How do I avoid cryptocurrency scams?
How do I avoid cryptocurrency scams?

How do I avoid cryptocurrency scams?

By Brandstories Time of article published May 26, 2021

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With the rise of the cryptocurrency craze, cybercriminals have developed numerous methods to cheat honest people out for their hard-earned money. To aid you on your crypto adventure, follow these tips to learn how common cryptocurrency scams work and how to avoid falling victim to them.

Fake email scams

Never transfer cryptocurrency to email addresses that don’t feature the cryptocurrency company’s official email. Carefully study the email address as some scammers simply register fake email addresses that look almost exactly like official company emails, except for a punctuation mark or something similar. These mails will usually try to fool you by telling you that you need to ‘verify’ certain info before you can continue using the crypto trading platform.

Fake ads

Many scammers create fake promotional ads that look like they’re from official crypto platforms in an attempt to fool people into paying for ‘too good to be true’ deals. The lazier scammers simply screenshot already existing ads, making it hard to spot the difference. When you spot a good cryptocurrency offering, always check the company’s other social media channels or website to verify. Most companies will almost certainly promote their deals on all social channels and their website.

Watch out for spelling mistakes

Official crypto companies hire proper professional writers to produce the copy for their websites and social media communications. If you spot a website or ad or receive an email filled with spelling mistakes, you can safely bet that it has been created by a scammer. Official company communications will always be well written and grammatically correct.

Beware of the name-drop

Many scammers use the likeness of celebrities to reel in potential victims. If you ever spot an ad featuring a celebrity promotion, always research that company before doing any business with them. Try searching both the company and the celebrity’s name together in Google (or your preferred search engine). If there is any credibility to the promotion, the chances are that you’ll find lots of other material talking about the same business partnership.

Unrealistic promises of profit

When it comes to making a quick buck, unfortunately, many people stop thinking logically and their eyes turn into dollar signs. As the saying goes, “if it’s too good to be true, it probably is”. Whenever you spot a website or ad that promises massive returns on tiny investments, stand still, turn 180 degrees and start running away. It’s definitely a scam.

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