Common Crypto Scams And Tips On How To Protect Your Money

If you do not want to be a victim of these scams, read below on what I believe to be the primary ways investors fall victim and how you can avoid it.

False websites

Go online, and you will find many fake websites on cryptocurrencies. You may be an agile investor in crypto, but one wrong move on a fake website can lead to massive losses. Most scammers use websites that look similar to genuine crypto sites, and once you visit such sites, you end up losing your money.

How can you avoid this? It is straightforward. Double-check the website’s identity. Type the URL yourself because a minor change such as replacing a letter ‘o’ with the number ‘0’ can cost you a great deal.

Fake apps

Go to the App Store or Play Store today, and you will find many fake apps. Crypto firms come across these apps, and they request immediate removal. However, it may be too late if you had already downloaded the app.

There is a 90% chance that the crypto wallet you are using is on an App. As traders, we can steer clear of fake apps by checking features such as the name to identify any misspelled words. Logos are also great for verifying authenticity. Be sharp to identify any odd-looking fonts and colors.

Social media updates

We follow prominent investors, hoping to gain some insights. However, as you may have observed already, social media has many fake accounts, and at times, you may be following an impostor without even knowing it.

If you follow someone who asks you to lend them crypto to trade on your behalf, be extra cautious because there is a high chance you are dealing with an impostor. Follow verified accounts and always trust your instincts.

Phishing emails

Marketing emails are the order of the day, and while I find some annoying, my attention is always captured if that email entails an offer. However, most emails of this nature have an attached link that requests your personal details, which will later be used to access your wallet and drain your funds.

If you receive such an email, the first step is to check if the sender’s email address is the same as the company’s email. Look at the branding and logos before following any prompts

Despite being vigilant, I have always come close to losing my crypto assets. Fraudsters are always looking for new ways to defraud investors, so it is essential to take basic internet measures.

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