08-24-2020 icon

Cryptocurrency Scams to Avoid

By calvin
cryptocurrency scams

There are more opportunities in the cryptocurrency sector than ever before but there are also cautionary tales of scams that hopeful cryptocurrency holders should be aware of. Many scams in crypto, like other scams, aren’t very sophisticated but they can be used to trick even the smartest among us due to lack of awareness.

Fake Website Cryptocurrency Scams

Fake websites may look identical to sites you think you know and trust but there are often subtle differences between fake websites and legitimate websites you use. Cybercriminals can use fake web pages and fake URLs to lure people into their traps. When on the site, an unsuspecting victim may give away their personal details by filling in forms on the fake website. This is why it is important to carefully type the exact URL of the website you want to use. 

Fake Mobile Applications

Fake mobile apps affect victims in similar ways to fake websites. Thousands of people have downloaded fake cryptocurrency applications. Android users, in particular, can be more at risk of having their privacy compromised due to fake mobile applications. Obvious misspellings in the name or logo of the app can serve as obvious red flags of a fake mobile application. 

Email Scams

Email scams use a combination of social engineering and other techniques to take away private details or access to the computer system of people. Emails scams usually involve the use of social engineering, malicious links, and impersonating bots. For example, a cybercriminal may send an email to a cryptocurrency holder under the guise that they are a known exchange. The cybercriminal could request for the cryptocurrency holder to click a malicious link under the pretence that the link is to the website of the exchange. It is important to check for little details in your emails such as the email address that emails such as the aforementioned are being sent from. Also, your email provider may provide additional information on the safety of an email and whether or not is encrypted. 

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