Let’s start off with the bad news: Cybercrime activity, especially in the form of online scams and frauds, has increased in 2020. Not only that, but these crimes have also become more sophisticated and thus harder to avoid. It seems like the criminals are always reinventing themselves in the quest to steal money from hard-working investors – and there’s no red line they won’t cross in these efforts.
There’s also good news, though. As time goes by, these patterns are noticed and brought to light. That’s why today, we can provide you with a list of things online brokers do which should definitely be considered warning signs.
Of course, this list is never complete, and there are always new tricks that can be added to it, but it’s definitely worth getting to know. But before that, let’s learn about the different types of scams available in the crypto market.
Scams Affecting Crypto Currencies
These are some of the most prevalent cryptocurrency scams that you should be aware of and avoid at all costs since recovering your cryptocurrency after any form of fraud is very hard, so knowing about them and avoiding them is critical.
We’ve developed a list of the most prevalent cryptocurrency scams for you so that you’re aware of them and can protect yourself from having your cryptocurrency mined or stolen. Let’s get right in and learn everything we can.
• Phishing Websites
You may be well-protected and adhere to the original websites, but all of this might be thrown out the window if you visit a phony website by accident. There are a lot of websites that appear to be genuine but are actually merely set-ups that pretend to be legitimate enterprises and businesses.
If you don’t see a small lock sign near the URL bar or “HTTPS” in the webpage address, it’s probably a fraudulent website, so stay away. Sometimes, a website appears to be the same as the original, but when you click on it, you may be sent to a new page or platform, from where they will steal everything you have, so avoid such websites and always double-check before clicking anywhere.
• Mobile Apps That Aren’t Real
This is just another method through which scammers and fraudsters prey on unsuspecting cryptocurrency investors. Numerous cryptocurrency programs are available for download on both the Apple App Store and the Google Play Store. You may use these to exchange your cryptocurrency, earn new ones, and even invest if you choose.
The stakeholders and original owners of cryptocurrency take swift action and have these fraudulent programs withdrawn, but this does not mean that these are fully gone from the App stores. Hundreds of thousands of individuals have already downloaded these bogus apps and are utilizing them to get cheated. When downloading an application, always look at the logo first.
If the logo appears to be tainted, report the application immediately and do not download it. Then you should constantly seek for the application’s names or spellings in its copy or scripts. Stay away from these applications if the wordings are misspelled or the colors are weird since they may be false and a major hoax to acquire your cryptocurrency or money. Always check and recheck every website for authenticity and make sure you invest in the proper platform.
• Inappropriate Tweets and Other Social Media Updates
If you follow CEOs or celebrities on several social media sites, you may know how tough it is to locate their authentic profiles. Most of the time, you are unknowingly following an impostor account, believing that you are following a specific celebrity or a real account of a famous person.
The same is true in the case of crypto money, where there is a slew of nefarious impersonating bots displaying phony crypto offers that are too good to be true. Facebook and Twitter are popular sites for such scams. People create bogus accounts and publish attractive offers, but they are making false promises and unrealistic results. You are duped if you click on their link or accept their offer.
If someone on these networks or any other social media website asks for even a small bit of your cryptocurrency or information related to you or your account, there’s a good possibility you won’t get your money back. Remember not to believe people who comment and reply about how great the account is and how great the offer is. These could be bots or auto-generated responses designed to entice people in and defraud them. Always be cautious and never put your trust in such scams or people.
• Scamming Through Means Of Emails
Scams via email are rather typical, so use caution while dealing with your digital wallet and virtual currency. You may get an email that might be from a legitimate cryptocurrency organization. However, there is a chance that the case may be different and that it will be a hoax. To avoid being duped, you should always verify the brand logos to see if they are identical to the real brand.
Then verify the email to see if it is from a legitimate and authentic cryptocurrency company or if the email address has changed. You must check all of these before deciding on a company and trusting the email. Check to see if the company has actual people working for it or if it is just online with various bots waiting to take your money.
If you have any worries about an email, always call the company or ask someone who works there to clear them up. Never click on any message or link in an email since scammers often hide their hacking tools in such connections.
They may offer you an initial amount that you will receive, fraudulent ICOs, and other schemes to take your original cash. When it comes to cryptocurrencies, take your time, seek sufficient data, and trust any email or organization you come across because getting your money back in such a circumstance is nearly impossible.
