LONDON, UK / ACCESSWIRE / May 16, 2023 / If you could steal money but were completely anonymous, and no one could ever find you, would you do it?
You can be anonymous on the blockchain and on the internet, which is why it’s so easy for crypto scams to emerge. The technology behind Bitcoin and other cryptocurrencies is absolutely incredible, which is why institutions and prominent investors have taken up on it. The general public follows the money, and scammers are just waiting for people who don’t know how to navigate the Web3 world to steal their internet coins.
What’s a crypto scam?
Every manipulation or lie leading you to send crypto with a false claim is a scam. The best example is a pump and dump scheme. Scammers lure people in to buy tokens or NFTs and promise massive rewards or a spike in value.
Then, the scammers steal the real assets and abandon the project. Another example is breaking into digital wallets by finding seed phrases or signing fraudulent smart contracts. Here are some of the most common ones and how to safeguard your finances against them.
Phishing
Phishing attacks are still the most common way to scam people out of their money. Bad actors will target you with different tactics to get your crypto keys or access to your account. If you’ve bought tokens on an exchange, they can impersonate the company and send you a direct email saying you’ve initiated a transaction or withdrawal, with a link to cancel it if it wasn’t you.
Since you didn’t do anything, clicking and canceling immediately makes sense. The link leads to a mirror of the site, and you think everything’s okay. In the meantime, they’ve stolen your credentials, login, and your money.
Fake exchanges, projects, and wallets
If anything sounds too good to be true in crypto, it probably is. Any project that markets itself with incredible returns or an exchange that sells tokens at 10% cheaper than all the rest, has massive savings, or offers outrageous rewards is a scam.
They usually market themselves through aggressive ad tactics and invoke fear of missing out. The central premise is to pay a fee right at the start or keep investing more to get a bunch of money. These outrageous claims usually go together with malware that collects your data, passwords, and private keys. Always stick to projects with an impeccable reputation and a long history of satisfied users.
How can you protect yourself?
First and foremost, don’t click on any links that land in your inbox. Crypto scammers are notorious for finding emails, social media accounts and using intrusive tactics to get a hold of your data. Even if you get contacted by a financial institution, don’t trust it. Find the official number, call them, and place a hold on transactions until you see what the problem is.
The next step is masking IP address to ensure they can’t trace you based on the websites you’ve visited. Never link your bank accounts or personal information with crypto-related businesses or investments.
Finally, have a separate device for crypto investments and usage. After the Tik Tok incident, you never know whether other apps collect the data on your private keys.
Since blockchain transactions are irreversible, if you get scammed, there’s almost no chance of getting your money back. Ensure you’re safe, and be alert at all times. Cybercriminals are always on the lookout for their next victim.
About NordVPN
NordVPN is an online security firm which was launched in 2012. Significantly, NordVPN is a VPN service and the flagship product of Nord Security, a cybersecurity company. The platform appreciates people’s freedom of choice above all and thus it works hard to provide users with free and secure internet access. NordVPN is the world’s fastest VPN with innovative capabilities via hard work, commitment, and technological innovation.
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Representative name: Harold Kilpatrick
SOURCE: NordVPN
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