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How To Identify Cryptocurrency Scams

Cryptocurrency has grown in popularity and value over recent years and has attracted both new and experienced investors alike.

But trading in digital currency can be confusing for newcomers, and many do not know what cryptocurrency is or how it works. It has meant that there has been an increasing number of scams designed to trick crypto newcomers, and it’s important to know what to look for.

The best way to identify potential scams involving cryptocurrency is to make yourself familiar with some of the most common crypto scam warning signs.

Cybersecurity firm Kaspersky says that the following scenarios should trigger an alert for potential investors when being presented with a crypto investment opportunity.

  • The website that you are visiting lacks the security credentials that are often necessary to safely transfer your data. For example, this can include having a Secure Sockets Layer (SSL) certificate and displaying HTTPS instead of HTTP – the insecure version of a website.

  • Receiving an email offering a reward or any form of compensation from a company even though the email is coming from an unknown domain that is different from the firm’s official website.

  • A character in social media or via email sends you a link to register or access your crypto wallet, but the link turns out to be different from the provider’s official website.

  • Receiving a reward for persuading your friends and family to invest, buy, or otherwise engage in transactions with a company or individual who is promoting a token or a certain blockchain project.

  • Being asked to participate in an initial coin offering whose supporters and backers are unknown parties with no social media profiles, references, or track record.

  • Being asked to provide your wallet’s PIN, private keys, and other similar information to pay for a certain good or service being purchased online.

While these are just some of the many wanting signals that can help you identify scams and the techniques used by criminals to defraud investors, by saying no to any of the above scenarios, you will be able to avoid many scams.

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