BusinessTech

How To Identify Most Common Cryptocurrency Scams

If you are a newbie to the world of cryptocurrencies, you might have already stumbled upon the fact that cryptocurrencies are not immune to risks. This is exactly the reason why you must know how to recognize the obvious indicators that will potentially hint at the fact that you and your assets have been compromised.

Also, visit this site to know more about affiliate marketing. What we mean by these accompanied risks that come with investing in cryptocurrencies is not in the general sense of the word like price fluctuations and the likes because even if you are part of a bearish pattern today, you still have your assets and investments intact. What we are actually addressing through this article is in the realm of a much larger scheme called crypto scams.

Well, you might be wondering that scams are a common phenomenon in the online world, but losing cryptocurrency investments comes with a massive cost not just financially, but also mentally. Educate yourself, invest smartly and identify common crypto scams with the help of these indicators.

Common Indicators To Look Out For Before Investing

It is common knowledge by now that, whether it is a cryptocurrency company or any other company that is in its budding phase, the first thing that you need to look out for is whether that particular cryptocurrency company is a blockchain company or not. Even though it might seem futile, it creates a huge difference.

After that, quickly skim through the projects and other plans that these companies are currently working with and whether these companies are competent enough to find solutions to real problems. Trust your gut instincts when it comes to feeling fishy about the team behind any particular company.

Let us quickly go over some of the most common scams. Read thoroughly till the end of this article to know how to manoeuvre and steer away from being a victim to such scams.

1. Imposter Websites

Source: cnet.com

Many scammers in order to give you the illusion of being original and trustworthy, but it is important that you understand the difference right away. It is a common sight to come across many such companies these days. They might appear on your screen as innocent links but if you even visit these websites, you might suffer from a great loss. On the top of the screen in the URL bar, make sure that you keep an eye on the locked icon.

There are in fact many ways that you can be easily misguided. Sometimes even though scammers build a very convincing website with a fake URL, what you need to make sure of is double checking the URL before you start making all your payments.

Clicking on a URL where there has been a simple substitution of a letter or a number in the URL can ruin your day. Double checking the URL which is often long can be a daunting task, but it will save you all your money. Other than this, make sure the URL has “http” in it. If not, run away.

2. Fake Software

Source: wethegeek.com

This is a common deed when we think about cryptocurrency scammers. There are a number of fake apps, believe it or not. Not only accessing these apps are risky, but the damage that it can potentially do does not end there itself.

The damage inflicted by these apps are multi-layered and the strategy therein is to affect every strata there is when it comes to scamming. We suggest you go with your gut feeling. If you feel that it is not authentic, do not risk it. If you see obvious spelling errors, look the other way.

3. Fake Social Media Accounts

Source: nypost.com

Be aware of fake accounts. This is one of the most common mistakes that people make. Do not follow up on people asking for your crypto assets in return for a big reward. They usually love to impersonate a real person. So, the moment you feel there is no real person behind the screen, move away immediately.

These evil scammers love to feed off of your vulnerabilities. Save yourself by resisting your temptations thinking that it is easy money. Be cautious when it comes to fake accounts run by ignorant bots that can leave you penniless. Make sure you file a report on the social media platform where you have come across such an account.

4. Scamming Emails

Source: news.olemiss.edu

We all have seen or heard this one happening to this day. Sometimes we receive emails under a reputed brand or a company that has a professional or a corporate tone. Anything that involves investing, it is safe to say that you should commit to do a background check first. First of all, make sure that the copied logo does not look the same or identical to that of the company that it claims to be.

If you are not sure, make sure you visit the official website of the company and write to them enquiring about the same. If the email has a link in it, do not click it as it may redirect you to another platform that can totally ruin you.

5. Fake ICOs

Source: pymnts.com

To put it simply, ICOs or Initial Coin Offering is basically a method of crowdfunding. The Cardano blockchain company is one such example that was launched in 2015 after sufficient crowdfunding. Most scammers have the habit of announcing fake ICOs which often victimises many innocent investors under its umbrella.

Make sure that the company that you wish to put your assets into has the maximum transparency when it comes to charting the progress of its ICOs. Also, make sure that if the company claims that there is a token sale, you can access some basic information such as total money raised or remaining time that is left.

If they appear to be pushy and are making you feel a sense of rush, this is very unprofessional and make sure you refrain from entertaining them.

Conclusion

Scammers are everywhere. However, learning about the indicators that are quite evident can help you master the art of giving these malicious scammers no possible way to take advantage of you. Knowledge about things like these will not only protect you, but also help other members of your community to be safe and secured both financially and mentally.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button