10 Cryptocurrency Scams to Avoid

Bitcoin, Tether, Ethereum, Polka dot, and Dogecoin are all digital cryptocurrencies we have heard of. Whether you invest in one of these cryptocurrencies, you must be familiar with at least one of these names. And, given the worth of these cryptocurrencies, cryptocurrency frauds have become fairly common. These scams are as common as the Iraqi dinar scams and the brutal NFT scams.

Financial investments, after all, can be risky enough. Taking chances with your cybersecurity doesn’t have to be one of them. To that end, here’s a list of 10 common cryptocurrency scams to watch out for if you’re interested to invest in any type of crypto.

1: Romance Scam

Scammers frequently use dating websites to deceive naïve victims into thinking they are in a genuine long-term relationship. When confidence is established, discussions frequently shift to lucrative cryptocurrency opportunities: ultimately luring them to transfer money or account authentication keys.

2: Fake Websites

Even if you are following a good suggestion from someone with a lot of experience, you can still become a victim if you are at a fake website. A surprising amount of websites have been created to look like legitimate startup companies. Be wary of these fake sites that don’t have good intentions.

Even though the site appears to be the same as the one you thought you were visiting, you may be sent to a different payment platform. Suppose you click on a link that appears to be from a real website, but chances are scammers have crafted a phony URL with a slight change in the text. To avoid this from happening to you, make sure you write the URL exactly as it appears in your browser. And before you head to payment, again the site again!

3: Imposter Giveaways

Scammers impersonate renowned celebrities, businesses, and bitcoin influencers as they move down the sphere of influence. These imposters have made their way to the world of crypto as well. They promise to match or multiply the cryptocurrency donated to them in the name of a giveaway scam to entice potential victims.

A well-crafted message that appears to be a legitimate social media account can establish a sense of legitimacy and urgency. This fictitious “once-in-a-lifetime” chance can tempt consumers to send money immediately in the expectation of receiving a quick payout. Apparently, a dinar guru uses the same tactic to entice someone in saying yes to this investment.

4: Social Media Scams

Scams involving bitcoin on social media are exactly what they sound like: a SCAM! This is accomplished through a bogus social media post or commercial asking for payment in bitcoin or any other cryptocurrency. You might even see other users commenting or posting feedback on the post. These are bots and a normal customer might fall for these. It’s possible that the post or message came from one of your buddies whose account has been hacked.

Alternatively, social media celebrities may promote a new, possibly fictitious cryptocurrency and persuade people to sign up or give them payments, which they may multiply. This can occasionally lead to influencers simply pocketing the money. This type of social media scam is known as a cryptocurrency influencer scam.

Know that bitcoin isn’t yet a widely accepted payment method, and any requests to only pay with it are almost certainly a scam.

5: Fake Apps

cryptocurrencies have their own apps for accepting digital payments. Cybercriminals are great at duplicating them. Once the user is about to send the money, such apps take them directly to the fake platform to process payment.

Fake apps like these are fairly common. They haven’t just invaded the crypto space but other types of investments as well. You’re likely to find apps that provide Iraqi dinar prediction and dinar updates to rookies who don’t know what they are doing.

6: Phishing Scams

Phishing schemes, another old-school cyberattack, usually take place via email and contain a request for money. These mails are frequently sent by hackers impersonating credible sources, making phishing attacks comparable to impersonation scams.

The fake request for money has to be in crypto. The messages could also be from a cybercriminal impersonating a crypto organization that is disclosing information about their ICO to look legitimate.

7: Employment Scams

Employment bitcoin scams sometimes start with an unsolicited job offer, leading victims to a bogus website to learn more about the opportunity. It’s similar to an investment scam like the dinar scam!

The victim is requested to pay for training to be given a chance for employment. They are also requested to pay for the training in bitcoin, for which they receive no refund.

8: Loader Scams

Some cryptocurrency scams are as straightforward as asking for your account logins. This type of scam is known as a bitcoin loader or load-up scam. The fraudster may contact victims and beg to borrow their account because they need greater credit limits. He promises to give them a cut of the profits from their investments in exchange.

What the scammer actually does is that they load up victims’ accounts and drain them, stealing all the cryptocurrency. Even if the person appears to be a trustworthy source, you should never give your credentials to just about anyone.

9: Blackmail Scams

Scammers also send blackmail emails to run their schemes. They send such emails claiming to have a record of the user’s visits to adult websites or other unlawful web pages and threatening to disclose them unless they share private keys or send bitcoin. Such scams are known as extortion attempts that should be reported to a law enforcement agency like the FBI.

10: Phony business Investment Schemes

Scams involving investment or business opportunities usually start with an unsolicited invitation to become a bitcoin investor, which leads you to a fake website where you may learn more about the possibility. Once you’ve registered, you’ll be urged to start investing and making money right away. The website may contain forged celebrity endorsements or testimonials.

Once you complete your purchase, the order is never processed, and you basically lose your money. Such scams are very similar to multi-level marketing or Ponzi schemes, where an Iraqi dinar scams guru tries to persuade you to invest in dinars and fulfill your dream of becoming rich.

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