Common Cryptocurrency Scams And How To Avoid Them

This just brings back memories of how I get random messages from different social media platform. I come online because I want to entertain myself and the next thing am seeing messages in my request box and when I click on them, they contain list of lots of people with obvious fake profile promising me wealth by just clicking a link. I’m sure lots of you must have gotten such messages before.

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If you want to see more of them in action, just go and comment on any of the defi or crypto exchange Twitter account’s tweet. The moment you ask a question or make a complain, you will get varieties of fake profile of that platform, offering to help you.

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Text Messages Or Social Media Scam
One thing to understand is that customer care will never and can never reach out to you first. Except there is an upcoming maintenance on the platform, a newsletter will be sent across to everyone. Mind you this newsletter won’t contain any link for you to click. So you have to be mindful so you don’t get a fake newsletter with a link telling you to confirm something in your email. They will use social media or text message to disguise as a staff of the crypto exchange you use. Especially that of binance, and tell their victim that the account is under attack and that they should transfer their coins to a more secured Binance wallet.

I know you feel no one will ever fall for that scam but I have seen and heard people fall because they were scared and naive.

First of all, the moment you get a message from anyone claiming to be a staff from any crypto exchange platform, the best thing to do is ignore the person. Or rather, block the number because crypto exchanges will never reach you through WhatsApp.

Most times the content on the message is a link and this link contains a corrupt URL which is also known as a phishing scam. What this URL does is that, it looks just like the original site, but when you log in with your original log in details, the hackers will be able to get the log in detail information and that is all they needed to penetrate your account and steal all your funds.

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Verification Code Request Scam
For any scammer to reach this stage, I believe the victim they want to scam is wise, because they had a verification code request enabled on their account. Well, you can’t fully vouch though, there are cases where everything was set up by an experience user for a novice, but the novice was probably nonchalant to be observant. Sometimes these scammers will be successful in getting the log in details of these people but the only barrier is the verification code. This is where they will call this user or send a message through WhatsApp to request for their log in details.

This user might be so unlucky that day by giving them the code. That code was all they needed to get access to that account and withdraw everything.

Crypto exchanges will never contact you first and request for a verification code. The earlier you know this, the better for you.

On Hive, if you get any link on a commented post telling you to claim any reward, kindly avoid it. Because it’s also a phishing scam that requires your Hivesigner details and that’s just enough for the scammer to withdraw all your funds.

Posted Using LeoFinance ^Beta