4 Common Cryptocurrency Scams to Watch Out

Are you ready to invest in cryptocurrency but afraid of scams?

Where money is concerned, scammers are always peeking to steal. In recent years, cryptocurrency has appeared as essential financial software. This rich field has increased the risk of fraud.

Cryptocurrency scams are the same as other financial scams. The scammers are not just looking for your cash. But in fact, they can do anything to get your crypto.

Without any further ado, here are some biggest crypto scams or swindles that you must look at before trading coins.

Phishing, a classic type of scam, is a favorite among scammers. Scammers seek to access your account details, including your cryptocurrency wallet key information.

Phishing scammers send emails with malicious links to lure recipients and ask them to enter private key information.

These emails may seem like they came from a legitimate cryptocurrency company. But in fact,

they can impersonate well-known companies like Amazon, your bank, or even government agencies.

Once the hackers have acquired this information, they can steal the cryptocurrency from your wallets.

Romance scams use social engineering tactics to pull on victims’ heartstrings. Dating apps are the primary source of these cyber criminals. These scams typically involve long-distance relationships where they gain victims’ trust with time and ask them to send money.

When the trust has been granted, they start to convince the other to buy or send cryptocurrency opportunities.

Once the victim transfer coins, the dating scammer pockets the funds and disappears.

Social media accounts are vulnerable to cyber criminals. To lure people, they can create fake accounts pretending to be legitimate sources.

Many people fall for crypto scams when they trust advertisements requesting payment in cryptocurrency. You often see that people leave good reviews there, but these could be bots.

When someone clicks on that malicious link, they are taken to a fake website asking for their personal verification. With just a single click, people lose all their cryptocurrency.

Investment scams often begin with bad actors inciting people to become a part of cryptocurrency investors. They lead them to fraudulent websites offering them so-called 100% warranty returns.

These websites might have celebrities’ fake testimonials to encourage people to invest more and earn a handful amount.

Coinbase scam is a great opportunity for scammers. In Initial Coin Offering (ICO), new coins are offered to investors to earn more in a short period of time. But many ICOs have turned out to be fraudulent.

So, when you fulfill their all requests, say goodbye to your crypto.

Cryptocurrency is used by many people as it offers anonymity, while some others use it just for investment to get a profit.

But with the evolving risks of cryptocurrency scams, store your crypto in a digital wallet. Do not share your key with others, and try to protect your wallet.

You must contact special bureaus like the FBI or FTC for help if something happens to your wallet or funds.