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Common Cryptocurrency Scams You Need to Avoid

cryptocurrency scams

Cryptocurrency scams are still a concern among crypto users and unfortunately, we have to learn how to deal with them. In the absence of proper cryptocurrency regulation, some companies and individuals can engage in illicit activities, robbing hard-earner money from people. Luckily, their methods are well-known and because of that, we would like to talk about 4 of the most common cryptocurrency hacks that may show up along the way.

# Too good to be true social media updates

Now that COVID-19 had increased online activity, people spend a lot of time on social media. Hackers and scammers are aware of this, which leads them to design methods targeting inexperienced individuals looking for online income sources. Their method generally follows the same pattern: victims must send cryptocurrencies to a certain wallet address and in exchange, the scammer will double it. The submission must be done in a short period, creating FOMO among the crowd. Just recently, Twitter had been subject to such an attack, as scammers targeted pages of famous individuals in the United States.

# Cloned imposter websites

Another way scammers manage to rob people is via cloned websites. They choose a small cryptocurrency exchange platform and create an identical page, where new users register. If they make a deposit, the funds will end up being lost. It is very important to check twice before signing up and trusting an online brand with your money and financial information. In case there multiple websites for the same brand, double-check to see which one is legit. At the same time, the cloned websites will not be secured with SSL or HTTPS. Watch out for these details if you don’t want to end up in a scam.

# Fake mobile apps

Bitcoin News reported thousands of people had downloaded fake cryptocurrency apps. Even though both Google Play and the Apple App Store have verification procedures in play, unfortunately, some scammers manage to squeeze through. These apps can be quickly spotted and removed from the platforms, but until then, some people may fall victim and lose their money. It is important to check for reviews and feedback about the app and make sure the company behind it is legit. In this case, users will be attracted by big gains and irrational promises, but that’s exactly why someone should be suspicious.

# Email scams

Hackers use a lot of methods to steal cryptocurrencies, but aside from more complex procedures, email scams are still very popular. They either announce new ICOs or include a malicious link inside the email. In both situations, the goal is not to provide a legit opportunity to make money with crypto. You must check the company that sent the email and make sure it is operating properly. Scam emails stand out and should be spotted easily. The most important thing is to not be attracted by those exaggerated promises.