If you have been scammed by an online scam then contact us to help you get your money back!
How To Spot Some Of These Scams And Deal With The Situations On Your Own!
There are numerous important cryptocurrencies like bitcoin and other cryptocurrency frauds. Still, the simplest method to tell the difference between an actual Bit-coin and a scam is to determine whether the investment scheme promises reasonable or unrealistic outcomes in a short period. Before you can complete any transaction, you must first validate everything.
Here are some tips for catering to avoid being scammed in the crypto business, as retrieving assets from a crypto fraud are quite difficult. Your only hope may be law enforcement agencies, who can seize or track your funds, but this can take a long time, and they may not be able to assist you at all, so it’s best to be safe than sorry.
- First and foremost, if the offer is so fantastic that you are unsure it is genuine, double-check it before accepting it. If there is no explanation and the deal only makes unreal but enormous promises, it is most likely a fraud. Therefore avoid it.
- There are also numerous phony applications to be aware of. They appear to be genuine cryptocurrencies, but they are also widely available on the internet. So always look for actual consumer reviews, ratings, and logos to distinguish between genuine and phony software.
- The next step is to check all web pages and URLs at least two times. Spoofing is a prevalent hacking technique in cryptocurrency, so be sure you’re transacting on trustworthy and approved platforms. If you are diverted to a website you did not plan to visit, exit immediately.
- Spam and fraud emails are also widespread in such instances, and to avoid them, remember that there is nothing like a really appealing offer in the crypto world. If someone promises you remarkable things via email, keep in mind that it could be a spam email from fraudsters attempting to obtain your personal information.
Last but just not least, there is tech support and troubleshooting. You may receive calls from such tech support officers and others, so always double verify their social media handles, phone numbers, and emails to ensure you are speaking with actual people and not engaging in any type of scam.
1. It isn’t licensed
There are generally two types of online trading websites: licensed ones and ones that aren’t. If the broker you’re considering doing business with is licensed, you’ll know it. They state it proudly on their websites. A license basically means that there is some sort of financial body, usually institutional and belonging to some country, overseeing the broker’s activity. It also means there’s an address for complaints.
If a broker isn’t licensed, this is a clear sign that you should not do business with it. There’s a reason why these shady websites refuse to be supervised. However, this isn’t a guarantee since licensed brokers are not necessarily honest ones. This just means that unlicensed ones should be avoided, with no exception.
2. The salespeople call you incessantly
This trick is actually well-known and is definitely a sign to stay away from an online trading firm. After you first deposit money into an account given to you by the broker, you start getting calls from its salespeople, trying to convince you to invest in one asset or another.
Lately, we are getting more and more reports about a new crypto scam in which brokers call up investors non-stop with an offer on some new and promising crypto coin. Sometimes these coins don’t even exist, and usually, these coins are far from being promising. Once the investor finds this out, though, it’s too late.
Many victims have reported receiving dozens of calls from these brokers daily, with very aggressive persuasion methods that are borderline threatening (“you won’t be able to operate your account anymore if you don’t take these actions immediately” is an example). On the other hand, when you need a broker, the salespeople almost never answer their phones – and you can forget about them calling you back.
3. It keeps requesting more money deposits
The drill is straightforward yet sophisticated. These websites initially ask for a small deposit or even for no deposit at all. Later, a representative calls you up and tells you that in order to succeed in trading, you must deposit a larger sum. This may happen a few times, and each time they get braver and demand an even larger deposit.
Don’t be mistaken. These cons know that you may not be an experienced trader and that it would be best for you to start out with small sums. They don’t care about that since it’s not the success they are aiming for. They want you to fail, keeping your money in their hands.
That’s why at first, they may give you golden advice, leading you to profits, but at a later stage, you will start losing significant amounts of money if you listen to their recommendations. Don’t trust them. Start out slowly till you feel secure enough.
You Can Steer Clear of The Danger!
All is not bleak, though. There is always something you can do to stay one step ahead of the crooks. These warning signs are an example of cases where you should disconnect from the scammers immediately. However, even if you’ve noticed them too late to avoid them, there is still a way to get your money back.
Our company specializes in retrieving funds lost to online scams. We have a team of the best tech and legal specialists, all hired to track down the culprits and bring them to justice. Remember: It’s never too late to try and get your money back, so keep your hopes up. With a track record of almost $10M already recovered and returned to our clients, you can be sure that we know what we’re talking about here.
