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Ways to Protect Yourself from the Most Popular Cryptocurrency Scams

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Cryptocurrency has become the latest trend. Along with this, cryptocurrency scams come in various forms. The entire crypto ecosystem is riddled with frauds that most people cannot detect until they lose their cryptocurrencies. Crypto scams vary in type and size. While some are fairly straightforward and obvious, others are much more complex and difficult to avoid.

The last few years have seen an increase in cryptocurrency scams both in terms of numbers and variations. Crypto crooks are inventing various new techniques that innocent people cannot follow and fall prey to.

This article will discuss the most popular crypto scams that you should avoid at all costs.

There are a large number of cryptocurrency scams that you can find often. Most of these scams are meant to mine your cryptocurrencies in one way or another. Below are some of the more common variations of cryptocurrency scams:

Telegram scams: a Often, various Telegram channels and accounts advertise cryptocurrency giveaways, airdrops. Some even support scams using tech support hack where users are confident that their accounts need to be fixed as they have certain issues. Crooks can request cryptocurrencies to repair user accounts.
Phishing scams: Using the technique, the scammer offers users help to open a new account. They get KYC documents from users by fooling them and completing account verification. With this, they have full access to the user’s account. Through this, they also wipe the funds from the victim’s account. They do this by exchanging the funds with Bitcoin to withdraw them to their accounts.

Apart from these, several other new techniques have been developed to help scammers pursue their goals, such as investment scams, giveaways, phishing scams, and employment scams. Most of them are done through social networks.

This is how you can avoid falling prey to efficient cryptocurrency scammers who find various tricks to catch you. We believe that by following these tips you can be assured at the highest level.

You should avoid sending your cryptocurrency to unknown external addresses. No cryptocurrency exchange requires you to send funds to an external address for the purpose of verifying or repairing your account with them. Never send your crypto-currencies under the false pretext of an address verification for a “so-called” promised gift. Never fall into the trap of fake screenshots accompanied by fake gifts and offers on social media platforms. Some of them may pose as legitimate account managers. But, you need to check if they are from the original exchange profiles. Various websites promise unrealistic earnings and / or high returns. To prevent crooks from causing fraud with these tips, you need to be vigilant. Consult the service or product provider. Using independent sources, you should verify if it is a website or project that claims to be affiliated with or even trusted by a trusted party. You should be aware of spelling or grammatical errors in domain addresses or website communications. If you find it, you can guarantee that it is a fraudulent case. You should never share your security credentials or login credentials with anyone. This even includes the employees of the crypto platform. You can find various job offers or freebies in the Telegram app. Don’t trust them. Instead, go to the official website and check if they have the same vacancies and offers. You need to further check whether the Telegram job posting or offer is legitimate. You should always report any fraudulent activity on your account or any suspicious activity to the support of your encryption platform. Do not invest directly in new tokens through ICOs or lesser-known cryptocurrencies. It is best that you do your own thorough research. To protect your encrypted accounts, you must use 2FA or two-factor authentication.

These are all the basic steps to stay safe. If users follow all these steps and never make opsec errors, they can be safe and avoid harmful incidents completely.

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