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How to Avoid Cryptocurrency Scams য়ে Coinscore News

With technology, scammers are evolving at an alarming rate. People have been scandalizing each other till 200 AD! Scams are becoming more technical, but MO is still the same: scammers want what you have.

In the world of cryptocurrency, it’s important to know what recent scams are and how to protect yourself. Cryptocurrency can be complex and confusing for new users – all of which make them an ideal target for scammers. This article will show you current, major cryptocurrency scams – and provide tips on what to look for and how to avoid them. Above all, awareness is the best way to protect yourself.

Incognito

Incognito, also known as ‘excuses’, is a scam where the attacker will present himself as someone else in order to obtain personal / sensitive information from the victim. Unfortunately, this happens All the time. The elderly are clearly targeted. The success of a disguised scam usually depends on the attacker’s ability to build trust with the victim. Thus, disguising can usually be a bit longer than a phishing attack. Many attempts at disguise scams have been further improved through the use of new technology.

For example, you may have a scammer disguised as an external IT services technician / operator who will ask for information from internal IT staff, which may allow access to their organization. In addition, you may find people disguised as a company on social media platforms where they are trying to provide you with personal information or follow misleading / dangerous links. To protect yourself, verify the identity of the person and do your research on the practice of the company.

Red flags:

  • The scammer will try and take the victim to perform an action
  • The scammer will use a sense of significance to get an immediate response
  • Scammers will entice you with promotional offers that are too good to be true on social media

Romance scam

Romance scams are when criminals express their false romantic intentions to the victim in order to take advantage of their trust to access their bank account, cash or credit card.

For example, scammers will create a fake profile on a dating website and start building trust with their target. Once trust is established, they will seek financial assistance. Most likely, the scammer will claim there is a medical emergency, their bank account has been frozen or there is something urgent where they need immediate financial assistance.

Red flags:

  • Scammers communicate with their targets online and avoid personal interaction
  • The scammer provides inconsistent details about his life
  • Scammers claim that life-and-death treatments are urgent or urgent where they need immediate financial assistance.
  • Scammers will ask you to pay by money, gift card or prepaid card so that they can get cash immediately while anonymous
  • The scammer reveals a misleading story about why they need financial help and avoids answering any further questions.

Phishing scam

Phishing is the most common scam out there, and it uses a technique called “social engineering” to steal your resources from you. Social engineering means that the scammer will use social media, instant messaging, SMS or email and instruct people to follow a compromised URL to provide personal / sensitive information such as usernames, passwords, personal keys or credit card details.

For example, you will receive an unsolicited email that looks like it came from a corporation like your bank or crypto exchange. This email will take you to a fake website and ask you to enter your account details. It provides scammers with everything they need to log in to your real account.

Red flags:

  • Phishing messages usually make them feel urgent
  • Coming from a trusted source – they may have even copied the logo or image to make it look more valid
  • Scammers usually contain very little information, which is intentional so that you can click on an embedded link.
  • If the message is vague, urgent or A little Off-brand, be careful and ignore it
  • The message is designed to be interesting and stimulate your curiosity

Whale

Whale is a form of fishing, but on a larger scale (hence the term whale). Whale uses the same MO as fishing – social engineering for sensitive / confidential information – but it focuses on information relevant to commercial and macroeconomic resources. In whale hunting scandals, the target of the attack is usually a “relevant” executive from a private business or government agency – think again “big fish”. Some whales have red flags, which look like fishing but are a little more specific.

Red flags:

  • Whale hunters will use a scam email designed to look like a critical business email sent from a legitimate source like other executives
  • An underlying urgency and a slightly vague message
  • A fake company-wide concern that seeks action from one or more executives to collect high-level confidential information
  • Email requests for funds or information that are not usually transferred via email

Fake wallet and exchange

Counterfeit wallets are scams that entice victims to exchange fake bitcoins. These fake wallet scams usually present a promotional offer, or have a “representative” who pressures the victim to create an account and / or deposit bitcoin into the account (wallet). There can be a bonus or incentive for those who want to save a lot. If you are going to download a wallet app, don’t forget to do your research Very thoroughly, Since fake apps have been found in reputable app stores like Google Play. Once downloaded, these fake wallets can be used to access almost all of your personal account information.

For example, a company might claim to trade / manage your funds for you to get the best results for your portfolio. To do this, they will need access to your account Once they gain access to your account, they have complete control over your funds.

Red flags:

  • If the scammer asks you to take control of your account, you can trade / manage your funds for you.
  • Scammers can lure you with promotional offers that are too good to be true

SIM swap scam

SIM swap scams are a new type of fraud, and the way they sound: attackers will swap your SIM (Subscriber Identity Module) through your cellphone provider to access your phone and personal information. In this scam, the scammer will either charge a very high fee, make it impossible for the victim (s) to raise any funds, and / or completely steal the victim’s money.

For example, an attacker will gain your name and phone number in some secret, fraudulent way. Then, they will disguise you and request a new SIM card in your name through your cellphone provider. Once the scammer has a new SIM card, they will have access to all the services linked to your phone (such as online banking, crypto wallet, email, photo, call, text, etc.).

Red flags:

  • Your phone connection may stop working, you will no longer receive calls or text messages and will not be able to make a call
  • Unknown or strange activity in any application on your phone (for example, your bank account)

The best way to protect yourself? Enable a password for any online carrier interaction and make sure it’s unique. Also, don’t reveal your phone number on social media, and generally limit the amount of personal information you share (such as birthdays, elementary school) – this will make it harder for scammers to disguise you.

How to protect your crypto

Now that you know about the basic crypto scams, here are some tips you can use to protect yourself and your cryptocurrency.

  • Enable 2FA for all your accounts for an extra level of security
  • Use a password generator for possible strong passwords.
  • Never allow third parties to access your personal account.
  • Always Thoroughly Do research before depositing your assets in any organization.
  • Avoid keeping your personal information on social media – even the most mundane information can be used to deceive you.
  • Always verify the person or organization sending you the email or message.
  • Keep a “kill switch” so that, if you compromise, you can remotely delete all your data and lock your phone remotely.
  • Read emails carefully: If the logo, text, or URLs look a bit off, they’re probably fake.
  • Don’t be afraid to request verification information – if your contact person is from a reputable, secure organization, they will comply.

It may seem like a lot of information about who is scamming, and what to look for, but it’s important to know. If you know the risks and are aware of what is there, you will be better prepared to avoid scams altogether. If you know the risks, you’ll be more aware of organizations and firms that have really good security measures in place. Coinsquare, for example, is one of the few firms worldwide to have successfully completed an independent third-party review of its compliance program. Look for companies like Coinsquare, which have top-level security protocols to avoid scams altogether. Most importantly, take care of yourself and research – sure, time is precious, but above all, so is your resource.

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