5 WAYS TO SPOT, AVOID, AND PROTECT CRYPTOCURRENCY SCAMS
Here are five strategies to recognize, prevent, and defend yourself against Cryptocurrency scams.
The popularity of cryptocurrencies is fast growing throughout the country. As crypto-assets continue to attract the interest of investors all over the world, they have also become a target for con artists aiming to earn quick money by manipulating people who will do anything to get rich. Experts advise that while researching digital bitcoin companies and startups, make sure they’re blockchain-powered, which implies they monitor through transaction data. Check to see if they have credible business plans that address real-world issues. As with any popular new phenomenon, some people will try to profit from it in any way they can. Here are five ways to identify, evade, and protect ourselves from cryptocurrency scams:
Conduct some research
It can be tough to ignore advice from tycoons and powerful figures on the internet, but you should conduct your own research before investing your money. Start by reading PCMag’s guide on buying, selling, and managing Bitcoin. Try not to put any value on any facts you find on the internet. If a business idea seems too good to be true, it’s most likely a cryptocurrency scam.
Do not put your faith in everyone.
Anyone who contacts you directly to request cryptocurrency installments or offers you a cryptocurrency speculation opportunity should be treated with extreme caution. Do not trust messages that appear to be from government officials, well-known persons, or anyone who asks you to pay for something using cryptocurrencies.
Keeping Your Crypto Wallet Safe
You’ve probably heard stories about people who lost a couple of Bitcoins because they couldn’t maintain track of their digital wallets. If you own cryptocurrency, never give out your private key or seed phrase to anyone. If all else is equal, we recommend storing such information offline.
Multi-Factor Authentication should be used.
To prevent the troublemakers out of your crypto wallet, use multilayered verification. As we found with the Coinbase incident, it’s far from a certain strategy, but it does give you a fighting chance against multiple attackers.
Examine That Web Address
Keep an eye on the URLs of any cryptocurrency-related websites you visit. Many phishing scammers alter the URLs of legitimate websites by swapping either letters or digits. You should also check that the site is secure by looking for the small lock icon beside the URL. Make sure your antivirus software is turned on. The best antivirus software we’ve tested pays special attention to phishing scams for your protection and blocks malicious URLs.