Crypto deal sounds TOO GOOD to be true? BEWARE, see how you can keep safe from scams | How-to

Crypto deal sounds TOO GOOD to be true? BEWARE, see how you can keep safe from scams

Interested to invest in cryptocurrency? Check what you should keep in mind to avoid being a victim of cryptocurrency scams.

| Updated on: Aug 22 2022, 00:04 IST
Cryptocurrency is a new digital currency, but ensure these tips before investing in it. (Bloomberg)
Cryptocurrency is a new digital currency, but ensure these tips before investing in it. (Bloomberg)

Cryptocurrencies are on the rise as a legitimate payment method and on the other hand, are also seeing a rise in online frauds that target investors. Cryptocurrencies are virtual decentralised peer-to-peer currencies, which only exist online and are not controlled by any bank, government, or country. There was a time when it used to be a new concept with a handful of options available. You must have heard the names of Bitcoins, Ethereum, and Dogecoin, but the list doesn't end here. There are more than 1,500 cryptocurrencies in the market.

What is the key highlight of cryptocurrency is the quick transaction. Payments and transfers can be made within seconds and without any intermediaries, which makes it a good option as a currency. Not just this, but also a lot of companies such as Microsoft and Expedia accept it. It also allows you to pay for or sell cryptocurrency anonymously. This is what makes them appealing to scammers and hackers to trick people.

What are the Cryptocurrency scams?

There are many ways through which online crooks and fraudsters try to fool people. These cryptocurrency scams include:

  • A fake cryptocurrency that does not exist, escapes with the money.
  • Fraud to make an investment that promises to put money in a legitimate cryptocurrency.
  • Cryptocurrency advertisements that take you to malicious websites to bring malware into your device.

Cryptocurrency Scams: Tips and tricks to avoid it

  • If the deal seems too good, beware! Check it out

Scammers often pretend to be from legitimate and trustworthy organisations. If the deal seems too good, check about its promotions. See if the deal is applicable on all social media platforms of the company as well as the website or not. If there is any doubt, do not invest in it.

  • Check the URL thoroughly

Malicious links are always said to be checked thoroughly. Once you click on any fake or suspicious links, it can bring malware to your device. Closely inspect any URLs you aren't sure about.

  • Check the brand identities

Check the logo of the company closely. Look at the design and pattern that the company uses. If it's consistent, then probably it can be trusted, else do not believe every post pretending to be even coming from trusted companies. If it's a brand you've never heard of before, go to its profile page and have a look at how it's presented. Is it professional or does it appear to be a hasty and sloppy job?

  • Ask the company directly

Instead of rushing to click on a link or invest in a suspicious deal, it's better to directly reach out to the company. Try to reach with the direct message, call, or email address.

  • Beware of fake social media ads

Scammers have been known to pose as advertisers. They create fake social media accounts and pay to have their scam message promoted on your account. Keep an eye out for new organisations that appear in your feed. It even can be a scammer mimicking a new account with the company.

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First Published Date: 05 Feb, 16:00 IST