It is always good to repeat some security essentials. After what recently happened on Twitter, we decided that it would be good to remind our blog readers about some usual SCAM schemes and how to avoid being tricked by these.
But let’s start from the beginning, it is always good to remember, that your crypto account is pretty different from your bank account in a way, that there is no central institution governing it. So generally, you are an owner of your own bank in a sense.
Even in terms of security and, of course, also in terms of payment management. Due to the very nature of crypto, once the transaction is confirmed on the blockchain, it is not possible to revert it or to force the recipient to send it back. Lacking this feature, it is necessary to be very cautious where you actually send your funds.
That is exactly where scammers come in. If someone would approach you on the street telling you to lend him your monthly pay, that he’ll come back tomorrow with double the money, would you do it? Would you do so, if it would be Elon Musk or Bill Gates? I believe that the first response will be “definitely not” in most cases. But not sure about the tech celebrity case. That is exactly what happened on Twitter lately. Many famous personalities tweeted that they’ll double the received money that people would send to “their” addresses. The tweets were of course false ones, posted by scammers that managed to get into Twitter’s system through a compromised staff account. And the people who took the bait never saw their money again.
These schemes aren’t always that elaborate, but there are few guidelines to keep in mind that could help you to avoid most usual SCAM scenarios.
Here they are:
Out of this world, profit promised – “I’ll double your investment, just send me your crypto.” – no guarantees, no contract, no institution behind it. Even if it’s Obama’s Twitter account, that does not mean anything. You are not missing out on anything there, just as with the Nigerian prince that e-mailed you a few years before about the unclaimed inheritance that he wants to give you.
SCAM emails – Could contain similar offers as the previous case. Or it could be threads of any kind. Well, just ignore these, they are sent out to every email address the internet could find. These people are just trying their luck with those less brave or dumb enough.
Fake websites – NEVER USE SEARCH ENGINES (Google, etc.) to get to your wallet or exchange service (scammers like to use paid commercials to display their imposter site first). And always make sure that you are at the right address. For example on Coinmate, you have to see https://coinmate.io/ in your browser. At the moment there is an extra character, like https://coin-mate.io/ for example, you are on an imposter site that could look exactly the same, but trick you into giving away your login, password, or even 2FA codes.
Fake “mining” apps – For mobile or desktop devices, promising to mine crypto for you for just a small fee. There are mining pools and mining hardware that you can rent or buy. But if the offer looks like getting a brand new car for the price of ice cream, it is the same as always. The fee won’t hurt you much, but you most certainly won’t get a dime for it. So, it’s always better to get the ice cream than a promise of a non-existing car. And if you want to get into mining, we’d recommend starting with the basics, for example here: https://mining.bitcoin.com/
So, there are the most usual ways bad guys usually try to trick you. We all hope it will help you to stay away from them. And in case you won’t be sure, please feel free to drop us a line.
Always happy to help,
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