaction.

Common Crypto Scams

The more details they offer you, the better the chances are that it is not just a crypto scam.

It will be an extra form of assurance for you if they also provide a solid business plan that will detail just how they will actually put the business in motion. We also recommend that you look for intricate details such as their ICO rules and digital currency liquidity.

There should also be a real team of people who are behind the company. If the business you have your sights on lack any of these characteristics, then it may be a sign to be more cautious with your decision.

To help you a bit more, we compiled some of the most common scams, and how you can avoid being their victim!

Fake Websites

Fake Websites

Someone extremely credible may have given you a reliable and foolproof business lead, but you can still become a scam victim because of imposter websites.

There are tons of sites on the web that have been built to look like legitimate original websites. Something that you should always look out for is that there should be a small lock icon near the URL bar, and it should also have the “https”.

If the website you are on has neither of these characteristics, then you should start being cautious and making background checks.

Most of these fake websites ask you for details such as your identification and credit card numbers. A lot of people actually fall for this because of how meticulously done the website is.

Thus, it pays for you to carefully and precisely input the exact URL in your browser rather than just following links.

E mail Scams

E-mail Scams

Similar to fake websites, e-mail scams are rampant as well. These are usually in the form of credit card or any other goods or service providers that will ask for your bank details.

They are able to perfectly copy the e-mails you may get from a provider or from even an authentic cryptocurrency company.

Is the e-mail from an address that is exactly the same as the authentic ones? Is the format different?

You can check on this through customer support, which is why we suggested opting for one that has real people behind it.

If you have any doubts about the authenticity of the e-mail, it is best to ask someone who works there.

Imposter Accounts

This is more common if you follow any celebrities or online personalities through social media.

Imposter accounts can be quite hard to catch, and some of their tweets may be leading you to bad links that phish for your details. Do not trust any offers or links that come from random accounts that are not verified.

If anyone on those platforms ask you for any amount of money, or any of your personal details, then it is best to exit the site immediately. You may not be able to get any of it back.

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